Attributes
Disclaimer: This proposal is related to the work I completed prior to joining the PNF. As further effort on this proposal will come from within the PNF, it will be excluded from any future RPFGs.
Summary
The new EVM stack enables Pocket Network DAO to deploy its native (not wrapped) token across multiple EVM chains and facilitates bridging AnyEVM<>AnyEVM through a custom UI interface.
Problem
For a long time, Pocket Network lacked a clear strategy for DeFi or its expansion into EVM communities. Last year, Wrapped POKT was successfully launched on Ethereum, but there has been little progress since then. Recently, several attempts were made to deploy wrapped versions of Wrapped POKT to different chains, highlighting a significant issue with wrapped tokens: while anyone can create them, building trust in them is challenging.
Solution
Instead of wrapping the Wrapped POKT token, we decided to offer a more robust solution: a native token [1] that can be deployed to any EVM chain. This native token:
- Can only be deployed by the protocol/DAO, ensuring it is official and eligible for listing by centralized exchanges (CEXs).
- Is governed by the protocol/DAO, allowing builders to propose enhancements, such as cross-chain staking, stPOKT, etc…
- Uses a single token (contract) address across all EVM chains.
- Is not restricted to a specific bridge.
- Allows us to deploy POKT across multiple EVM chains, before Shannon, while having the ability to plug-in Shannon upgrade when it’s ready without painful migration
Contributor
I am Vojtech, a seasoned developer with full-stack experience. As a relevant piece of work, I’ve built a bridge between ICP and ETH, which was audited by Nethermind. I recently joined PNF.
Deliverable(s)
We have delivered a robust EVM stack that includes:
- A modern xERC20 standard secured by rate limits and a guardian with the ability to pause minting.
- An EVM Bridge Adapter using Wormhole ($42B+ volume).
- Upgradable contracts are governed by DAO Multisig.
- A router contract that allows seamless bridging of existing WPOKT to AnyEVM.
- A custom Bridge UI.
- A foundation for on-chain proposals, enabling contributors to propose changes that can be simulated, validated, and executed by DAO Multisig. See example.
- Support for Solana via Wormhole Connect. See UI preview and WPOKT SPL (will be replaced by POKT SPL).
- Testnets deployed to Sepolia, Base Sepolia, Arbitrum Sepolia, Optimism Sepolia, and Avalanche Testnet. See example.
- Mainnets deployed to Ethereum, Base, BSC, Arbitrum, Optimism, Polygon, and Avalanche.
Repository: GitHub - pokt-network/pocket-contracts
Nethermind Audit: pocket-contracts/audits/NM0245_XPOKT.pdf at cb4b5bb7a7bc9c24e63ddde66f7914185f0b4295 · pokt-network/pocket-contracts · GitHub
Dissenting Opinions
Impact on RaidGuild Wrapped POKT migration (IBC/Hyperlane)
This proposal has been discussed with RaidGuild, who expressed their support for the xERC20 direction. Once the EVM<>IBC (Hyperlane) Adapter is ready, we will be able to test it on the current testnet. When the mainnet (Shannon) is ready, the DAO can execute a proposal to simply enable the EVM<>IBC Adapter.
On-chain voting, is there a conflict with Cosmos voting?
On-chain voting is not part of this proposal. However, it is possible to replace the DAO Multisig with a DAO Governor contract that can execute proposals based on cross-chain voting results. This would allow voting to occur on Cosmos, with the results bridged to the Governor contract.
[1] Native Token Transfers Are the Next Evolution of Interoperability