Project name: Pocket Network
Author name and contact info (please provide a reliable point of contact for the project): Jesse Jones - @duckie3351
I understand that I will be required to provide additional KYC information to the Optimism Foundation to receive this grant: Yes
L2 recipient address: 0xc84852f566C1b34DA3b3c72cd58796a48B91D38b
Which Voting Cycle are you applying for?: Cycle 8
Grant category: Infrastructure
Project description (please explain how your project works):
Pocket Network is a decentralized RPC service that enables a permission-less network of independent node operators to be incentivized for running full nodes for blockchains supported by the network. Daaps pay for RPC throughput by staking POKT token, and node operators are compensated in POKT token based on RPC requests served. The beauty of this model is a positive feedback loop that is created: as the usage of the RPC increases, the incentive payout for node runners also increases, thus incentivizing more full nodes to spin up and strengthening the overall RPC service. This model reduces central points of failure within the RPC layer, while increasing geographic distribution, redundancy, and censorship resistance. We currently support over 38 blockchain networks, including many popular EVM protocols. For real-time network data visit: https://www.poktscan.com/. By sponsoring daap’s usage of Pocket RPC within the Optimism community we are contributing to decentralization, increased resiliency, and censorship resistance of the network.
Pocket expedited support for Optimism on 13/06/2022 after feedback from the community regarding problems with existing RPC services. Since then we have not rate-limited the public Optimism endpoint and our Optimism traffic has grown day by day and recently broke into our top 10 chains by relays (currently at 40m relays per day), signaling the service to value to the Opti community and builders.
Providing this service is unsustainable and as we launch our paid strategy at the end of September, rate-limits across all public infra will be introduced and we are therefore seeking support from Foundations to continue to operate high-quality public goods. As opposed to other providers / running your own nodes, investing in Pocket in not a sunk cost but rather just an opportunity cost - POKT must be purchased and staked to utilize the protocol, but this POKT is owned by Foundation and this investment can be recouped (subject to POKT token price fluctuations) on the open market at any time the OP Foundation wishes.
Additional team member info (please link):
Team Size: 60 team members
- Leadership: 8
- Operations / BD: 7
- Marketing: 7
- Financ e / HR: 6
- Governance: 6
- Engineering: 31
Relevant usage metrics (TVL, transactions, volume, unique addresses, etc. Optimism metrics preferred; please link to public sources such as Dune Analytics, etc.):
Competitors, peers, or similar projects (please link):
Is/will this project be open sourced? Yes
Optimism native?: N/A
Date of deployment/expected deployment on Optimism: 13/06/2022
Ecosystem Value Proposition:
Providing the Optimism ecosystem with high-quality RPC infrastructure for new projects to reliably source current and historical Optimism data
Has your project previously applied for an OP grant? No
Number of OP tokens requested: 185,185
Did the project apply for or receive OP tokens through the Foundation Partner Fund?: No
Proposal for token distribution:
123,456 for delivering network support via our network of 30K full nodes throughout the world and fixed overhead costs in maintaining the service
61,729 for on-going throughput (currently at 40m relays per day) which will be exchanged for POKT in order to be staked on our network to receive the current bandwidth of relays. This is effectively a token swap and OP Foundation would own the POKT stake that they can request be unstaked and transferred to them at any time if the service is no longer needed.
If we were unsuccessful in our proposal to secure retroactive funding, we would still want to continue to support the network and therefore in an effort to do so sustainable, we would introduce performance limits that would channel users to our paid tiers in our portal where costs would be passed on to Opti-builders.