Pell Network (PELL) Price

PELL is the native token of Pell Network. Pell is a full-chain restaking network designed to make the shared cryptoeconomic security provided by BTC and its liquid staking derivatives available to decentralized validation services (DVSs); PELL is used for the operation, participation, incentives, and governance of Pell Chain. Therefore, PELL is not a wrapped version of BTC, nor is it equivalent to the restaked asset itself. The restaking layer uses BTC-related staked assets that users allocate to DVSs to provide security; PELL simultaneously plays a role in the network's own PoS, fee, and coordination mechanisms.

On Pell Chain, PELL is the gas token used to pay transaction processing fees; validators stake PELL to participate in PoS network security, and users can delegate PELL to validators to participate in block issuance rewards. Gas paid in PELL is distributed to validators, delegators, and other participants, and helps raise the cost of spam transactions and DDoS attacks. PELL can also be attached to cross-chain messages, combining transaction-fee and gas payments into a single operation. Official documentation describes the process as PELL being burned on the source chain and corresponding PELL being minted on the destination chain. This cross-chain intermediary mechanism differs from users paying ordinary gas on Pell Chain.

Pell's restaking mechanism allows stakers to allocate BTC or its liquid staking derivatives to voluntarily selected DVSs, extending the economic security of existing staked assets to services such as data availability, bridges, and oracles. Stakers must agree to additional execution rights and slashing conditions; these conditions create economic constraints when participants violate rules. Operators first register with Pell and run DVS software, stakers may delegate to operators, and both sides then opt in to the DVSs they wish to validate. This process lets DVSs rent existing shared security instead of building a validator set from scratch and incentivizing it with a highly inflationary native token; however, each DVS may still have different rewards, slashing rules, and onboarding requirements.

PELL validators participate in Pell Chain's PoS by staking and receive fixed block rewards and incentives; delegators can participate in block issuance after delegating PELL to validators. PELL delegation here serves Pell Chain's PoS security and is a distinct, though potentially complementary, participation relationship from restaking BTC-related assets to DVSs. Reward sources include PELL block issuance and transaction fees paid in PELL. The actual amount received is not determined solely by the amount held; it is also affected by whether validators are operating, delegation relationships, and the network rules in effect at the time.

PELL holders can propose or vote on protocol updates, integrations, and improvements; the governance model also permits adjustments to monetary policy and other network changes. The token is also used to participate in the evaluation and approval of new networks and assets, as well as the handling of disputes among delegators, managers, and the network. These uses show that PELL is a participation credential in network rules and coordination. Voting or participating in disputes does not mean that a holder obtains equity in a company, operational control, or a fixed right to income.

PELL has a total supply of 2,100,000,000 tokens, and the documented initial circulating supply is 336,000,000 tokens, or 16% of the total. Allocation is 25% for community and launch, 22% for ecosystem growth, 18.33% for the DAO treasury, 16.67% for investors, 3% for public sale, and 15% for the team. Total allocation does not equal immediately circulating supply because each category has separate initial unlock and subsequent release rules. For example, community and launch unlocks 40% at TGE, with the remaining 60% vesting over 36 months; ecosystem growth unlocks 9.09% at TGE, with the remainder vesting over 36 months; investors first have a 6-month cliff, followed by linear release of 80% over 24 months; and the team first has a 6-month cliff, followed by linear release of 98% over 30 months. Public sale unlocks 33.33% at TGE, with the remainder released linearly over 6 months. TGE refers to the token generation event, and a cliff is the waiting period before subsequent releases begin.

Operators running Pell nodes and services applying for DVS listing are both required to stake PELL. This collateral requirement makes nodes or services undertake a token-level economic commitment before accessing shared cryptoeconomic security, rather than merely submitting a technical application. For projects without their own native token, PELL can also serve as a payment option for renting cryptoeconomic security: projects pay PELL and use Pell's security resources to protect their services. Staking PELL as collateral and paying rental fees are different steps: the former is a commitment for a node or DVS, while the latter obtains security services.

Pell views restaking as a shared-security marketplace: developers use incentives to attract operators to allocate restaked assets to their DVSs, so services do not need to build validator networks from scratch. For developers, the change is access to an existing trust network; for stakers, the change is that they must actively select services and accept the additional slashing conditions of those services.