Friday, April 19, 2024

Pocket Network experiences a 14-fold rise in revenue in 90 days, as well as an increase in demand.

Pocket Network is an infrastructure provider, and its niche is middleware protocol. The company helps provide full node bandwidth needed for decentralized computing for the cloud. It supports Web3 applications for 37 different blockchains like Solana, Fuse, Ethereum, Harmony and Polygon. As a newcomer offering an incentive-based protocol, its offerings are an encouragement to Web3 with a compatible network.

Since it started operations, it has experienced 14-fold growth and in just 3 months. Developers have used Pocket Network to route relays numbering more than 16 billion to garner over $210 million USD in protocol-related revenue. This information was noted by Token Terminal’s on-chain metrics. The total payout to node runners of this amount was $191 million.

This achievement in such a short timeframe showcases Pocket Network’s importance and ability to grow at a steep trajectory. The amount earned by the company in the earlier quarter (Aug – Oct. 2021) was just $14.8 million. The company got funded in some strategic soliciting rounds.

The revenue jump has attracted more brand-new staked nodes to the company, which currently stands at a full 24,000 nodes. The cost per node is 15,000 in POKT. The total worth is $500 million and growing. There are plans in the works to add many more new Layer 1s and Web3 related applications. Projected growth is expected to be more than billions in relays being added per day by the end of June 2022.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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