Pocket is a decentralized infrastructure provider and unified blockchain-agnostic API for Web3 applications. Pocket relays data requests and responses to and from any blockchain system, and verifies all relayed data and proportionally rewards the participating nodes with native crypto tokens (POKT).
wPOKT, and wrapped tokens in general, enable a number of different benefits for the Pocket Network ecosystem. Bridging to different networks allows non-native assets to be used in relation to different blockchains, implements the interoperability that is a major part of Pocket’s vision, establishes a more far-reaching ecosystem where data and information can be exchanged more easily, enables efficient and fast movement of funds, increases liquidity and market reach, and adds even more legitimacy to Pocket Network via an association with Ethereum.
Pocket is partnering with Ferrum Network to build this bridge. Ferrum has experience building bridges to Ethereum, Polygon, and BSC. Given how important it is to build these sorts of bridges in an attack-resistant way, Ferrum’s expertise is attractive for the purposes of enabling wPOKT to thrive.
Strengths of Ferrum’s bridge include speed (bridged assets in under 3 minutes), simple UX and UI, control over token contracts that get deployed, improved architectural and operational security compared to other forms of bridges, and easier bridging to non-EVM-compatible chains as needed.
After being put to a Snapshot vote in the DAO, Polygon was chosen as the first network to deploy wPOKT to. Polygon has a thriving ecosystem and a strong reputation, and won the Snapshot vote with an overwhelming majority. Other networks can then be added to the bridge at a later date, and this bridge can even complement other bridges in the ecosystem.
Since the release of the wPOKT farming green paper, Pocket Network relays have skyrocketed from 5 million per day all the way up to about 1 billion per day. The network also supports 50 blockchains at the time of writing, and has nodes spanning across 30 different countries.
With this growth, some of the main goals of the wPOKT farming app became less relevant and necessary. Development of wPOKT Farming was stopped for 5 main reasons:
- wPOKT Farming became a distraction from our core drivers of growth
- The need for liquidity was sufficiently met, which meant that the LBP was no longer requiredThe need for relay subsidies passed due to PUP-9
- It makes sense to limit the risks of wPOKT, as bridges are consistently victims of attacks and exploitation
- wPOKT experimentation can still be an organic community effort (everything we’ve built is open source)
You can see much more about the decision to stop wPOKT Farming development here.