Over the last week (01/20-01/26), the Pocket Network protocol successfully relayed over 2 Billion application requests (down by 13.8%) & settled at 24.2k staked nodes (up by 7%)!
Weekly Relay Recap & Analysis 👋
Early this week there was a temporary dip in Harmony and Ethereum chain relays which took the daily average of this week down to 282M relays.
The 4-week average daily relays however continues to trend upward, finishing this week at 298M relays. Towards the end of the week the daily relays are back up to 300M+.
The growth in nodes is consistent week on week, increasing by ~8% every week.
The average daily relays were down by 13.8% compared to last week at around 282M relays.
Nearly 8.3B 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 23,943 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:
- Ethereum Archival – Up by 133.3%. Grew from 0.64M relays to 1.5M relays.
- IoteX Mainnet – Up by 81%. Grew from 1.3M relays to 2.3M relays.
- xDAI – Up by 40.8%. Grew from 16M relays to 22.6M relays.
- ETH Archival Trace – Down by 45.2%. Down from 26.7M relays to 14.6M relays.
What do you think the lineup will be like next week? Share your thoughts on Twitter!
wPOKT dev log #10 was published earlier today!
Here’s the quick download:
- Pocket took CertiK’s advice and fixed a critical issue found. After retesting on January 24th, CertiK confirmed the issue was fixed.
- Multi-sig Signers have been selected, results can be viewed at the Snapshot.
- Our secondary pen test done by Packet Lab’s has now begun.
For more details and links, read the full developer log here:
There are 3 proposals up for vote in Pocket Snapshot as of today:
- PEP-20: Market Making Reimbursement
- PIP-9: Consensus Rule Change RC-0.8.0
- PIP-10: wPOKT Multi-sig Signer Selection
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-11: Implementing an On-chain Rev Share Mechanism
There is one new proposal up for a vote this week:
PUP-12: Inflation Stop-Gap Proposal: Double Trouble
This proposal takes a secondary approach to reduce inflation. PUP-12 suggests a change to the parameter that would, at current relay/node levels, provide a 80% annual return for node runners and a 10% increase to the DAO allocation from minted tokens.
The motivation to increase DAO allocation is the current POKT with DAO treasury is insufficient so the contribution percentage should be increased for future growth of the POKT ecosystem.
Current daily inflation remains a concern for new participants and those deeply familiar with the project. This proposal along with the closely related PIP-11: WAGMI Inflation tries to address inflation and what measures could be taken.
Dissenting opinions from the community on this proposal are:
- Node growth would slow
- Let the market work out the price / Market is so big that near term inflation doesn’t matter
- The DAO gets enough tokens as is, they don’t need more
Community members are actively debating the proposals in the Pocket forum. Head over to the link below to read the complete proposal and take part in the discussion.
PEP-21 Bypass wPOKT LBP and go straight to the bridge
This proposal, brought forward by Patrick, talks about scrapping the wPOKT LBP and instead go directly to the bridge and DEX’s.
POKT is now listed on many exchanges, with apparently more on the way. The volume on these exchanges has been picking up thus leading to a “reprice” of $POKT. wPOKT was originally expected to launch before this date, with an LBP and bridge following, however it was pushed back.
A LBP’s function is to raise funds while creating an initial “price discovery” event where the market provides a fair value estimate of the token given its new liquidity.
This made sense when POKT was trading at relatively low volume through OTC desks the majority of market participants were unaware of, or not comfortable using. But now with the recent exchange listing does it still make sense to do LBP?
Pocket would love to hear from you. Read more on the proposal at the link below and take part in the discussion!
Community-developed Ecosystem Tools
Node Pilot launches support for Harmony
Node Pilot this week delivered one of the most requested features by Pocket community. It now supports Harmony blockchain!
Some of the key points to note:
- It can take many hours to sync the Harmony node so they advise to not shut down Node Pilot during that time.
- Because Harmony sessions are very heavy on nodes, Node Pilot recommends increasing vCPU for all POKT nodes to 16. Please see the updated POKT nodes in the hardware recommendations:
- Harmony nodes will say “Running” even if they are syncing. To learn if your node is synced, check the latest block-height at the Harmony Explorer.
Jump on this update to generate Harmony rewards with your Pocket nodes:
Other Community Updates
Poktpool completes its 12th Tranch now with 1600+ 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.
Anyone can now check the pool stats here:
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. Read there latest publishing here:
Poktopus gets invited to the On With Shahan podcast
Long-term community member Shahan invites Poktopus’s Jinx to his podcast this week.
They talk about their personal journey leading up to their participation in Pocket Network today, crypto adoption and Pocket’s importance for the crypto space. Check it out here:
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 the events below to learn more about Pocket’s vision for the future of web3 infrastructure:
Pocket Network v1.0 Spec Reveal
Join to learn more about the future of the Pocket Network protocol. This will be a SLAM dunk call with a quadrillion reasons to be excited… 😉
(For those that missed this call, the recording is below!)
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, Protocol Lead, Pocket Network and BenVan, a long term community member.
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, CTO and Co-founder, Pocket Network and Irving Rivas, Communications Chief, Pocket Network
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, Protocol Lead, Pocket Network and Daniel Olshansky, Protocol Specialist, Pocket Network.
Pocket Network v1.0 P2P Q&A
If you read over the P2P structure and want to become a leader in v1.0 awareness, push “interested” on this Q&A with Hamza Ouaghad, Protocol Engineer, Pocket Network; Otto Vargas, Blockchain Engineer, Pocket Network and BenVan, Protocol Advisor, Pocket Network.
Web3 Pioneer, With You online event
Odaily Planet Daily joined the Web3 giant Pocket Network, RockTree Capital and Decentral Park Capital, jointly held the “Web3 Pioneer, With You” online live event.
Among the guests were Omer Ozden, Chairman of RockTree Capital, Founding Partner and Chief Information Officer of Decentral Park Capital, Storj Labsfounder John Quinn, Pocket Network co-founder and CEO Michael O’Rourke and Mandy, Founder and CEO of Planet Daily.
Here are some highlights from the event:
- Omer and John speak about their journey to discover Pocket Network.
- Michael O’Rourke gives a rundown of some core Pocket Network stats and its essential role in the Web3 ecosystem.
- The revenue on the Pocket Network chain exceeds 150M $ in the past 30 days.
- Pocket Network’s plans this year and coming milestones.
Read more about it at this link:
BTCEX lists $POKT for spot trading
BTCEX exchange listed $POKT on 25th January. Deposits were possible from the same day and trading started from 26th January.
Trading Pair: POKT/USDT
Okcoin lists $POKT
Earlier this week, Okcoin became the 1st regulated exchange in the US to list $POKT.
They even have a campaign going on where on buying $50 worth of POKT, you get a chance to claim an additional $50 in POKT.
Zach Dinan deep dives into Pocket Network’s statistics
A community member Zach Dinan does a deep dive into Pocket Network this week. He talks about what Pocket Network is and it’s key macro bets.
Further goes on to compare Pocket’s solution with other existing centralized solutions in the market followed by some important statistics of the protocol. He also gets into tokonomics, the team and potential catalysts which could drive future returns. Read the complete blog here:
Pocket Network featured by Mint Ventures!
Researcher Xu Xiaopeng from Mint Ventures does a comprehensive run down on Pocket Network.
The report is split into 5 sections – Key highlights, Basic information on the project, Business analysis, Risks and References / acknowledgements.
Read more here:
Pocket Network Airdrop campaign with Btok
Social network Btok that connects people to blockchain ecosystem is celebrating Chinese New Year by doing airdrops during 1st to 5th February.
A total of 10,000$ in POKT to be shared during these days to users who download and sign up on btok. Pocket Network will send the airdrops in official group: 0.plus/POKTnetworkCN
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.