Hey everyone,
It’s been a chaotic week in global markets, which we’ve seen reflected in POKT’s value, but the Foundation continues to press forward on our march to Shannon. This week, we are onboarding the six teams which have been selected for our PGAT accelerator, including a meet the team session I’ll be leading on Friday. We’re excited to usher in the next generation of builders on Pocket, who represent what Shannon can be.
With the launch of DeepSeek, we have seen the incentives for open source models completely flip for the positive. The need for a permissionless decentralized data network has never been more clear, and I’m confident of our place in that future.
When we set out to recapitalize the Foundation as a primary goal to achieve sustainability, we set a target of 20% of the total network supply. At time of writing we are at 18.9% of the total supply. Once we have achieved the 20% goal in the coming weeks, we will return the network parameters to their previous levels. And as part of our commitment to transparency on how the Foundation acts as a steward of the protocol, we will be publishing monthly reports on all expenditures from here on out. The first of these reports is available here:
Comparing against the pro forma, you can see that we are hitting our goals of being sustainable, while also minimizing our contribution to sell pressure within the ecosystem. Our goals rely on the growth of the value of the protocol, and as such, we will continue to be extremely sensitive to both market volume and price action.
Finally, it’s very clear to me that while communicating our vision for Pocket is an important part of the path forward, the Foundation needs strong day to day management with a blended set of operational skills, and a passionate commitment to the health and future of the protocol. When I look back over the years that have led up until now, there’s only person I can think of who has those skills, and who has been a champion for Pocket since the very beginning: Jinx.
After an extended conversation, he has agreed to take on the role of Head of Operations for the Foundation. There is a lot of work to be done between now and the Shannon launch, and he has dove in head first on getting tight processes in place around our project management and reporting. He’ll be working closely with Gabi on ecosystem initiatives including leading the Migration Working Group.
Additionally, Consuelo, who many of you know has been a strong right hand over the years, has agreed to assume the role of Comptroller. Since joining the Foundation, she has brought her perfectionist approach to keeping the accounting tight, and a razor sharp eye for cutting costs where possible. She will personally handle publishing the monthly financial reports and keeping the Foundation transparent in its stewardship.
We are in one of the most exciting phases of Pocket’s history, even if the market doesn’t think so yet. I’m looking forward to the future that Shannon unlocks, and I hope you are too. Thank you for making the journey with us.
- Michael