We are absolutely thrilled to share the exciting developments that took place during the month of June. Our team has been diligently working behind the scenes, fine-tuning and enhancing our product to ensure an exceptional user experience. As the month comes to an end, we have put together a monthly report for our users highlighting product updates, community highlights and new marketing initiatives.

Product Updates

Pine Protocol launched LP staking, providing rewards to users that provide liquidity for $PINE tokens.

LP Staking can be accessed here: https://app.pine.loans/governance

Other Product updates include:

• Pine Support now allows users to contact us for virtually anything and get instant help!
• Whitelisted Collections now displayed when creating new pools as a lender
• Governance Page reworked and redesigned to support Mobile better
• Polygon Support added for our Pine Loan Bot

Media Coverage

Pine Protocol was featured on Forkast News, detailing best practices for NFT lending & borrowing, along with the benefits that NFT lending brings to the space.

How NFT-financing can reshape consumer lending and borrowing

Pine Protocol was interviewed on RadioTalk Hong Kongs “Money Talk”, given an opportunity to share the benefits of NFT-lending and borrowing to thousands of concurrent live listeners.

香港電台第三台 Money Talk — Money Talk

Pine Protocol was featured on CoinDesk, in an article highlighting top NFT- lending platforms.

What Is NFT Lending?

Partnerships

Pine Protocol was successfully integrated into Bitkeep Wallet, a multi-chain mobile wallet with over 10 million downloads. With the integration, BitKeep users are able to natively connect and interact with the Pine platform, and access instant liquidity from their NFTs directly within the wallet.

Pine Protocol announced a strategic partnership with NFT collection ‘Private Jet Pyjama Party (PJPP). Pine Protocol will be working closely with the PJPP team across various channels including co-marketing and community building.

Pine Protocol announced a partnership with Defi Tribe, DeFi Tribe is the first Game-Fi crypto lending platform dedicated to exploring and advancing the world of decentralized finance. Pine will be working with Defi Tribe on Comarketing and expanding the NFT lending space.

Pine Protocol announced a partnership with Running Pops, a P2E game on Polygon. Pine Protocol will be working with Running Pops to bring instant liquidity to in-game assets.

Pine Protocol was a sponsor for “Buidl Vietnam” conference, which took place in Ho Chi Minh City, Vietnam in Mid-June. The Pine team was invited to speak on a panel, and share their thoughts on the future of the Defi/NftFi space to a crowd of the most influential players in the Asian blockchain space.

AMAs

Pine Protocol hosted an AMA with two of the most popular NFT projects on Polygon, to an audience of over 150 listners.

https://twitter.com/PineProtocol/status/1669691158539165698

Pine Protocol was invited to speak on an AMA hosted by Rug Radio Asia, along side other major players in the Polygon space, to an audience of over 600 listeners.

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Pine Protocol was invited to participate in a NFT-Fi roundtable with MetaQuants, along with other experts within the NFTfi space, to an audience of over 290 listeners.

https://twitter.com/i/spaces/1zqKVPlbPgVJB?s=20

Pine Protocol hosted an AMA with PJPP, to discuss the various usecases of NFT lending, and how to maximize value and utility from NFTs, to an audience of over 40 listeners.

https://twitter.com/PineProtocol/status/1666142676784119811

Pine Protocol hosted an AMA with The Dog House, where they discussed latest NFT news and future for both projects to an audience of over 60 listeners.

https://twitter.com/PineProtocol/status/1674047391933120515

Events

Pine Protocol conducted multiple giveaway events with various NFT projects to grow awareness among each community.

Pine Protocol conducted a “Hold to Win” event on Bitkeep wallet, rewarding users that are holding $PINE tokens.

Pine Protocol hosted a ‘Vote & Win’ event to encourage participation in PineDAO voting, for the recently passed PIP-12.

June has definitely been an exciting month for Pine Protocol, and we’re excited to jump into the third quarter of Q3 with some new unannounced features, more utility for $PINE tokens, and something big :) Stay tuned everyone and thank you for your support thus far!

About Pine Protocol

Pine protocol is a two-sided decentralized non-custodial protocol that facilitates NFT asset-backed loan transactions between lenders and borrowers. Pine Protocol is pioneering the NFTfi landscape with an NFT loan infrastructure that empowers NFT mortgages, margin trades and other credit-related transactions simply with the utilization of idle NFT collectibles.

Website | Twitter | Discord | Telegram | Medium

In order to kickstart the decentralization of the protocol, and bootstrap Pine Protocol usage we have allocated incentives to users of the platform.

Protocol incentives will be allocated based on hourly snapshot of borrowing and lending activities on the Pine protocol. Protocol incentives awarded can only be withdrawn at the end of each epoch.

How Incentives Distributed for Borrowers

As outlined in the Whitepaper Age 2 section the total incentives for borrowers: 823,674 PINE (0.41% of total supply)

70% (576571.8 PINE) allocated to borrowers based on ETH amount borrowed.

30% (247102.2 PINE) allocated to borrowers based on value of NFTs escrowed (i.e. sum of the floor value of NFTs being used as collateral for loans)

Real Case Examples

Let’s take several examples to illustrate how much PINE you will earn on different collections

Example 1

DeGods collection with pool terms set as follows:

Tenor: 14 days

Borrowing Incentives: 83.00%

Interest Rate: 10.5191% APR

Collateral Factor: 60%

You borrow 2000$ worth of ETH from this pool

You will pay interest in ETH equivalant to 10.519% APR or roughly $0.57 a day

You will earn $PINE rewards equivalant to 83.00% APR or roughly $3.97 / day in $PINE tokens.

Annually incentives you will get: 2000$* 72.4809% =1449.618 USD or roughly $3.97 / day in $PINE tokens, while paying roughly $0.57 / day in interest (in ETH)

Polygon Ape: The Evolution

If you consider Borrowing using this pool with details

Tenor: 14 days

Borrowing Incentives: 83.00%

Interest Rate: 16.1412% APR

Collateral Factor: 40%

You borrow 100$ worth of MATIC from this pool

You will pay interest in MATIC equivalant to 16.14% APR or roughly $0.044 a day

You will earn $PINE rewards equivalant to 83.00% APR or roughly $0.22 / day in $PINE tokens.

>> To Start Staking Click Here <<

We are deeply committed to fostering the healthy growth and development of the $PINE ecosystem. Our team recognizes that one of the key foundations for a thriving token ecosystem is the accessibility and availability of liquidity for both buyers and sellers of the token. In line with this commitment, we are excited to announce the launch of $PINE LP Staking & Incentives, an initiative designed to further enhance the strength and vitality of the $PINE token.

LP staking offers an incredible opportunity for users to actively participate in the ecosystem by providing their own liquidity of $PINE tokens. By staking their tokens, users become valuable contributors to the liquidity pool, and as a reward for their contribution, they will be entitled to receive $PINE rewards. This not only encourages active participation but also incentivizes users to take an active role in the growth and success of the $PINE ecosystem.

In May 2023, we implemented PIP-10, a pivotal protocol upgrade that brought significant changes to the rewards structure. As part of this upgrade, the rewards given to borrowers and lenders were halved from 208,000 $PINE per epoch to 104,000 $PINE per epoch. However, rather than completely eliminating these rewards, we decided to reallocate them as incentives for LP stakers. This ensures that the rewards continue to be distributed within the ecosystem, fostering engagement and providing benefits to those who actively contribute to the liquidity pool.

We are pleased to provide you with the key parameters for LP staking:

Season 1 Duration: June 22nd, 2023 — September 22nd, 2023

Total Rewards: 1,248,000 $PINE (equivalent to approximately $13,866 $PINE per day)

Supported Network: Polygon (fxPINE)

To participate in the LP staking program and become eligible to share $PINE rewards based on your contribution to the total liquidity pool, you will need to provide USDC-fxPINE LP on Quickswap.

We understand that clear instructions and visual aids are crucial for a smooth and successful participation process. To assist you in navigating the LP staking and incentives program, we have prepared detailed images that provide step-by-step guidance. Please refer to these images for a comprehensive overview of the process and make the most out of this exciting opportunity.

We are truly grateful for your continued support and participation in the $PINE ecosystem. By actively engaging in LP staking, you play a vital role in strengthening the liquidity, accessibility, and overall health of the $PINE token. Together, let us forge ahead and create a prosperous future for all participants in the $PINE community.

Navigate to Quickswap and add liqudity to the fxPINE — USDC Pool

https://quickswap.exchange/#/pools/v2?currency0=0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174&currency1=0x612D833c0c7A54cdfBe9a4328B6d658020563Ec0,

and add in equal amounts of fxPINE and USDC

then navigate to the $PINE staking page
https://app.pine.loans/governance

and press “Stake” , and approve the transacation

Thats it! Rewards are earned per block, and can be claimed at anytime. Staked LP Tokens can also be unstaked and withdrawn at anytime with no lockups.

LP Staking is a major step in increasing the overall health of the $PINE token. We still have many things in the works, and are excited to share with our community soon!

About Pine Protocol

Pine protocol is a two-sided decentralized non-custodial protocol that facilitates NFT asset-backed loan transactions between lenders and borrowers. Pine Protocol is pioneering the NFTfi landscape with an NFT loan infrastructure that empowers NFT mortgages, margin trades and other credit-related transactions simply with the power of your held NFT collectibles.

Website | Twitter | Discord | Telegram | Medium

May has been a busy month here at Pine, with new milestones achieved, new product features launched, and new partnerships announced. As the month comes to an end, we have put together a monthly report for our users highlighting product updates, community highlights and new marketing initiatives.

Core Statistics

Partnerships

Pine Protocol announced a partnership with the Hive NFT App. Hive brings NFTs to one place with a multi-chain agnostic app. In the future, Pine users will recieve an opportunity for a discount on a future Hive NFT Mint.

In addition, PINE will be highlighted on the Hive app, and shown to Hive users, along with other co-marketing initiatives.

Highlights

Pine Protocol conducted a trading competition on Gate.IO with a $10,000 Prize Pool. The community was able to participate in 3 activities including:

Trading Competition, New Users Bonus event, and a referral program.

Kook, Head of Business at Pine was invited to participate in an NFT-Fi education seminar hosted by Polygon. Kook was able to share information about NFT-fi trends, along with opportunities within the Polygon NFT market and the role of Pine.

Listen here: https://twitter.com/i/spaces/1eaKbrvMrZnKX

As a show of commitment to our long-term vision for Pine, we have launched the Pine Protocol Buy-back program for users who participated in Impossible’s Pine Protocol token sale (IDO). Users that purchased $PINE during the IDO sale are able to sell back their tokens, no questions asked.

You can check eligibility, requirements and period here

Upcoming Updates

As we are always on the forefront of developing a better UI/UX experience for our community we are working on implementing enhanced navigation on the Pool Page, fixing bugs and errors on the platform. We are finding new opportunities to reward our community with innovative marketing campaigns, one of which is the AI Pine Art Contest. We are also building a long lasting relationship with our partners and continue to work with them on bringing value to our community.

Product Updates

The Pine team is committed to constantly improving the user experience and usability of Pine. Here are a list of dev updates over the past month.

• Add to Cart! Simply browse to any collection of an NFT you own in the pools page and hit the NFT tab
• Automatic PIP link under Governance and removal depending on any open proposals
• Edit Exposure is now possible post-pool creation!
• PINE balances update speed improved after any action ((un)staking, burning)
• Borrowing page speed drastically improved (only loads supported NFTs now)
• Improvement to mobile experience for the pools page

We’re excited to see the growth of Pine Protocol, and will be releasing soon an updated product roadmap, including additional utilities for $PINE tokens, UI/UX revamps, new features, and much more! Stay tuned, and thank you everyone for your support thus far!

About Pine Protocol

Pine protocol is a two-sided decentralized non-custodial protocol that facilitates NFT asset-backed loan transactions between lenders and borrowers. Pine Protocol is pioneering the NFTfi landscape with an NFT loan infrastructure that empowers NFT mortgages, margin trades and other credit-related transactions simply with the utilization of idle NFT collectibles.

Website | Twitter | Discord | Telegram | Medium

Pine Protocol, a two-sided decentralized non-custodial protocol that facilitates NFT asset-backed loan transactions between lenders and borrowers, today announced its launch on Polygon, the leading sustainable scaling solution for Ethereum, to provide greater capital efficiency and improved user experience.

Pine Protocol’s innovative platform, which harnesses the potential capital efficiency of idle NFTs as a means to access instant liquidity, will now be available on Polygon, bringing NFT lending capabilities to the Ethereum-compatible scaling platform for the first time. Pine Protocol has originated over $4 million of NFT-backed loans since its beta launch in late 2022, and currently supports loans for leading NFT projects including Azuki, Bored Ape Yacht Club, Doodles, and many more. Polygon’s support will create additional utility for NFT collections across different blockchains as well as significantly enhance the utilization of the protocol.

“Polygon NFTs have the largest market capitalization after Ethereum,” says Alex Ho, Founder of Pine Protocol. “Bringing the Pine Protocol technology stack to Polygon not only opens up the NFT lending market to the 200+ million wallets on Polygon, but also enhances the utility and nature of the existing NFT collections across Polygon.”

Polygon is the leading Ethereum scaling blockchain protocol used by some of the world’s biggest companies including Meta, Stripe and Reddit. It offers scalable, affordable, secure, and sustainable blockchains for Web3. The growing suite of Polygon protocols, including Polygon zkEVM, offers developers easy access to major scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability. The Polygon ecosystem is thriving, hosting thousands of decentralized applications (dApps), it is also carbon neutral with the goal of leading the Web3 ecosystem to becoming carbon negative.

Hamzah Khan, Head of DeFi at Polygon Labs said: “The Pine team is innovating to build and scale the adoption of technology that will bring asset-backed financing on chain and further validate the NFT industry by pioneering and propelling NFTfi. The addition of Polygon will enable faster and more cost-effective transactions for Pine Protocol’s decentralized network of lenders and borrowers. If we are going to increase the utility of NFTs, credit protocols like Pine are going to help lead the way.”

Pine Protocol is backed by leading investors, including Amber Group, Sino Global Capital, Spartan Group, and many more. Pine Protocol’s smart contracts have been triple-audited by leading security firms QuantStamp, Nassec, and BiPole Labs.

The deployment of Pine’s platform on Polygon will allow loans to utilize Polygon NFTs as collateral, and allow the 200+ million wallets on the Polygon network to earn yield with their digital assets.

About Pine Protocol
Pine protocol is a two-sided decentralized non-custodial protocol that facilitates NFT asset-backed loan transactions between lenders and borrowers. Pine Protocol is pioneering the NFTfi landscape with an NFT loan infrastructure that empowers NFT mortgages, margin trades and other credit-related transactions simply with the power of your held NFT collectibles.

Website | Twitter | Telegram | Medium | Discord

About Polygon Labs

Polygon Labs develops Ethereum scaling solutions for Polygon protocols. Polygon Labs engages with other ecosystem developers to help make available scalable, affordable, secure and sustainable blockchain infrastructure for Web3. Polygon Labs has initially developed a growing suite of protocols for developers to gain easy access to major scaling solutions, including layer 2s (Zero-Knowledge Rollups and Optimistic Rollups), sidechains, hybrid chains, app-specific chains, enterprise chains, and data availability protocols. Scaling solutions that Polygon Labs initially developed have seen widespread adoption with tens of thousands of decentralized apps, unique addresses exceeding 211 million, over 1.12 million smart contracts created and 2.36 billion total transactions processed since inception. The existing Polygon network is home to some of the biggest Web3 projects, such as Aave, Uniswap, and OpenSea, and well-known enterprises, including Robinhood, Stripe and Adobe. Polygon Labs is carbon neutral with the goal of leading Web3 to becoming carbon negative.

If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for dApps you develop, get started here.

Website | Twitter | Developer Twitter | Telegram | LinkedIn | Reddit | Discord | Instagram | Facebook

From the start, Pine Protocol has always been designed with decentralisation in mind. Ownership over the protocol, and control over direction in the hands of the community has always been our guiding principal in creating Pine.

With the launch of our Governance portal, allowing users to obtain governance shares through burning and staking PINE, we have seen exponential growth with over 1 Million $PINE tokens Burned / Staked by users since launch. Our focus has always been to design a governance around an active community and a healthy treasury.

The next step in growing and strengthing the PineDAO we believe is to implement measures to fund the PineDAO treasury.

As a result, on April 27th we will be opening voting for [PIP-8] Enabling Liquidiation Fees. The Proposal is to enable the liquidiation fee feature as detailed in our whitepaper. — When lenders liquidate a past due loan, they will be prompted to pay a liquidation fee to process the liquidation. Initially set to 5% , the amount will be paid by the lender at liquidation in the form of ETH or PINE. Fees generated by the liquidation process will be deposited into the PineDAO treasury, the usage of which can only be controlled through governance.

The dates for the voting will take place as below

Preheat — April 26 14:00 GMT
Governance Share Snapshot — April 27 14:00 GMT
Voting Period — April 27 14:00 GMT ~ May 4 14:00 GMT
Implementation- TBA

In the case the proposal is passed, the date of implementation will be given in advance as to not disturb existing lenders.l In the case the proposal fails, no changes will be made to the existing system.

Pine Protocol is a community-first protocol, we are excited to hear everyones opinions on the directions forward. See you at the vote!

Here are the full details of PIP 8:

Title: [PIP-8] Enabling liquidation fee

Motivation:

As Pine Protocol continues to expand and more users participate in borrowing and lending activities, it is essential to ensure the protocol is designed around long-term sustainability.

One approach to ensure this is to implement a liquidation fee that encourages responsible borrowing and lending behavior. Currently, Pine Protocol does not charge a liquidation fee, and this proposal seeks to introduce a fee of 5% of the borrowed amount, payable by the lender at the time of liquidating an expired loan.

Specifications:

The proposal is to enable a liquidation fee of either 5% of the borrowed amount in MATIC or ETH, OR 3000 PINE flat rate, to be charged by Pine Protocol as a protocol fee whenever a lender wishes to liquidate an expired loan. The fee will be payable by the lender at the time of liquidation and will not be deducted from the liquidation amount. The lender will not be required to pay anything other than the 5% liquidation fee, and network transaction fees.

.

The liquidation process can only be initiated by the lender, and Pine Protocol’s smart contracts will execute the liquidation. The lender will be required to pay the 5% fee.

There continues to be no liquidation threshold, and the fee will only apply whenever a lender chooses to liquidate an expired loan.

To ensure transparency and fairness, borrowers and lenders will be able to monitor their loan status and liquidation fees in real-time. Borrowers will receive alerts if their loan is approaching expiration, and lenders will be able to track their liquidation fee obligations and defaulted amounts.

Conclusion:

Introducing a liquidation fee on Pine Protocol will incentivize responsible borrowing and lending behavior, contributing to the security and stability of the platform. This fee will enable Pine Protocol to continue expanding its user base while ensuring that the platform remains secure and reliable. By implementing this fee, Pine Protocol can maintain its commitment to transparency and fairness, while encouraging users to participate in borrowing and lending activities.

We’re already halfway into the month of April, and the past two months have been quite busy for PINE with a lot going on. We’ve prepared a brief update highlighting some of our achievements over the past month, and are excited to update our community on the following milestones, including 200+ new loans initiated, and over $5,000,000 USD in historical loans taken out.

Launch of PineDAO staking & Burning

PineDAO governance was launched in late February, and allows holders of PINE to either stake or burn their PINE tokens in order to earn governance shares, and also earn $PINE rewards on the process. Since launching in late February users have permanently burned over 500,000 $PINE tokens. Burning $PINE tokens grants users sbPINE (soul bound PINE), granting permanent governance shares.

More information on burning/staking $PINE can be found here
https://medium.com/@PineLoans/pine-protocol-staking-your-pine-fb7a4bc4f23f

Launch on Polygon

In early April we launched the Pine lending platform on Polygon. Working in conjunction with top Polygon NFT projects including, y00ts, Rekt Dogs, Rekt Gang, and Polygon Apes. Being one of the first NFT lending platforms on Polygon, we have already facilitated over $60,000 USD in loans in the two weeks since launch. In addition, we have also streamlined the process to deploy quickly onto new EVM-compatible chains, allowing for future deployments across new chains to be ready within days.

Full Press Release can be found here
The Asset

Launch of Incentives for Borrowers and Lenders

Starting with PIP-3, our community has voted to activate protocol rewards. Similar to what other NFT-FI platforms offer, users that are borrowing and lending on Pine Protocol now are able to earn rewards. Each week, governance participants (stakers / burners) are able to vote on whether or not rewards are activated for the current epoch. Currently over 600,000 $PINE have been given out as rewards to borrowers and lenders.

Full details on borrowing and lending incentives can be found here
https://medium.com/@PineLoans/borrowing-lending-incentives-now-live-76f44bdc3407

Pine Protocol Ambassador Program

In March, we announced our global ambassador program — a community initiative aimed at rewarding positive contributions to the growth of the platform. Since launching the initiative, we have recieved over 200 applicants, and currently have onboarded 7 ambassadors representing PINE across the globe, including in Nigeria, China, Vietnam, and Russia.

We plan to expand our ambassador program further, and onboard new ambassadors globally.

Full information on the Pine Ambassador program can be found below
https://medium.com/@PineLoans/pine-protocol-ambassador-program-b08d8468a4af

We’re excited to see the growth of Pine Protocol, and will be releasing soon an updated product roadmap, including additional utilities for $PINE tokens, UI/UX revamps, new features, and much more! Stay tuned, and thank you everyone for your support thus far!

$PINE tokens play an important role in the Pine Protocol ecosystem. Not only are $PINE tokens used within the governance of the PineDAO, $PINE tokens also power the Pine Platform, and provide benefits for lenders and borrowers. The full list of utilities can be found here:

https://bit.ly/pinetoken

Growing usage of the platform is as key priority for the Pine Protocol team. As the $PINE token provides essential benefits for lenders and borrowers, the team is proposing to provide incentives to platform users based on the following factors as defined in our whitepaper:

Value of NFTs used as collateral

Amount of ETH being borrowed

Amount permissioned out to lending pools

Amount lent out

To prepare, we have launched a ‘My Incentives’ section on the governance page, and have begun taking hourly snapshots of protocol usage.

Below is the full PIP-3 that will be submitted tomorrow via our voting page:
https://snapshot.org/#/pineprotocol.eth

Title: [PIP-3] Giving out 208K $PINE as incentives for protocol usage for Age 1 — Epoch 5

Motivation:
Driving protocol adoption is currently one of the most important priorities for Pine with V3 of the protocol being progressively rolled out. Adoption is crucial to the Pine’s mission to build a long term sustainable operation. Instead of burning treasury funds, which is used for the runway for the project, on expensive marketing expenses, a more effective and efficient way to scale up protocol adoption is to provide incentives in forms of $PINE.

Specifications:
The proposal is to provide 208,000 $PINE from the Incentives pool as reward for protocol usage for Age 1 — Epoch 5, which is from 24 Mar 2023 UTC 08:01 to 31 Mar 2023 UTC 08:00. The distribution of tokens among the pools will be based on the level of activity and demand for each pool.

The 208K $PINE will be allocated to different categories of protocol usage and the breakdown is as follows:

For Borrowers:
>42% of the rewards will be allocated to borrowers, pro-rata to the amount borrowed. This pool will incentivize users to borrow assets on the platform.
>18% of the rewards will be allocated to borrowers who use NFTs as collateral on the Pine Protocol, pro-rata to the value of the NFTs (valued at floor price) escrowed.

For Lenders:
>28% of the rewards will be allocated to users whose permissioned WETH are lent out, pro-rata to the amount lent out.
>12% of the rewards will be allocated to users who permissioned WETH on the platform, pro-rata to the amount permissioned.

Snapshot will be taken on an hourly basis to determine the allocation of the rewards for that hour. Borrowers and lenders can see the amount of rewards they earn every hour but can only claim the reward at the end of the epoch.

Conclusion:
Incentivizing users to participate in different activities on Pine Protocol will increase the platform’s adoption and usage, ultimately making the operation sustainable. It would also play a big part in strengthening Pine’s branding and thus making it possible for Pine to grow rapidly and realizing its mission of becoming one of the key innovators and builders in the NFTfi space.

Similar to PIP-2, the team is proposing providing 208,000 $PINE tokens as rewards for borrowers and lenders using the following ratios:

The rewards would run for 1 week, and each week governance users will be able to decide whether or not to “activate” rewards for the given week.

As snapshots are already taking place, PIP-3 would enable rewards for EPOCH 5 (i.e. users that are currently using the platform), to be claimable on March 31st.

Users wishing to share their voice on whether the incentives should be activated this epoch will be able to vote, based on their governance share of the platform.

Snapshot of the voting rights, which is the Pine governance units acquired from staking or burning $PINE, will be taken at the time when the proposal is posted on Snapshot

If you want to acquire more governance unit to vote on PIP-3, you must do that before 3/26 22:00 ET

Governance units acquired from burning or staking $PINE after PIP-3 is posted cannot be used for voting for this proposal

The voting period will be on for 24 hours as the vote will close 3/27 21:59 ET

The team strongly believes providing incentives will encourage users to participate in the lending and borrowing process.
Furthermore, as $PINE tokens have benefits for users of the platform, growing the usage of the protocol will have a direct role in the growth of the $PINE token as well.

With that said, as a decentralized platform governed by a DAO, ultimately the choice is up to the community on launching incentives. We are very excited to see what the community thinks, and hope to see everyone at the vote!

We are excited to announce the launch of $PINE Bonds. $PINE can now be purchased on Bond Protocol:

https://app.bondprotocol.finance/#/issuers

Users can now purchase $PINE tokens at a discounted rate using $ETH.
PINE tokens obtained through bonds are subject to a vesting period.

Initially, the launch will offer 84,000 $PINE for the first 20 days.

Tokens purchased via bonds are vested over 14 days, and can be purchased at a variable discount. The discount operates on a dutch auction and varies depending on the purchase volume.

Why Bonds?

Through releasing bonds, we hope to tackle four major objectives.

Increase Marketcap and Circulation of $PINE tokens.

Pine tokens play an important role on the Pine Protocol platform and are required for users to hold and burn in order to access features including auto-rollover and fee discounts. We wanted to find a model that allows for PINE tokens to enter circulation, without diluting the supply. Bonds allow tokens to slowly vest over time, rather than being unlocked all at once.

Full information on the Token Utilities of $PINE can be found here
https://medium.com/@PineLoans/pine-token-utilities-25cd6ff6a022

Increase our Liquidity across decentralized platforms

A portion of the ETH obtained through bonding will be used to add liquidity to both Uniswap and Quickswap. We have some exciting features planned for PINE tokens in the future and plan to ensure that significant liquidity is available for traders. ETH raised through bonding will be used partially as a source of liquidity for traders.

Increase our Protocol Usage through increased Liquidity

In addition, we will use a portion of ETH raised to fund PineDAO’s lending pools on the Pine Platform. We will focus on both blue chip collections including BAYC, MAYC, and some of the latest and hottest collections. We hope that by providing increased liquidity for those NFT collections, more users will be able to partake in using the platform and utilizing the $PINE token.

Scale up Pine Protocol Operations

A portion of the ETH will be raised to hire more buidlers, and allow for expansion in the development of Pine Protocol. In addition, ETH is set aside for our DAO treasury and rewarded back to users partaking in staking. This would allow us to push out more innovative features faster and drive greater adoption of the Pine protocol.

How to Bond

Visit the Pine Bond Page here: https://app.bondprotocol.finance/#/issuers/Pine%20Protocol

Enter in the Amount of PINE you would like to purchase

Approve your purchase and you will see the option to “Bond”

Confirm your transaction

Once the purchase is complete you will be able to check the status of your bond and claim vested tokens by clicking the “Dashboard” at the top of the page.

That’s it!

For more information on Bond Protocol, you can visit their docs here:

https://docs.bondprotocol.finance/basics/bonding

One of the utilities of the $PINE token is a voice within the governance of the protocol. Giving control to our users and holders is one of our top priorities.

As a result, we have decided to fast-track the launch of the Pine Protocol governance system, and have uploaded two proposals to kickstart the process. Voting is available to both sbPINE and vePINE holders (stakers & burners), and your share of the governance , and open proposals can be viewed on the Pine Governance dashboard.

Voting takes place on Snapshot, and can be accessed directly via the following link as well:
https://snapshot.org/#/pineprotocol.eth

How to Vote

In order to vote with Snapshot, you will need the following:

• A wallet, such as MetaMask
• Governance Shares of Pine (vePINE / sbPINE)

Snapshot is a decentralized, gasless voting system and removes the friction from the voting process which makes it as easy as posting a Twitter poll.

Users participating in PINE governance (Pine Stakers & BUrners) are eligible to create and vote on proposals.

First let’s head out to https://snapshot.org/#/pineprotocol.eth and connect using the “Connect wallet” button located on the top-right of the page.

Next up we will need to join Pine Protocol. Select the “Join” button on the left side of the page.

Go through and select any open proposals in the Proposals tab. Carefully read through the selected proposal after which we’ll start to cast our vote. Select any of the available options that you want to cast your vote on. Mostly these will be in the form of “Yes”, “No” or “Abstain”.

Confirm your vote by signing it with your wallet. Remember, signing will not cost any gas fees.

Users can also submit their own proposals via the “New Proposal” tab.

Opening governance is the first step towards autonomous management of Pine Protocol. We are excited to fast-track this launch, and allow our users and holders to control the future direction of Pine Protocol.

About Pine Protocol

Pine protocol is a two-sided decentralized non-custodial protocol that facilitates NFT asset-backed loan transactions between lenders and borrowers. Pine Protocol is pioneering the NFTfi landscape with an NFT loan infrastructure that empowers NFT mortgages, margin trades and other credit-related transactions simply with the power of your held NFT collectibles.

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