Pocket Network News | FEB 2021
Over six months since launching Pocket Network. Over 750M total relays processed by the network since launch. Close to 2,000 total nodes currently live. EtherJS integrates Pocket & more!
📈 Network Stats
We are excited! It’s been a little over half a year since Pocket Network launched its mainnet. Total number of relays looks like it’s just a couple of months away from reaching the 1 billion mark! Since mainnet so far, over 779M relays have been processed!
At 0.01 POKT minted per relay served and validated, this translates to ~7.79M POKT minted across the board (89% to service nodes, 1% to block producers, and 10% to DAO) in network revenue.
Over the last four weeks, Ethereum applications using the Pocket Gateway have driven a total of ~187.9 million requests. In the process, routing over 738.64 GB of data! An almost 100% increase compared to the four weeks before that, which accounted for 378.11GB data!
In this timeframe, that means nodes have minted a total of 1,245,672.18 POKT, with 89% going to the service nodes (1,108,648.24 POKT), 10% going to the Pocket DAO (124,567.21 POKT), and 1% going to the block producers (12,456.72 POKT).
At the time of writing this, there are 1,822 staked nodes in Pocket Network.
That’s an increase of 835 nodes (+184.6%) compared to last month!
Refresh of Weekly Relay Recap #15
Pocket Gateway Stats 02/11 to 02/17
01/21 to 01/27: 43,503,095
01/28 to 02/03: 41,378,733
02/04 to 02/10: 51,297,437
02/11 to 02/17: 51,452,095
Total (Last 4 Weeks) 187,631,360
Total NOV: 187,169,314
Total DEC: 89,605,083
Total JAN: 136,569,206
Total FEB (so far): 124,567,218
AVG Relays per Day (In OCT): 6,761,747.58
AVG Relays per DAY (in NOV): 6,238,977
AVG Relays per DAY (in DEC): 2,890,486.55
AVG Relays per DAY (in Jan so far): 3,151,773.85
AVG Relays per Week (in NOV): 43,672,839.93
AVG Relays per Week (in DEC): 20,907,852.7
AVG Relays per Week (in JAN): 20,486,530
AVG Relays per Week (in FEB so far): 46,907,840
Most Relays in NOV: 8,455,650 (NOV 6th)
Most Relays in DEC: 3,846,905 (DEC 3rd)
Most Relays in JAN: 6,914,625 (JAN 25th)
Most Relays in FEB (so far): 8,044,418 (FEB 11th)
On September 1st, POKT Network counted just over 100 active nodes for the first time. Only 5 months later, the network counts close to 2,000 (1,848) active validator nodes! The number of nodes on the network grew as the average number of daily relays continued to see growth as well.
Due to the increase of nodes on the network, the average daily relays per staked node decreased over the course of February. However, the average daily number of relays continues to grow. It is expected for the number of average daily relays to increase faster than the amount of new nodes on the network and with that an increase in the average daily relays per staked node.
Fun fact: At the current growth rate of new nodes on the network, total nodes could soon surpass the total number of followers on Twitter.
Over the course of the past four weeks, 1.245M POKT was minted. With 1,822 nodes live on the network, this translates to an average of 683.68 POKT in rewards per node per month.
If you’re new to running a node and want to know why your node has been jailed, please check out this post on our FAQ.
🧰 Developer Updates
Development of the next major protocol release candidate Pocket Core RC-0.6.0 has been completed. It’s currently going through internal load tests and QA. Release date is TBD.
Small, incremental changes have been made to the Pocket Gateway to improve quality of service. One of the reasons for an increased error rate was the handoff period. A simple change that led to an increase of success rate was simply changing the configured block time of the gateway to closely match the average block times reported by different nodes from the network. Shortly after implementing the change, we saw the success rate push to ~80%.
Protocol Development Lead Andrew Nguyen built and shared a tool with the community that counts relays during a set time period.
Earlier this month, the EtherJS pull request was successfully approved and merged, meaning the Pocket Network integration went live!
The team has made significant progress on wPOKT this month. wPOKT is going to be a lightweight ERC-20 token (forked from Aragon’s ANTv2) and therefore cheaper in gas. This is an absolute must in the current gas fee climate on the Ethereum Network. More information on wPOKT is to follow at a later point.
⚖️ Economic and Governance Updates
POKT Arcade - A Community Gamification Layer
Have you started the challenge in the POKT Arcade yet? All community members are welcome to join us on Discord, to start various quests! Which path will you choose? Whichever one it is, make sure your to share your adventure on Twitter with #POKTArcade.
Proposals
PIP-1 as well as PEP-2: POKT-ROKT development reimbursement, PIP2: Remove the UnstakingTime Delay on Upgrades & PEP-3: API3 Token Swap have successfully been approved.
PIP-3: Remove the DAO’s Asset Ownership Restriction officially passed with a unanimous vote!
PEP-4: Pocket Exchange Listing has been pushed forth by the community. Pocket DAO members are encouraged to vote before February 25th!
📰 News
Last week, API3 announced a partnership with Pocket Network, after a successful governance vote was conducted. The API3 DAO will receive 250,000 POKT tokens, which will enable it to widely utilize Pocket Network’s decentralized node infrastructure in its data feed solutions. In exchange, Pocket Network DAO will receive an equivalent amount of API3 tokens. For more information, check out the announcement.
Michael O’Rourke, CEO and co-founder of Pocket Network, participated in the 3rd RSK Ecosystem Update and shared how Pocket can support RSK applications.
At the time of recording, it was the 6-month anniversary of Pocket Network since mainnet launch!
This month, a major milestone was achieved in the blockchain industry! A milestone which cryptocurrency enthusiasts have dreamt about for years . Just two weeks ago, Bitcoin traded at $40,000, now it’s trading far above $50,000. Bitcoin continues to see an increasing interest from large institutional investors including Michael Saylor and Elon Musk. DOGE even got promoted by both Elon Musk and Snoop dogg himself on Twitter. Adam Liposky and Michael O’Rourke have followed the markets with you, check out the referred posts (hyperlink) to hear their thoughts on the current market movements and the narrative-driven DOGE’s tokenomics.
CoinTelegraph just published a post stating Binance put a brief pause on Ethereum withdrawals, during which users couldn’t access their ERC-20 tokens for about an hour. No further details were provided by Binance, leaving the community with a lot of questions. ‘’Patrick Maguire, operations lead at node infrastructure provider Pocket Network, commented on the overall significance of the event: "Whether it was simply scheduled maintenance or intentionally timed, the fact that any exchange can decide when someone is able to use their tokens with little to no warning is antithetical to the spirit of decentralization.”
🎬 Behind the Scenes
Pocket Network continues to work with the most excellent YAP team. There are a couple of pieces we are working on together to get into several media outlets. So, keep an eye out for the headlines!
The Pocket Network’s single source of truth and knowledge base is making headway.
The wPOKT landing page is almost ready to go! Expect to see it by the end of next week.
Talks with and onboarding of applications is ongoing. A couple of RPC endpoints powered by Pocket Network have been put in their hands. Announcements coming soon!
🐦 Wall of Tweets and Memes
🌉Connect with Pocket:
👾 Visit the Pocket Network Website
🦜 Follow Pocket on Twitter at @POKTnetwork
💬 Chat with the Pocket team and community in Discord
🏗️ Get started with running a node or deploying an app
🛰️ Sign up for the 1M Relay waitlist