Research Summary
The report discusses the performance and future plans of Pocket Network, a Web3 node infrastructure protocol that facilitates a marketplace for RPC node providers to offer developers access to blockchain data. The network has seen increased activity over the past four quarters, with relays serviced growing by 2% QoQ and 41% YoY. Despite a 38% QoQ fall in POKT-USD price and a 15% QoQ decline in the POKT inflation, the amount of POKT staked has grown steadily, surpassing 1 billion for the first time in Q2 2023. The report also highlights Pocket Network’s V1 upgrade scheduled for early 2024, which aims to improve utility, introduce a new consensus, and enhance peer-to-peer communication and the data persistence module.
Actionable Insights
- Monitor Pocket Network’s performance: The network has seen increased activity and staking, indicating growing interest and engagement from its users.
- Keep an eye on the upcoming V1 upgrade: The upgrade, scheduled for early 2024, is expected to bring significant improvements to the network, potentially impacting its performance and utility.
- Consider the implications of governance decisions: Pocket Network completed voting on five governance proposals in Q2 2023, with four approved. These decisions could have long-term effects on the network’s operation and direction.
