Pocket Network News | APRIL 2021
Pocket Network sells $9.3M of its protocol token. Over 3,400 nodes currently live. Information on RC-0.6.1, and more...
📈 Pocket Network sells $9.3M of its protocol token
What better way to start the April newsletter, than by announcing Pocket Network sold $9.3M of its protocol token ($POKT) to developers and operators! This is a major sales achievement that we were very eager to share with the community, and has been achieved within less than a year after Pocket Network launched!
Since Pocket’s mainnet launch, node operators have generated 10M POKT in network revenue that has been distributed by the protocol among nodes, block producers, and the Pocket DAO.
Over the last four weeks, blockchain applications using the Pocket Gateway have driven a total of ~142.5 million requests. All of which were successfully processed by the network.
In this timeframe, that means nodes have minted a total of 1.43M POKT, with 89% going to the service nodes (1.27M POKT), 10% going to the Pocket DAO (142.5KM POKT), and 1% going to the block producers (14.25K POKT).
At the time of writing this, there are 3,455 staked nodes in Pocket Network.
That’s an increase of 723 nodes (+26.46%) compared to last month! And a massive increase of 176.8% compared to the month before that (+1,745 nodes)!
Pocket Gateway Stats 04/22 to 04/28
04/01 to 04/07: 32,422,619
04/08 to 04/14: 42,346,285
04/15 to 04/21: 33,751,554
04/22 to 04/28: 34,005,895
AVG Relays per DAY (in FEB): 5,250,053
AVG Relays per DAY (in MARCH): 5,846,867
AVG Relays per DAY (in April): 4,982,846
AVG Relays per Week (in FEB): 36,750,374
AVG Relays per Week (in MARCH): 40,928,072
AVG Relays per Week (in APRIL): 34,879,925
Total Successful Relays in FEB: 147,001,494
Total Successful Relays in MAR: 181,252,892
Total Successful Relays in APR: 149,485,394
For the month of April, node operators served 149.5M relays from blockchain applications. That means they generated 1.495M POKT with 89% going towards the service nodes (1.33M POKT), 10% going towards the Pocket DAO (149.5k POKT), and 1% going towards the block producers (14.9k POKT).
Most Relays in JAN: 6,914,625 (JAN 25th)
Most Relays in FEB: 8,044,418 (FEB 11th)
Most Relays in MARCH: 12,825,811 (MAR 25th)
Most Relays in APRIL: 8,420,327 (APR 11th)
The number of active validor nodes surpassed 3,400! Together with that, over 130M POKT remains staked on nodes. Once again, we appreciate the continued support and interest we’ve been seeing from developers, community members, & node operators!
🧰 Developer Updates
The 100% success rate via Pocket’s Headless Gateway, is mainly possible thanks to the PocketJS updates that occurred. With the release of PocketJS, the session tumble delay was resolved.
PocketJS is doing a lot of the Quality of Service (QoS) by not bubbling up errors on the Gateway at all. This means that if an error occurs upon the first try, it retries the relay at the protocol-level without first hoping back to the Gateway. This significantly reduced the error relays back to 0.
The Headless Gateway is now also implemented in multiple regions. This further provides support to decentralized applications across the globe, reducing latency dramatically. On top of that, by giving the gateway the ability to cherry pick faster, superior performing nodes over slower, underperforming nodes, it ensures that applications have even further reduced latency and even better quality of service.
Mainnet Upgrade RC-0.6.0 replaced by RC-0.6.1
In the below community call, we go through the details of the protocol release candidate 0.6.0; however, we now immediately moved towards the Pocket Core RC-0.6.1 protocol upgrade in order to hotfix an issue that affected nodes directly. It also shipped with a handful of quality-of-life improvements.
As a result, all nodes who have already updated to 0.6.0 also had to update to 0.6.1. PIP-4 has been edited to specify 0.6.1 as the new version for the network upgrade.
For more information and all details, please refer to the Mainnet Upgrade - 0.6.1 Hotfix Forum post.
⚖️ Governance Updates
There’s been new activity on the Governance Forum, and we would like to encourage anyone to read through them and contribute where possible. We’ll highlight the proposals that are currently being discussed for you:
PIP-5: Add “Upgrade before Upgrade Height” Quest to POKT Arcade Node Path
To make obtaining a vote easier for engaged node runners, we should add a Level 2 quest to upgrade your node before the DAO’s chosen upgrade height and make the evolution threshold 5/8 (currently 5/7).
Read through the full proposal here.
PEP-6 Node Pilot - A new node deployment solution
In response to RFP-7, Shane submitted the Node Pilot for funding consideration. Node Pilot is a Linux executable that allows anyone to deploy and manage Pocket Validators and other blockchain nodes. Seamless Docker integration brings enterprise-level security and scalability to any level of user.
Read through the full proposal and learn more about the Node Pilot here
PUP-6: Recend PUP-4
An exponential reward reduction curve was approved in PUP-4 which has the effect of reducing relay rewards to near zero as the number of validator nodes approaches 5,000. PUP-4: Adjust DAOAllocation to Limit Service Node Counts 5.
As a result of improvements in software and configuration which have occurred after the adoption of PUP-4, the current state of the peer-to-peer network is no longer in need of this drastic change in economic policy.
The full proposal can be found here.
PIP-6: Settlers of New Chains
Based on the feedback provided on previous proposals, we’re (Michael, Jack, Rich, Adam) proposing a new method of bootstrapping chains by providing a minimum level of relays (revenue) on each new RelayChainID combined with sensible checks and balances that will attract an number of nodes while new RelayChainIDs are in their infancy.
This would be accomplished by signalling the intention to whitelist a new RelayChainID and creating temporary, Pocket Network Foundation staked applications that produce on-chain rewards encouraging node runners to participate through predictable rewards. This technique effectively balances the needs for incentives and the inflation cost to users.
Read through the full proposal here.
We hope for your involvement and input, in order to successfully move forward.
wPOKT to launch through a Balancer Pool
Pocket Network is proud to announce the upcoming launch of wPOKT, a fully collateralized ERC-20 token version of our POKT token, which is slated for Q2 this year. Also, a novel regen finance data farming program comes with the launch of wPOKT changing how farmers think of yield.
Initially, token distribution will be done via a Balancer Smart Pool (wPOKT/DAI) as this will allow granular control to ensure fairer distribution. Specifically, we’ll be using the smart pool as an LBP, or Liquidity Bootstrapping Pool.
Learn more about wPOKT in our official announcement post.
A spotlight on our core infrastructure providers
In any blockchain protocol, a solid foundation of enterprise-grade node infrastructure providers ensures a healthy baseline of quality service.
We could question ourselves, how decentralized is a network with more than a third of all nodes running on AWS really? This could still result in delays or outages, as experienced before. Do you know what’s never down? That’s right, Pocket Network. As Pocket Network is redundant by design, has processed over 1B relays and counts over 3,000 live nodes.
We appreciate all the infrastructure providers that help power our network, and therefore put some of these providers in the spotlight earlier this month in a Medium post.
Eden Block’s Investment Thesis for Pocket Network
We’d like to highlight Eden Block’s thesis to those of you that are interested in learning more about why Pocket Network matters. They perfectly summarise the post themselves: ‘’The lack of native relay node incentivisation at the protocol level is an age-old problem that affects almost every blockchain network, from Bitcoin to Ethereum. Pocket Network turns a public good -- blockchain data -- into a sustainable open economy that benefits everyone in the global blockchain ecosystem.’’
In this post Eden reflects on a dark day for the Ethereum Network, why blockchain data infrastructure is so fragile, and why they see fit for the Pocket Network to be a sustainable alternative.
🐦 Wall of Tweets and Memes
🌉Connect with Pocket:
🦜 Follow Pocket on Twitter at @POKTnetwork
💬 Chat with the Pocket team and community in Discord
🛰️ Sign up for the 1M Relay waitlist
♻️ Learn more about wPOKT