- Author(s): @o_rourke
- Parameter: SupportedBlockchains
- New Value: 0022 (Ethereum Archival)
I propose to add 0022 general Ethereum Archival support to the list of supported chains for Pocket Network. Currently, the protocol only supports Ethereum full nodes through Network ID 0021.
I am proposing to enable Pocket Network to support general Ethereum archival access by whitelisting a new Network ID. Ethereum Archival nodes provide the full state and history of the Ethereum blockchain, allowing for certain types of popular calls such as
eth_getLogs to be processed much more quickly. Many Ethereum apps, including most of the DeFi space, rely on Archival data to maintain high-speed user experiences. This is therefore crucial to Pocket’s adoption in the Ethereum ecosystem.
Full nodes must compute RPC requests like
eth_getLogs in real-time, which in many cases may take minutes. This is infeasible for the needs of current Ethereum applications, DeFi in particular. With Ethereum Archival support, the entire history of events and logs will be in the local database, allowing for quicker responses to these kinds of calls.
Economic Rationale for Adding Archival support
We have assessed that there is sufficient demand for Ethereum Archival data to support the costs to Pocket Validator nodes of running Archival nodes.
At the current sale price of $0.08/POKT, and a cost of $500/mo, a single Archival node paired with one Pocket Validator node would need to do about ~25,000 requests a day to break even. If the network is seeded with 5 sovereign Archival nodes and a replicated set of 10 Pocket Validators each, the Network ID would need between 200k daily requests to break even. Please see this model - https://my.causal.app/models/15416
In my conversations with Ethereum applications in the last several months, I have found that there is a strong need for Archival support in the market. Most DeFi applications need this historical state. Middleware protocols like The Graph need Archival access. Many of these applications have significantly more traffic than the breakeven threshold defined above and are seriously considering making the switch to Pocket Network as soon as archival access is supported.
It’s clear that for Pocket Network to compete in the market, Archival support is critical.
Rationale for Network ID 0022
The Ethereum full node Network ID is 0021, so 0022 is the logical next ID for Ethereum.
In most cases, to whitelist a new Network ID for block rewards there should be some demonstrable usage by Apps (e.g. on a Pocket incentivized testnet) to ensure there is a strong incentive for a sufficient number of nodes to join a new Network ID.
However, Ethereum Archival is a special case in that it shares much of the demand with Ethereum Full Nodes, which we already support. We don’t need to test demand because it is clear that demand is abundant.
Further, we have already confirmed 5 sovereign Archival nodes between Pocket Network Inc and our bootstrap node infrastructure providers, and we expect a minimum of 50 Pocket Validator nodes to join this Network ID.
Michael O’Rourke - CEO, Pocket Network Inc.