Pocket Network is now the number one middleware service protocol, according to rankings by Web3Index, after experiencing 208 percent growth last month in fees paid out by developers, over 7x more than the closest fee-generating protocol, and a 322 percent growth last month in overall network revenue.
TAMPA, Fla — Pocket Network, a blockchain data ecosystem for Web3 applications, became the top-ranked middleware service protocol on the industry-recognized Web3Index after generating USD 1.45M in demand-side fees and $29.5M total in overall network revenue in the past 30 days.
The Web3Index index independently curates and lists leading blockchain middleware protocols such as Arweave, The Graph, Livepeer, Akash, and Helium and currently ranks Pocket Network at seven times the demand-side fees generated by Arweave and 163 times that earned by The Graph during November.
Pocket Network hits #1 on Web3Index after listing alongside major blockchain middleware protocols such as Arweave.
This milestone comes on the heels of explosive month-on-month overall network revenue growth in previous months, including:
- July: 107%
- August: 316%
- September: 222%
- October: 304%
- November: 322%
“When we first reached out to Web3Index and showed them our numbers through on-chain data, they were amazed,” said Michael O’Rourke, CEO of Pocket Network. “Node rewards are the backbone of Pocket Network’s success and will change over time; though, as it stands, they receive 89 percent of net revenue and are incentivized to continue to support a healthy and secure network which automates and decentralizes drawbacks from traditional Web2 hosting services.”
Over the last year, Pocket has experienced exponential growth in revenue from demand-side fees and network usage. This can be attributed to aggressive expansion strategy into new blockchain ecosystems and markets combined with the network effects generated by increased use and node revenue.
In the past three months alone, based entirely on organic demand, Pocket has added support for blockchains including Harmony, IoTeX, Solana, Avalanche, Algorand, Fuse, and Polygon; plus many dozens more testnets. Since Pocket Network is a protocol and not a business, it can accomplish these feats much more quickly and at orders of magnitude fewer costs than SaaS counterparts. The key here is incentivizing independent node runners to support each blockchain, where the bulk of net revenue is directed.
Pocket’s unique state of the art approach to infrastructure provisioning, which fully decentralizes the communication layer by matching DApps with nodes to run them, a critical element in realizing full Web3 automation, has allowed it to reach over 1.7 billion relays in the network with over 2000 web3 applications using it, and 15M+ POKT tokens staked during October alone.
In the last 90 days, developers have routed ~5.28 billion relays through Pocket Network, paying more than USD 2M in demand-side fees from dilution, demonstrating Pocket’s significant growth trajectory at present. Compared to USD 41.7M in network revenue over the last three months (September, October, November).
This jump in network revenue has attracted newly staked nodes to the Pocket network, with their ranks more than doubling since August 25th to an all-time high of 14k. Pocket Network continuously adds new blockchain networks and web3 applications and currently are on track to reach billions of relays per day by mid-2022.
0.01 POKT is minted for every relay (API request) served and validated by node runners, making the rewards directly proportional to actual blockchain network bandwidth consumed by decentralized applications.
Pocket Network is also a first mover in offering full-node incentive-based protocol, allowing node operators to spin up base layer blockchain nodes to capture their share of the POKT network revenue generated by serving multi-blockchain RPC traffic from a host of diverse applications, tools, and services.
This growth in demand-side fees and network revenue comes on the heels of Pocket recording its one billionth relay request in October and is further proof that Pocket has found a protocol-market fit. Pocket Network is targeting increasing developer adoption and node coverage through multiple initiatives, including an extensive multi-jurisdictional expansion into the Asia-Pacific region in the coming year.
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About Pocket Network
Pocket Network, a blockchain data ecosystem for Web3 applications, is a platform built for applications that use cost-efficient economics to coordinate and distribute data at scale. It enables seamless and secure interactions between blockchains and across applications. With Pocket, blockchains can be integrated into websites, mobile apps, IoT, and more, giving developers the freedom to put blockchain-enabled applications into the “pocket” of every mainstream consumer.