wPOKT Launches October 12th, Opening Access to the Leading DePIN
Network Highlights (As of September 2023):
Growth in Protocol Activity
Activity on POKT Network is growing strongly. Over the last 12 months, relays serviced grew by 41%. With over 17,000 node runners distributed globally, we continue to blaze a trail in the provision of decentralized infrastructure. As we approach full implementation of our upcoming protocol upgrade, which will vastly increase the scalability of our network, we’re now laying solid foundations for sustainable growth and revenue generation.
The Burn Strategy: Generating Protocol Revenue
The POKT Network Burn marked the beginning of our journey towards being a protocol with a system that resembles traditional financial metrics by focusing on collecting fees and generating revenue. Since the burn began POKT Network has reported a monthly gross revenue of approximately $37k, with daily relays of up to 2B a day.
A Phased Approach to Inflation Reduction
Early on, POKT Network grew to 300M daily relays relatively quickly. With such rapid growth came unintended inflationary consequences. Inflation is a natural component of any growing economy, and POKT Network is no exception.
Recognising the potential impact of swift changes on network stability and node runners, POKT Network adopted a phased approach to reduce inflation. In July, annual inflation reduced from 12% to 4.9%.
Decentralized Gateways: Unlocking Exponential Growth
Just today, POKT Network announced a major new Protocol partnership that will accelerate the development of the Shannon Upgrade. This upgrade will finally unlock permissionless gateways, allowing anyone to build an RPC gateway leveraging the network’s decentralized infrastructure.
Whether you’re a large developer community looking to add value to members and monetise your audience, or a chain looking for a better official RPC solution. This development could unlock exponential relay growth for the ecosystem.
Our North Star: Sustainable Protocol Revenue
Jack Laing, Executive Director of the POKT Foundation said, “The Shannon Upgrade is coming and our ecosystem is transitioning into a new phase of maturation. Our approach to ecosystem development is comprehensive. We want to foster the long-term viability of POKT Network by leveraging decentralization to create real value for our community.
Each of these developments plays a role in bringing us a step closer to creating a future where the world’s most important digital infrastructure is governed by its users. Unstoppable Open Data. “
wPOKT launch: Incentives Live on a Uniswap Pool on October 12th
The next ‘unlock’ for the project is the decentralization of capital markets. To date the level of friction around accessing the token has been a barrier to adoption. With the launch of wPOKT via a Uniswap wPOKT / ETH Pool on the 9th of October with the POKT DAO’s incentives starting on the 12th October, that barrier is no longer present.
As an ERC20 the token connects the POKT Network ecosystem with the Ethereum ecosystem, reducing friction around access and opening a world of new DAO and DeFi tooling and integrations.
For more information on POKT, follow the project on Twitter, join their Discord, or contact their Head of Marketing, [email protected].
About the Author
Dermot O'Riordan is the Director of the Pocket Network Foundation (PNF). Prior to this, Dermot was an investment partner at Eden Block, the early-stage Web3 VC that invested in Pocket Network; a board member for the ICE List, the European non-profit community for technology leaders; an early employee at the Websummit; and an advisor to the founders and investors of high growth technology companies as a lawyer at international law firms Hogan Lovells and Orrick.
