Pocket Network News | MARCH 2021
A major milestone has been achieved, 1 billion successfully processed relays! Over 2,700 nodes currently live. Information on Pocket Core RC-0.6.0, and more...
📈 Network Stats | 1 Billion Relay Party
What better way to start the March newsletter, than by announcing the Pocket Network achieved over 1B successfully processed relays!
At 0.01 POKT minted per relay served and validated, this translates to ~10M POKT minted across the board (89% to service nodes, 1% to block producers, and 10% to DAO) in network revenue. On March 16th, our one and only Michael O’Rourke pointed out nodes earned $60k of fee revenue within a 24-hour time window!
Over the last four weeks, Ethereum applications using the Pocket Gateway have driven a total of ~235.5 million requests. In the process, routing over 954.01 GB of data!
In this timeframe, that means nodes have minted a total of 2,355,668.23 POKT, with 89% going to the service nodes (2,096,544.24 POKT), 10% going to the Pocket DAO (235,556.82 POKT), and 1% going to the block producers (23,556.68 POKT).
At the time of writing this, there are 2,732 staked nodes in Pocket Network.
That’s an increase of 910 nodes (+49.94%) compared to last month! And a massive increase of 176.8% compared to the month before that (+1,745 nodes)!
Refresh of Weekly Relay Recap #18
02/18 to 02/24: 52,936,524
02/25 to 03/03: 62,639,876
03/04 to 03/10: 64,025,572
03/11 to 03/17: 51,452,095
AVG Relays per DAY (in DEC): 2,890,486.55
AVG Relays per DAY (in JAN): 4,405,458.26
AVG Relays per DAY (in FEB): 7,513,314.89
AVG Relays per DAY (in MARCH, so far: 8,809,483.77
AVG Relays per Week (in DEC): 20,907,852.7
AVG Relays per Week (in JAN): 34,142,301.50
AVG Relays per Week (in FEB): 52,593,204.25
AVG Relays per Week (in MARCH so far): 61,666,386.35
Most Relays in DEC: 3,846,905 (DEC 3rd)
Most Relays in JAN: 6,914,625 (JAN 25th)
Most Relays in FEB: 8,044,418 (FEB 11th)
Most Relays in MARCH (so far): 10,335,350.00 (MARCH 2nd)
Besides achieving a total of 1 Billion processed relays, the number of daily relays shot up just before the end of this four week’s time frame. As Pocket Network continues to ramp up collaborations and partnerships, the adoption of the network is clearly visible on both the short-term and long-term overview.
The number of active validor nodes surpassed 2,500! Together with that, over 100M POKT remains staked on nodes. Fun fact, at the time of writing this newsletter, the total number of nodes on the network is larger than the number of followers on Twitter, as predicted in the previous recap.
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. Or, if you’re looking to get started with a node, then learn more here.
🧰 Developer Updates
Development of Pocket Core RC-0.6.0 has been completed! Currently, a proposal is being discussed on the forum regarding a Consensus Rule Change for this.
The upcoming Pocket Core release (0.6.0) offers a higher level of security (2 mission critical patches in the merkle tree) plus provides a higher level of network stability through the removal/patching of events, in addition to a change in the encoding algorithm (Amino to Google’s Protobuf).
Here’s a high-level outline of other fixes:
Security patch for BlockHash
Security patch for Proposer Selection
Max age of evidence enforced in blocks
Deleted applications from state after unstake
The implementation of 0.6.0 is near complete. A few pending tests, the agreement of an Upgrade height, and the approval of the above mentioned proposal, will result in a complete implementation.
Stay tuned for more information around this release!
Development for the new Pocket Dashboard is wrapping up. It will transition into a Quality Assurance (QA) stage shortly. You’ll find that the dashboard to not only be more reliable but also have a much better, refined interface.
We are aiming to do a soft-launch early Q2.
⚖️ Economic and Governance Updates
Are you ready for wPOKT yet?! We are excited to announce wPOKT is scheduled to launch in Q2!
wPOKT is a fully collateralized ERC-20 token version of our POKT token. Learn more about why this is beneficial, how you can get wPOKT and learn more about staking wPOKT. By staking wPOKT, (D)Apps are provided a mechanism to crowdsource free infrastructure from their users through network-specific pools, drives liquidity to wPOKT and offers those staking with rewards.
Raid Guild recently delivered the first demo of the farming app to our product team (and it looks amazing!).
We are looking for launch partners to participate in the regen Data Farming program. Who would you like to see leveraging Pocket as a decentralized network provider?
If you are interested in receiving subsidized node infrastructure for your application, fill out this form. If you are a web3 user, please share this form with your favorite apps!
Last but not least, we published our wPOKT landing page. For more touch n’ go updates, sign up to the wPOKT Regen Farmers Almanac via the website and don’t forget to check out the cool animations!
PEP-4 Pocket Listing was unanimously approved. It was proposed to instruct a committee to pursue listings of POKT on centralized and/or decentralized exchanges. For more information, check out the forum thread.
PIP-3: Remove the DAO’s Asset Ownership Restriction also unanimously passed, to allow for the token swap with API3 DAO to go ahead. For more information, check out the forum thread.
Currently there are no proposals being voted on. However, there are various proposals being discussed at this moment! Including PIP-4: Consensus Rule Change: 0.6.0, PEP-5: Allocate POKT from the DAO Treasury to Launch/Support the wPOKT Program, and PUP-4 Change RelaysToTokensMultiplier to 9000.
Learn more about each proposal & start discussing with your fellow community members here.
Fuse Network integrated & joined the Pocket Network to strengthen transaction processing on their platform.
In a climate where the incentives to run a node are weak, the result are networks that are run by either team-ran nodes or increasingly maintained by third party centralized cloud providers, severely impacting decentralization. Like Pocket Network, Fuse Network takes decentralization very seriously and the result is a wonderful collaboration.
Chainstack joined Pocket Network as a trusted node provider. Chainstack will assist in making blockchain infrastructure more accessible, and by providing ongoing support to any developer wanting to engage with the ecosystem.
Anyone can now set up a node with Chainstack, without needing to run a full Ethereum node yourself.
We encourage you to check out the press release for more information.
🎬 Behind the Scenes
Pocket Network is ready for even more exposure and growth! For this, we’re working together with YAP on PR with media outlets. YAP is an international PR and communications firm that works with FinTech, Blockchain and Cryptocurrency projects. You may or may not have seen them sharing our posts on Twitter already, stay tuned for more announcements and articles in the near future.
Next to YAP, we’re working actively with RedBlocks and BlockBeats. Both PR firms are well-connected in China, where we aim for regional presence and further expansion of the network. Here too, expect to see various announcements and articles to be published.
🐦 Wall of Tweets and Memes
🌉Connect with Pocket:
👾 Visit the Pocket Network Website and wPOKT website
🦜 Follow Pocket on Twitter at @POKTnetwork
💬 Chat with the Pocket team and community in Discord
🛰️ Sign up for the 1M Relay waitlist