Author(s): Isaac Rodgin & Mark Smargon
Recipient(s): Fuse Foundation token swap with POKT Network
Category: Agreements (Token Swap)
Related Installments: See API3 Token Swap
Asking Amount: 250,000 POKT for 750,000 FUSE
We propose to do a token swap with FUSE that will result in relays being driven to the network. The FUSE token would be owned by the Pocket DAO and held/managed by the Pocket Foundation. The Pocket Foundation Directors will vote on behalf of the Pocket DAO on all FUSE validator votes. We propose that FUSE governance matters may be debated on the forum and sent to a Pocket DAO vote; the Foundation directors will be compelled to vote according to the will of the DAO with the PocketDAO run validator which will be listed for open delegation for others here.
Fuse is an EVM blockchain focused on mobile payment infrastructure. Fuse has a large network of nodes globally that utilize the POKT infrastructure for API calls and ease of setting up and maintaining nodes. The FUSE and POKT tokens will be respectively held and locked by each organization for a minimum of 1 year (12 months).
This is a vital part of the Fuse and Pocket Network ecosystem. Firstly, cross-community governance is important to help decentralize the decision-making power. Secondly, the POKT tokens will be used for API calls and to encourage infrastructure on the FUSE network to be built around the Pocket Network community and nodes. Finally, the Fuse tokens can be used by POKT for future community projects that require cross-chain liquidity i.e. bridges, general network fees, or staking and governance.
Needs Being Met
The entire Fuse network has around 10 million API calls per day. The goal of the outlined budget is to be able to grow this up to 2X the current community size (i.e. 20 million API calls per day). Fuse will provide its infrastructure on behalf of its major ecosystem applications, like GoodDollar.
There will be a one-time token swap of 250,000 POKT tokens for 750,000 FUSE tokens. These would be locked for 1 year in the receiving addresses.
A strategic relationship between the Pocket Network ecosystem and FUSE ecosystem. Currently Fuse is one of the first paid networks and has worked with POKT infrastructure to be a backbone of the core architecture of FUSE. The token swap would be used to help make this sustainable long term and drive value for the POKT community and DAO in governance of the Fuse Network.
Too many tokens for a single partnership
Tokens on both networks are still relatively illiquid for this size
Lock in period is too long/short
Setting up of POKT Validator
FUSE as paid network on POKT
Cross community marketing, PR, and AMA
Foundation Directors for Pocket Network and Fuse Network.
Copyright and related rights waived via CreativeCommons