Attending was Chris ‘Jinx’ Jenkins, Head of Operations at PNF and Cryptocorn, Board Observer.
Migration Overview:
The meeting started with an overview of the Shannon migration. While still ongoing, the Migration has been considered largely successful, with between 75% - 85% of the total volume of POKT migrated from Morse to Shannon.
As with any large project however, issues were encountered, specifically around the lack of full documentation on offer and focus now is on network tuning and setting appropriate network parameters.
Gateways + Traffic:
We expect to see a significant amount of traffic migrated over to the network in the next few days, up to 100% from some gateways. Grove and Liquify are already supplying traffic to the network and DevDao is expected to start around July 7th. Unfortunately Chainstack will not be participating with supplying demand to Shannon and Nodies are waiting post migration to decide if they will set up a gateway.
Relays + Compute Units:
Understanding and quantifying relays and Compute Units (CUs) pushed through the network has changed considerably from Morse to Shannon. While reporting for Morse of CUs was approximated using a blended average of CUs to relays processed, Shannon has allowed accurate counting of CUs, now the primary measure of traffic on Pocket Network.
Pocket charges $1 per Billion CUs, which is significantly cheaper than many competitors. The true amount of CUs processed per ‘relay’ on Morse has a wide margin of difference, with some calls requiring 1100x+ more CUs than a Morse relay. With the traffic coming online over the next few days, we expect to see the network stabilise and demand to be more accurately recorded.
General Finances for PNF:
PNF is waiting on final stability approval on Keplr wallet to move DAO treasury funds to a Keplr multi-sig wallet. Historical transactions will also be transferred, for those interested in seeing prior DAO transactions.
PNF has 3 - 6 months of runway sitting in stables after making some sales of POKT during the recent spike in price/volume. This is in addition to the large (several hundred million) POKT treasury.
Two large spending items in the near future will be for i) The F-chains program, which will require ~100mn POKT, and ii) a loan to the market maker Wintermute which will be ~45mn POKT.
PGAT:
PGAT updates include 2 projects that are expected to launch on Shannon in the next 2 weeks: DevDao and Vistia, and 3 in progress. Swanblocks is currently raising a financing round to continue operations.
Vistia will be helping with a POKT developer bootcamp focused on the Vietnamese market. Jinx will be a mentor to the program.
Supply Sources:
Iteration around Shannon has been rapid, with the product going from V 1.0 → V1.23 in a few weeks. As such, all focus is on finishing the Shannon migration, fixing any remaining bugs and ensuring smooth operation. With the migration being largely completed in the next week or so, teams and developers will have time to build complementary products + tooling and to expand Shannon to new data sources.
Cosmos Integration:
PNF is working with Keplr and has decided to adopt Keplr’s full suite of tooling including for wallets, governance and additional features. The partnership is working well, although the wallet activity tab can be slow to update for POKT, probably due to an issue with indexing, therefore PNF wants to wait until this issue is fixed before sending DAO funds to a Keplr multi-sig wallet. Integrating with the Keplr tooling in the Cosmos ecosystem will allow for new features such as rebuilding governance and putting all voting on-chain with automatic proposal execution without DAO governance transactions needed.
Korea:
An MOU is in the process of being signed with a major Korean blockchain development group. As part of this partnership, it is expected that a Pocket gateway will be opened, specifically focused on the Korean market. A new data source is also expected coming from a Korean client. Details are expected to be announced shortly.
PNF have hired a group to ‘put boots on the ground’ to build and manage the community for the Korean market. Part of this outreach has been to connect with leading Korean crypto outlets, including Coinnest and Blockmedia.
PNF Directors + Mike:
While PNF legally only requires one director, which is currently Micheal, the plan is to move to the more traditional set of 3 directors. Micheal’s contribution to reforming PNF to place operationally effective personnel in charge and refocus PNF’s mission to executing the Shannon migration has been successful and new director applications will begin shortly, with Micheal moving to an ambassador role. Jinx has expressed his intention to run for director.
Alpha?:
Work towards new market openings and token demand was discussed, with deals to provide these ongoing but in an advanced phase.