Devlog - 16.0

04.22.22- wPOKT - update
Wpokt Devlog #1 +300 points
An update on the wPOKT Budget

We are thrilled to share that we continue to progress closer to the wPOKT launch.

After we published a post outlining our decision to narrow the scope of wPOKT, on March 25th the DAO approved the following budget to reflect this:
- 1M POKT from the DAO Treasury allocated to the AMM pool
- 830,655 USDC(C/T) from the Foundation Treasury allocated to the AMM pool (amount subject to change based on the POKT price)
- 1M POKT from the DAO Treasury to the Foundation Treasury offsetting the prior bullet’s USD(C/T) transfer.

An update on the bridges

We are very excited to let you know that the Ferrum Network bridge, funded by the DAO in PEP-11, is in the final pre-launch stages and will be ready to launch in Q2. 

After reviewing Ferrum’s implementation, in consideration of the added complexity and risk that multiple bridges brings, and due to Ferrum’s ability to deploy wPOKT to multiple networks, we have decided to proceed with Ferrum as the only wPOKT bridge.

The original vision for wPOKT assumed releasing on Ethereum, despite the gas fees, due to the superior liquidity that Ethereum had at the time for farming applications. However, the farming application is no longer a focus of wPOKT, liquidity has since improved on other networks, and Ferrum has recommended that the first network we deploy wPOKT to should be either Polygon or BSC due to their more accessible gas fees.

With that in mind, Ferrum would like us to choose the first network to deploy wPOKT to.

Help us choose the first network to deploy wPOKT to

The DAO voters will ultimately make the decision on which network to deploy wPOKT to first. However, we also want to give the wider community a chance to signal their preferences, which the DAO voters can then take into consideration when casting their vote.

Starting now, there is an emoji poll in Discord where you can signal your preference for either Polygon or BSC. There is no deadline for this poll ending but keep in mind that the DAO voters may use the current tally of the poll to make their decision.

It’s important to note here that other networks, including Ethereum, can be added to the Ferrum bridge at a later date. Right now we are simply choosing the FIRST network.

On Friday at 5pm EDT, a Snapshot vote will open for DAO voters. This vote will close on Tuesday at 6pm EDT. Typically we do 7-day votes but this is not a formal proposal and Ferrum has asked us to let them know our decision no later than mid next week.

What is coming next

Lastly, Devlog cadence is changing to a monthly frequency that will pack all the need to know changes and updates for that month.

Expect these reports to answer all your questions regarding the continued development of wPOKT.