Pocket Network News | MAY 2021
POKT Network Rebrand. Over 4,800 nodes currently live. Information on wPOKT, developer updates, and more...
🔥 POKT Network Rebrand
May was a huge month for Pocket Network, including an exciting full rebrand reflecting what the future of Web3 infrastructure should look like.
Our rebrand includes:
A fully new designed website displaying statistics, USPs (unique selling proposition), a clear CTA (call-to-action) for DApps & node operators, our great partners, and most importantly, the new website exhibits our values and mission: coordinating open access to the world’s public data by empowering anyone to provide unstoppable infrastructure.
New documentation enabling you to dig into the protocol and learn how the protocol works in detail.
A new press kit enabling anyone to share Pocket Network with the world, further kickstarting a decentralized future and proudly displaying that they use decentralized infrastructure.
We thank everyone who’s helped us to identify our new brand style!
📈 Network Heartbeat 🩺
Over the last four weeks, blockchain applications using the Pocket Gateway have driven a total of ~169.7 million requests. All of which were successfully processed by the network.
In this timeframe, that means nodes have minted a total of 1.69M POKT, with 89% going to the service nodes (1.51M POKT), 10% going to the Pocket DAO (169.7K POKT), and 1% going to the block producers (16.9K POKT).
At the time of writing this, there are 4,877 staked nodes in Pocket Network.
That’s an increase of 1,422 nodes (+41.15%) compared to last month! And a massive increase of 78.5% compared to the month before that (+2,145 nodes)!
Pocket Gateway Stats 05/27 to 05/31
05/06 to 05/12: 39,308,148
05/13 to 05/19: 31,136,505
05/20 to 05/26: 40,610,186
05/27 to 06/02 (So Far): 38,296,391
AVG Relays per DAY (in MARCH): 5,846,867
AVG Relays per DAY (in April): 4,982,846
AVG Relays per DAY (in MAY): 5,474,895
AVG Relays per Week (in MARCH): 40,928,072
AVG Relays per Week (in APRIL): 34,879,925
AVG Relays per Week (in MAY): 38,324,267
Total Successful Relays in MAR: 181,252,892
Total Successful Relays in APR: 149,485,394
Total Successful Relays in MAY: 169,721,755
For the month of May, node operators served 169.7M relays from blockchain applications. That means they generated 1.69M POKT with 89% going towards the service nodes (1.51M POKT), 10% going towards the Pocket DAO (169.7k POKT), and 1% going towards the block producers (16.9k POKT).
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)
Most Relays in MAY: 6,722,197 (MAY 28th)
The number of active validator nodes surpassed 4,800, meaning we’re getting really close to achieving 5,000 active validator nodes! Together with that, over 271M POKT remains staked on nodes.
🧰 Developer Updates
Chain Halt Status Update
This (holiday) weekend, the resilience of our network was tested. We see ourselves in the same likeness as the largest utility networks in the blockchain space, like Ethereum, who have also experienced real production stress tests that could be considered defining moments for young communities. We are proud (and relieved) to now update everyone else on how our community came together to get through this moment and came out stronger because of it.
To those of you who are unaware, we experienced a chain halt, which means we didn’t have the 67% consensus required between nodes to produce new blocks.
No applications lost service throughout this time because our network and products are designed for maximum redundancy, including a scenario in which the protocol itself is under duress. This means our Pocket Dashboard/Gateway automatically shifted to “altruism mode,” in order to continue serving decentralized applications.
The full details and history can be found here - https://forum.pokt.network/t/chain-halt-status-update/1021.
The most heartening thing about this experience has been seeing our largest node runners step up, coordinating around the clock with our core devs to diagnose the halt, keep their nodes up, and cooperate across time zones to achieve consensus. We’d like to shout some of these true nodeges out here 📣
wPOKT Sneak Peeks & Updates
wPOKT is shaping up to be one of the most anticipated yield farming launches this year. Because of this major influx of attention and interest we are working tirelessly to dot our I’s and cross our T’s before the hard launch. But we could leave everyone hanging, so we dropped some teasers.
Basically, we’re building a micro-economy that enables DApp end-users to get more involved in the web3 ecosystem. Giving users the opportunity to crowdsource infrastructure access on behalf of their favorite applications while earning a wPOKT yield — Regenerative Finance. Rather than projects paying for infra, they can now request their community members to cover these costs. We call this Regenerative Finance.
Regen wPOKT data farming is a growth bootstrap program for Pocket Network’s work economy.
The data farming program is designed to drive relays to the protocol, which boosts the rewards for nodes since the POKT mint rate is directly proportional to relays. A win-win situation for all parties involved.
At this time, the wPOKT farming app has been built by Raid Guild and is ready to go. However, after listening to the requests of our community, the timing of the wPOKT farming launch has been reevaluated to coordinate it more closely with the timing of the wPOKT<>POKT token bridge. This against are most hype up urges, means we still will not give a hard date, but will update the community as we get closer and closer to completing the bridge.
SIgn up to stay in the loop that creates the loop:
P.S Partnership announcements will be going out soon!
Mainnet Upgrade - 0.6.3 Important Feature - Update Stake
Earlier this month, Jack published ‘Mainnet Upgrade – 0.6.3 Bonus Feature – Update Stake’, in which you can read more about this important bonus feature within the mainnet upgrade 0.6.3 release. This new functionality enables apps/nodes to edit certain parameters of their stake without needing to unstake first.
Such as adding more chains to your node, topping up your stake (e.g. to prevent falling below 15,000 POKT staked), and editing your service url.
⚖️ Economic & Governance Updates
Nodes: Genesis Block
This is an important economic update for those who received POKT from the genesis block earlier this month: ‘’If you received pre-staked POKT from the Genesis block, then that POKT was given to you as a jailed POKT Node. If you have not deployed your Genesis nodes, then they are still currently jailed.
Pocket Mainnet has a max jail time of 37960 for POKT Nodes. THIS MEANS ANY POKT THAT IS SITTING IN A JAILED NODE WILL BE BURNED AFTER BLOCK 37960.
Block 37960 is expected to land in mid September. Be sure to unjail or unstake your jailed POKT Nodes before block 37960 or you will lose all your POKT.
To view what's the current block on Pocket Network feel free to visit https://explorer.pokt.network/’’
Unsure if this affects you? Ask for support in our Discord community server.
May was a busy month for the DAO, with various proposals . We’ll highlight the proposals that passed & the ones that are currently being discussed for you:
Proposals that successfully passed:
The Cancellation of PUP-4, PEP-6 Node Pilot, PEP-7 Sand Walker & PIP-5 ‘Upgrade before Upgrade Height’ Quest all unanimously passed earlier this month. For more information regarding each proposal and the involved discussions, click on the above hyperlinks.
Proposals currently being discussed:
PUP-7: Whole Lotta Requests: With the Pocket’s user base growing, the DAO needs to set its price targets for requests. To ensure that the service is priced competitively and therefore maximize app user growth, we should ensure that the average price of a relay is $0.00048 and that this price is achieved by an app after 10 months of staking.
Per the DAO Constitution, the Pocket Network Foundation will be responsible for maintaining these price targets by adjusting the following on-chain parameters: BaseRelaysPerPOKT & StabilityAdjustment.
As the famed philosopher Robert Plant once sang: Blockchain infrastructure projects succeed when App Developers can afford a “whole lotta requests’’.
PUP-7 was drafted by Michael, Rich, Adam and Jack. We encourage you to read through all information provided by them thoroughly on our forum to participate in this proposal conversation.
wPOKT to launch through Alchemist's Copper Fair Launch Auction
As mentioned earlier in this newsletter, the wPOKT farming application has been built by Raid Guild and is ready to go as soon as we’re closer to the wPOKT <> POKT bridge launch.
It looks amazing with such a sleek UI!
Check out this $MIST <> $ETH example > Example
We’re excited to be using Alchemist’s Copper front-end to provide the most open, fair and user-friendly way for you to participate in our Balancer LBP.
Pocket Network with RockTree Capital: Accelerating Web 3.0 And Becoming A Decacorn
Michael joined RockTree Capital in a conference panel on Web 3.0. RockTree Capital made the recap available which you can now view at any time:
Crypto101 Podcast Episodes
This month, Michael sat down with Crypto101 to talk decentralization, Web3 and Pocket Network. There’s one episode in particular in which some very important points were made, namely: Why is decentralized infrastructure so important? What happens when a network doesn’t have enough nodes? How does POKT fix that?
We’d highly encourage anyone in the blockchain industry to take a look at the different networks around us. How decentralized are they really if the majority of nodes are hosted at one or a few centralized third parties?
If you’re reading this as a node provider for other projects, or as a project looking to decentralize further. Feel free to reach out to us and join our community, we’d be happy to onboard you on web3 decentralized infra!
🐦 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