Pocket Network, a blockchain data ecosystem for Web3 applications, announced today it has increased the total value locked on the network by $9.3M, with Blockchain.com, Eden Block, DACM, and others purchasing the POKT token to power decentralized data infrastructure for Web3.0 applications.
The total value locked in staked POKT has now increased to over $189.35M.
Pocket is a decentralized network that relays data to and from blockchain applications, where participants are rewarded in POKT, in order to create an incentivized network of node providers.
“It’s clear the Web3 community cares about private, cost-efficient, and decentralized infrastructure. It’s encouraging that many prominent developers and node communities can get behind the mission of Pocket – providing the best infrastructure option for decentralized applications that power the everyday user,” said Michael O’Rourke, CEO of Pocket Network, Inc.
Before Pocket’s launch, decentralized applications were really just decentralized front-ends as they depended on legacy single-service providers to run their nodes, acting as a frustrating problem for Web3 developers, highlighted when the Ethereum node provider, Infura went down.
“When Infura went down last November, Metamask, most of the DeFi front ends and even exchanges like Binance, all suffered major outages. Massive single points of failure defeat the purpose of building decentralized applications, but up until now, there has been no alternative. Pocket Network is solving one of the most significant pain points in crypto, and we are excited to be one of Pocket’s early partners and to support them on the next wave of their journey,” said Lior Messika, CEO of Eden Block.
Pocket Network has already expanded since its mainnet launch in July 2020, having serviced over a billion relays for production applications and developer tools such as EthersJS and MyCrypto resulting in over $700k in revenue for its decentralized network of over 1,700 node operators.
Pocket has already built an impressive roster of network participants, from leading companies such as Mechanism Capital, LD Capital, and CMS Holdings to professional node service providers like Skillz, Rivet, and Chainflow, as well as DAOs like Metacartel Ventures. Other Web3 applications and protocols which use Pocket Network include SKALE nodes, API3, and WEB3API.