PLR Token: Powering The Community-run Crypto Wallet

PLR Token: Powering The Community-run Crypto Wallet

Written by

Romana Basilaris

September 24, 2020

PLR is transforming into a governance token - enabling holders to vote in our community DAO.

PLR is transforming into a governance token – enabling holders to vote in our community DAO.

In June this year, we kicked off Pillar Balboa: A tokenomics revamp with the ultimate goal of decentralizing Pillar’s governance.

Today, we’re excited to say that Pillar has officially become a governance token with the launch of our Governors’ House: An exclusive chat for PLR token holders to discuss, propose, and vote on initiatives.

That means that from this day forward, token holders will have a say in the implementation of new wallet integrations, marketing initiatives and roadmap items. On top of that, 100M $PLR will be allocated to the community DAO treasury in the coming 5 years. The community can use these funds to finance initiatives that support the long-term growth of the PLR ecosystem.

Apart from voting and managing the 100M PLR DAO treasury, token holders will directly benefit from wallet adoption: all fees earned by the Pillar Wallet will be distributed to and managed by the Pillar DAO.‍

‍In other words – PLR token holders will dictate the future of the Smart Wallet, making Pillar a truly community-run crypto wallet.

And we’re just getting started. While governance currently takes place in the Governors’ House, we’re working on integrating this process entirely into the Pillar mobile app. This will give token holders a simple, unique and native governance experience.

So, are you ready to govern?

Joining the Pillar DAO

If you’d like to start participating in the Pillar DAO, instructions to join can be found in the pinned message in the #governance channel in our Discord. Rest assured our community will support you every step of the way!

‍The current threshold to join the Governors’ House is 10,000 PLR – but the community can increase or decrease the amount of tokens necessary to join.

Similarly, the amount of tokens needed to propose and vote is up for the DAO to decide on.

To start, Governors will elect the multisig signers of the DAO treasury. Out of all nominated candidates, we’re choosing 9 signers.

Token holders are invited to join the Governors’ House and vote on their favorite candidates.

Disabling the “PLR as a fee” feature

Initially, we planned to give users the ability to pay for fees outside of the Pillar Payment Network using PLR. After months of live experimentation, we’ve come to the conclusion that’s not the best way forward: The “PLR as a fee” feature created unnecessary selling pressure for the PLR token.

Additionally, fees in the Ethereum network are only accepted in ETH, meaning gas costs needed to be priced in for all PLR to ETH exchanges, which was paid on top of the fee paid in PLR, making the overall benefit to users negligible. 

That’s why, with the introduction of version 2.21.1 of the app, the “PLR as a fee” feature is disabled.

Apart from the new governance utility of PLR, the token remains central to the PPN, which will go through some major improvements as we near its V2. 

PLR and the Pillar Payment Network

The congestion of the Ethereum network and the high gas costs in recent weeks have made the need for Layer 2 solutions even more evident. That’s why we’re currently working hard on expanding the Pillar Payment Network, with the aim of making it universally accessible. We’re focusing on minimizing the impact of gas fees on users’ transactions – as such, minimizing their transaction costs and improving the overall user experience for projects built on Ethereum.

‍We’re confident that the PLR token is stronger with the implementation of DAO governance and major improvements to the PPN on the horizon.

We’re extremely excited to re-imagine the PLR token with all of you, and to be able to reward token holders who actively contribute to advancing the Pillar Wallet. We can’t wait to see you in the Governors’ House! Join us in Discord.