Over the last week (01/13-01/19), the Pocket Network protocol successfully relayed over 2.3 Billion application requests (up by 4.3%) & settled at 22.6k staked nodes (up by 8%)!
Before jumping into the relay analysis, we would like to resurface an announcement we released the other day.
The Road to Getting POKT Officially Listed on Exchanges
In March 2021 the Pocket DAO approved pursuing listings of POKT on centralized exchanges (Exchange) as effective on/off ramps to users in order to create an open market for POKT. The DAO-appointed committee pursued listings with the exchanges while following a predefined process.
The committee was able to successfully launch $POKT officially on Huobi, Gate.io, XT and MEXC. This was shared in WRR 53, as well as, other official and unofficial channels since listings
A future listing on Okcoin is also announced as their team works closely with POKTdao-appointed committee in getting the integration done.
As Pocket Network’s exposure grows, all community members are advised to only use the official exchanges and the community-reviewed OTC desks as those are the most trusted avenues to buy/sell POKT.
The blog goes into further detail about the detailed process followed and details of some unofficial listings. You can read here:
Weekly Relay Recap & Analysis 👋
The week ended strong with the relays continuing the upward trajectory. The last 4 week average daily relays have crossed the 250M mark. The new 4-week average is now at 278M relays per day.
There was a chain halt on the Harmony Mainnet Shard 0 due to multiple block propagation issues. An internal leader node of the Harmony blockchain became overwhelmed by the spam traffic following a network upgrade and ended up forking the chain which then resulted in a consensus not being able to be met and the network halting. This led to a temporary drop in relay requests on the Harmony blockchain. However, there was no drop in service on Pocket blockchain because of our altruist backup system. The issue was resolved and the relays from Harmony blockchain quickly broke back to 200M+.
The average daily relays were up by 4.3% compared to last week at around 327M relays.
Nearly 7.8B relays have been processed in total throughout the last four weeks. The exact figures are displayed in the table below.
For those interested in diving deeper into the metrics, one can find them on C0D3R’s Pocket Network charts.
The pie chart below shows the distribution of all POKT rewards minted over the past week between the service nodes, block producers, and the Pocket DAO.
At the time of this writing, Pocket Network now has 22,609 nodes!
Distribution of relays requested by blockchains:
While the top relay drivers continued to remain the same, here are the top changes of the week:
- xDAI Archival – Up by another 64.8%. Grew from 1.6M relays to 2.6M relays.
- BSC Mainnet – Up by 54%. Grew from 3.3M relays to 5.1M relays.
- FUSE Mainnet – Up by 32.6%. Grew from 4.3M relays to 5.6M relays.
- Polygon Mainnet – Down by 31.4%. Down from 55.1M relays to 37.8M relays.
What do you think the lineup will be like next week? Share your thoughts on Twitter!
wPOKT dev log #9 was published earlier today!
Here’s the quick download:
- CertiK to deliver a final report of the penetration test by end of the week.
- POKTdao voters to select 4 community-nominated volunteers with the most votes to be signers of the 5/7 multi-sig in PIP-10: wPOKT Multi-Sig Signer Selection.
- Pocket Network Foundation to pick 3 wPOKT multi-sig signers anonymously as per PIP-10: Security by Anonymity Option.
- Packet Labs will begin the second pen test of the POKT<>wPOKT bridge next week.
For more details and links, read the full developer log here:
These proposals are under active discussion by community members:
- PUP-11: WAGMI Inflation
- PEP-19: The Development of PocketRS, Ongoing Client Support, and Feature-Rich Documentation
- PEP-16: Universal Contributor Income
- PIP-9: Consensus Rule Change RC-0.8.0
- PIP-11: Implementing an On-chain Rev Share Mechanism
There is one new proposal up for a vote this week:
PIP-10: wPOKT Multi-sig Signer Selection
To operate the wPOKT bridge, we need a Gnosis Safe 5/7 multi-sig that can mint wPOKT as needed to supply tokens to the liquidity bridges.
Rather than putting forward a predefined selection of signers for the wPOKT multi-sig, then getting the stamp of approval from the DAO, we wanted to make the selection process more inclusive of our community. This proposal invited anyone to volunteer to be a signer, by responding to the proposal. To see the volunteer nominations, check out the comment section of this proposal:
POKTdao voters have until 01/28 at 7 AM EST to select the 4 volunteers that they believe should be signers in the wPOKT multi-sig. The other 3 are being chosen anonymously by the Pocket Network Foundation. The 4 nominees with the most votes will become the signers!
One new proposal was put up on the Pocket Network forum this week:
PEP-20: Market Making Reimbursement
This proposal, put forward by Pocket Network CEO Michael O’Rourke, talks about the expense incurred to provide liquidity for a successful POKT launch on the exchanges last week. The foundation directors deemed that two separate market makers were necessary to ensure a successful POKT market entry across multiple exchanges. As part of doing these deals, the Pocket Network Foundation provided 11M $ from its own treasury to this effort. The Foundation is seeking reimbursement from the DAO for these tokens.
The proposal is under active discussion by the community. Read more about it by visiting the link.
V2 of the POKT wallet is now out!
No URL changes, so next time you visit our wallet be greeted by a slick new UI😎
Wallet URL – https://wallet.pokt.network/
Here are the key upgrades:
- Session security enhanced by introducing a “private key session passphrase”. It will be used to encrypt your Private key during the session and would be required to confirm transactions.
- The UI showing list of transactions is much cleaner now and clearly shows incoming/outgoing transactions.
- Better price prediction by considering transactions from all OTC desks. Done with the help of community member JAMSO exchange.
- A standalone new screen showing the transaction details for each transaction hash.
Learn how to properly store POKT by following this guide in Pocket’s documentation:
Community-developed Ecosystem Tools
Node Pilot launches v0.11.0
Node Pilot comes out with a much-awaited release that enables integration of Harmony blockchain via Node Pilot.
Key highlights of this update:
✅ 1-click chain data bootstrapping
✅ Add/Remove Pocket Validator relay chains from the UI
✅ Set custom staking amounts
✅ Harmony explorer node integration
✅ Pull snapshot functionality for Pocket, Harmony, and Fuse
✅ Allow Pocket Validators to server 0001 (Pocket Network)
✅ Stop node functionality
✅ Update stake functionality
✅ Clear node data directory functionality
✅ Delete node functionality
✅ Unjail functionality
Read complete details of the latest release here:
Pokt.tools Brings New UI Changes:
New tab “Metrics” added. You can now see the percentage split of relays served by your node as a graphical and tabular representation.
Other Community Updates
POKTpool is at its 11th tranche now with 1000+ members staking varied amounts of POKT!
You can stake in the pool by sending your POKT on the following days:
- Friday 10 PM EST to Sunday 10 PM EST
- Tuesday 10 PM EST to Wednesday 10 PM EST
Two tranches are now launched weekly which means twice compounding of staked $POKT every week.
Join their discord channel to know more and take part in fractional staking!
POKTpool now also has a digest that you can follow for the latest snapshots of the pool tranches and other community-written info on Pocket economics and more.
Many from the Pocket Network ecosystem was in Miami this week to attend a community dinner organized by long-term community member Addison from Thunderhead.
Have you heard about Pocket Network v1.0 yet?
Big things are coming, and Pocket Network v1.0 is perhaps the biggest of them all!
Join us for the events below to learn more about our vision for the future of web3 infrastructure:
Pocket Network v1.0 Spec Reveal
Join us to learn more about the future of the Pocket Network protocol. We’re sure this will be a SLAm dunk call with a quadrillion reasons to be excited… 😉
Pocket Network v1.0 Utility Q&A
Sampled the future of Pocket Network’s economics and still fishing for more? 🎣 Join this Q&A with Andrew Nguyen and BenVan.
Pocket Network v1.0 Persistence Q&A
Validate the state of the engine powering Pocket Network’s data storage needs by joining this Q&A with Luis Correa de León and Irving Rivas.
Pocket Network v1.0 Consensus Q&A
After digging into the hot stuff that is the v1.0 Consensus specification, join this Q&A with Andrew Nguyen and Daniel Olshansky.
Pocket Network v1.0 P2P Q&A
When we read this Gem of a P2P structure we are hopping with excitement. If you were too, and want to become a leader in v1.0 awareness, push “interested” on this Q&A with Hamza Ouaghad, Otto Vargas, and BenVan.
Gate.io Lock & Earn $POKT campaign
Gate.io went live with the listing pair: $POKT / $USDT and trading started on Jan 12th. They have also launched staking where you can lock your tokens with them and earn rewards in $POKT.
They have also launched Liquidity Mining Pools:
Pocket Network Investment Thesis by Decentral Park Research
Earlier in the week, Decentral Park released a Pocket Network Investment Thesis on how it is on the path to becoming the default data infrastructure platform in Web3.
The thesis talks about the growing number of apps in the ecosystem that will be needing the underlying blockchain data. Events where the node services go down because they are hosted on centralized cloud services clearly highlight the risk of single points of failure from both a redundancy and security standpoint. At the same time, the app developers don’t have the resources, expertise, or time to host their own full nodes.
Pocket Network is helping solve all these problems with a decentralized API protocol that services Web3 apps. Read more here:
#redPOKT – Have you signed up yet?
Pocket Network announce “Lucky RED POCKET Envelope” Airdrop on 6th Jan for our amazing growing community.
There are now 16067 entries in the campaign as of this writing. There are only 4 days left as the campaign ends on 24th January. If you are not holding any POKT, this is your chance to receive from the POKT Airdrop! Sign up here:
You can also read the blog here:
Btok AMA with Pocket Network
Btok is a social network connecting millions to the blockchain ecosystem. They did an AMA this week on Pocket Network: Revolutionary in the Web3 Infrastructure Layer.
The guests were Pocket Network’s Co-founder & CEO Michael O’Rourke and XT Labs marketing manager Maria.
Pocket Network featured on Bloomberg.com!
‘AWS for Web3’ Pocket Network shakes up the infrastructure of the internet.
An infrastructure middleware protocol that facilitates decentralized cloud computing and abundant bandwidth on full nodes interoperable with DApps across all 21+ blockchains, surpasses the milestone of 20,000 full nodes, answering a real and conceptual question around decentralization viability.
“Pocket is the First Mover, changing the game as the core infrastructure for the Web3 revolution” – Omar Ozden, CEO of RockTree Capital.
Read more here:
ArkStream Capital talks about Pocket Network’s growth and future!
ArkStream Capital does a Twitter thread talking about the growth and future of Pocket Network.
They talk about how exponential growth in user demand caused occasional downtime of major RPC nodes. Even though Ethereum is decentralized enough, the centralization of RPC service providers is a potential problem.
Pocket Network has been focusing on product iteration with average daily relays crossing 300M, leading to a 100X annual growth. Equally remarkable is the number of nodes in the network which at the current growth rate have the potential to reach 300k nodes by the end of 2022, according to their estimations.
They dive into the critical pieces of Pocket’s infrastructure and how it is a critical layer to the growing multi-chain blockchain ecosystem. Read all about it here:
Vivi Lin does a Livestream with our CEO & Co-Founder
Michael O’Rourke discusses Web3 infrastructure, decentralization, revenues, and the latest progress of Pocket with TV personality Vivi in the Valley:
7oClock Capital mentions Pocket Network
Pocket Network provides a decentralized RPC service (as a protocol) to 20+ blockchains via its globally-distributed network of 22k+ nodes that performs the verifiable work of serving the multi-chain traffic from a diverse set of applications.
What can you do to drive relays and add nodes to the network?
Apps & App Users
If you care about privacy and decentralization, replace the default network provider in your MetaMask wallet with actual decentralized node infrastructure by adding a Pocket-powered RPC endpoints for Ethereum, Avalanche, xDAI, Fuse, and/or Polygon through the custom rpc settings!
Try out any of these other apps listed in the Conscious Dappitalism page within our new docs .
You can also earn a skill-role in our Discord community server for dogfooding any of those applications by completing a quest within the POKT arcade.
Nodes & Node Runners
Don’t know how to run a node? Check out the Node Runner docs above to learn how.
Try out Node Pilot, it’s the most user-friendly option to spin up both base layer blockchain nodes and Pocket nodes.
If you run into any issues, a community of node runners (and our support team) would be happy to help. If you’d prefer to not run a node yourself, check out the forum for a list of node providers offering their services to people interested in participating in the ecosystem.
How to purchase POKT to stake?
When you are ready to take the step forward in supporting decentralized node infrastructure and earning Pocket’s native cryptocurrency for serving apps then visit any of these community-established OTCs:
They are the best way to buy or sell POKT; and it helps nodes cover the cost of their infrastructure. Join either private telegram channels (requires telegram) and message the admin to get started. Note that there are fees associated with the OTCs to help cover their costs and that neither Pocket Network, Inc., the Pocket DAO, nor the Pocket Foundation receives any of these fees nor any proceeds from the sale of POKT through the OTCs.