PNF Q2 2025 Transparency Report

Announcements
1

The Shannon migration was completed in June, and while bug fixes and optimization tuning are still ongoing, the network is fully on the Shannon upgrade. The month of June was essentially a nil revenue month for both the DAO and noderunners, as multiple weeks of low to no production traffic produced a negligible amount of mint. In spite of this, thanks to a strong market resurgence and new partnerships, the Foundation was able to invest heavily into future market support and network growth.

We’d like to thank Art Sabintsev at Grove especially for his help in manually migrating the DAO and PNF treasuries, and the wPOKT vault account (all of which are now contained in multisig accounts), along with manually migrating the majority of our exchange accounts, which allowed for trading to come back online quickly.

In spite of the production issues, the Foundation continued to move forward on market support, with a number of new exchange listings, and the addition of Wintermute as a market maker. Wintermute is one of the largest capital market operators in the world, and is deeply engaged with a number of asset classes and exchanges that we want to see Pocket connected to. The one year engagement is based on a loan of 45M POKT, with an option at the end of the term to buy up to 30M POKT at a premium of the 5 day VWAP following the deposit of their loaned tokens. Those numbers are as follows:

5D VWAP = 0.055222268

15M option at VWAP + 15% = 0.063505608

15M option at VWAP + 25% = 0.069027835

This arrangement provides a strong vested interest on their part in supporting the market value growth of the token, and in conjunction with that, they have begun working with the team to complete a number of steps required to participate in institutional exchange options and other derivative asset classes. They recently introduced us to Fireblocks, and we have begun the process of exploring an enterprise class Custodial service integration.

We also contracted with Keplr to provide deep integration to the greater Cosmos ecosystem, resulting in Keplr wallet integration, a multisig dashboard, validation staking tools, and a Cosmos governance dashboard. Consu negotiated for a discount and a payment structure, resulting in a final cost of 78K in four payments of 19,500.

June 2025 DAO Treasury and Financial Transparency Update

June marked a major operational milestone for PNF with the successful migration of the DAO Treasury from Morse to Shannon under the highly anticipated first ever owned POKT Multisig. As part of our ongoing commitment to transparency, here is a detailed update on recent treasury movements and financial activity:

  1. DAO Treasury

The DAO Treasury was fully migrated from Morse to Shannon during the first week of June. The final Morse balance of 319,105,435.95 POKT was transferred first to a transitional Soothe wallet and then into a Keplr multisig now holding all of the DAO funds.

June DAO allocations included:

  • 91,747,755 POKT to the F-Chains Program
  • 45,000,000 POKT to Wintermute (Market Maker)

These were program allocations, not expenses. The DAO still retains ownership of all allocated POKT. The expenses recorded for June were 13,000,000 POKT.

After these, the DAO Treasury held 169,357,659.07 POKT by June 30th (12 POKT discrepancy due to fees). Full txn history is available here: [SHARED] Pro Forma - PNF 2025 - Google Sheets

  1. Pocket Network Foundation

During this period, we successfully completed the migration of the PNF Treasury from Morse to Shannon. The treasury is now secured under a multisig wallet, ensuring that both the PNF and DAO treasuries are governed with enhanced security and accountability through multisignature controls.

In May, PNF sold 17,130,000 POKT at an average price of $0.02752, receiving $471,375 USDT, of which $170,000 was sent to PNF during the month, closing May with $363,428 USDT/C on hand. We received more than the 170k projected since the price peaked around May 27th, which was extremely beneficial for PNF’s runway. NOTE: 3,065,000 POKT was sold the last two days of the month for an average of around $0.07 but the bulk of the sales happened before the price jump.

In June, an additional 7,000,000 POKT was sold at an average of $0.04013, totaling $280,899 USDT, with another $170,000 received by PNF. After all June’s activity, PNF closed the month with $549,739 USDT/C in hand.

In early July, PNF received the remaining balance of $269,761 USDT from May/June sales (after commissions), plus $269,168 USDT from an ETH liquidation, bringing total cash on hand to $1,088,668 on July 2nd. After covering the first week of July expenses, PNF current balance stands at $1,005,997.87.

Please find the a detail Profit & Loss report for both Q1 and Q2 here:

Starting this month, Quarterly P&L statements will be published in our new “PNF Financial Reporting” thread on the Forum.

** Disclaimer: Take into consideration that all POKT expenses are recorded in the USD value of the moment of payment, or the 7D closing average depending on the type of payment. Some numbers may significantly vary based on the price.

The pro forma, as always, is up to date with current Foundation expenditures from June, along with July projections and the remainder of the year. As previously mentioned, due to the F-Chains II program, the Foundation expects to be revenue neutral by October 1, no longer relying on the DAO treasury for most monthly expenses.

Pursuant to PIP-39, the Foundation has submitted its recommendations for Shannon reward pool allocation to the oversight committee, and we expect to hear confirmation on those recommendations soon.

As always, Consu is available to answer any questions you may have about specific expenditures or line items. [consuelo@pokt.foundation, TG: Consuel0_Toro, Discord: consutoro]

5 Likes