Press Release
PRICE RELEASE Pocket NetworkMonthly revenues of $56,000,000 or more in DecemberThis place it amongst the Top Five Global Revenue Producers of Blockchains. It surpasses many other chains.
Tampa Bay, Florida, U.S.A – 6th January 2022 – Pocket Network – an infrastructure middleware protocol that provides decentralized cloud computing and abundant bandwidth on full nodes to other applications across 20 blockchains, including Ethereum, Polygon, Solana and Harmony A strategic round of funding totaling $10 million was closed by Republic Capital. RockTree Capital. Arrington Capital. C2 Ventures. Other notable participants include Coinshares. Decentral Park Capital. Dominance Ventures.
Pocket Network now has over 2 billion weekly relays, up from 100.000 at the beginning of 2021. It is growing rapidly as L1s and other dApps demand its services. Relays were at 5.5 Billion in December, compared with 89M twelve months ago.
Since July, Pocket Network’s usage has more than doubled monthly, measured in “relays” which are API calls processed by the protocol. This week it set a new daily record with 300M+ relays. The network’s usage growth has led to a corresponding increase in node count. A network currently served by more than 18,000 nodes is managed by hundreds independent providers and communities.
The December month saw a total revenue increase of $56 million in network revenues. Pocket Network is already comparatively amongst the Top 5 revenue producers for all blockchains and blockchain applications globally (source data from Token Terminal*), while remaining relatively under the radar until now, including having revenues surpassing that of Solana, Elrond, Harmony, and most DeFi protocols.
“Today in blockchain, the valuation of a project is based on its actual performance and real metrics. Pocket Network has discovered a treasure that scales at lightning speed, and is easily measured onchain. Today, many exchanges and apps still depend on Web2 central cloud computing. They can also rely on hosting providers that are Web2 centralized. This can lead to costly downtime. RockTree thinks Pocket Network is essential infrastructure for the Web3 Revolution. It offers decentralization, constant uptime and true decentralization for multi-chain blockchain futurities. Just look at the onchain data” said Omer Ozden, CEO of RockTree Capital, a fund and merchant bank focused on projects at the nexus of Asia and North America. “I want to add that it is Pocket’s high quality team and leadership that has made it an easy choice for RockTree to be their Asia partner and invest.”
Pocket Network is looking to expand on the already huge community of thousands upon thousands of node runners. It aims at scaling into the trillions relays per hour spread across hundreds and thousands of full nodes over the next 5 year.
“We’re incredibly excited to support Pocket Network in its mission to incentivize L1 decentralization. We are believers in many different ecosystems — including Terra, Algorand & Polkadot — and understand the need for wide node distribution at the base layer. Ultimately, POKT is critical to enhancing the long-term robustness and antifragility of the entire crypto-ecosystem”, said Michael Arrington, Founder of Arrington Capital.
“Pocket Network’s market-based approach to infrastructure properly demonstrates how Web3-native services can outcompete Web2 incumbents both in economics and performance. For blockchain app developers and node runners alike, Pocket is a clear no-brainer.” added Alex Ye, Managing Director, of Republic Crypto.
“Rocktree Capital is a strategic partner of ours, which has helped us accelerate global growth in all major blockchain markets. We are thrilled to share the continuation of our plan with Republic Capital, Arrington Capital, and other high-impact players that add value to the entire Pocket Network ecosystem.” – Michael O’Rourke, CEO of Pocket Network
Pocket Network plans to grow developer adoption through multiple initiatives. In particular, the network will expand into Asia-Pacific in the next year with multi-jurisdictional expansion.
About Pocket Network
*Token Terminal will publish full revenue data for Pocket Network on January 5th
Pocket NetworkThe, a Blockchain Data Ecosystem for Web3 Applications, is a platform that allows applications to use cost-efficient economics in order to coordinate and share data at large scale. This allows seamless, secure interaction between and among blockchains. With Pocket, the use of blockchains can be simply integrated into websites, mobile apps, IoT and more, giving developers the freedom to put blockchain enabled applications into the “pocket” of every mainstream consumer.
RockTree Capital A merchant bank and fund located in China, focused on mobile e-commerce and blockchain projects. There are offices in Beijing Shanghai New York, New York, Shanghai and Toronto. RockTree Capital funds top-tier projects in blockchain and helps them grow in Asia.
Arrington Capital The company is focused on digital asset management and blockchain-based capital markets. TechCrunch founder Michael Arrington and CrunchBase CEO Heather Harde started the company in 2017 and have invested over $1B in hundreds of startup ventures around the world.
Republic Capital It is the leading platform for investing in startup, real-estate, crypto and gaming. Accredited and retail investors can access it. Our global network of more than one million members has assisted Republic in facilitating investments totalling $700,000,000
C2 VenturesThis venture fund is not tied to any particular chain and provides capital, as well as the operational and financial expertise necessary for builders to build and scale up Web3 or Metaverse applications.
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