We intend to publish bi-weekly reports going forward, but will provide materials and announcements as and when they occur.
PNF Budget Discussion
Here’s our updated pro forma. Some key commentary below:
- We will update this spreadsheet at the close of each month once our books are finalized.
- We recently hired a firm to assist with accounting and auditing.
- We plan to sell $100k worth of POKT per month, on average, to fund the Foundation’s operations (detailed breakdowns are available in the link above).
- OTC transactions will be prioritized to minimize downward sell pressure.
- Projections do not include new hires yet.
- USD and POKT projections are expected to become more accurate over the next few months.
You’ll notice a large increase in POKT COGS in September and November. While we can’t provide details at this time, we should be able to share more information soon.
- We have started paying out all outstanding liabilities owed to individuals and have nearly completed payments to the community and contractors.
- A few payments are still pending, so if you haven’t received yours yet, please bear with us.
- We are also in the process of closing unnecessary accounts.
Our focus on streamlining the financial system and gaining a clearer understanding of expenses is helping shape more concrete budget projections. We are systematizing all processes to ensure timely commitments moving forward.
Economic Update
I have posted an updated economic plan. I aim to implement these changes by the end of the month. I am working with a few folks from the community to continually monitor and see how these expected changes are impacting us. Your feedback is important and taken seriously.
Korea Blockchain Week (KBW)
Our first meetup in Korea was a success. We established meaningful connections with several key individuals and groups in the Asian web3 space, which will help drive future meetups in the region. The Pocket Korea community continues to grow steadily, and the TG translations have been a fantastic way to engage. Additionally, we’re finalizing a contract with one of the largest web3 media outlets in Korea, which will enhance our visibility and support moving forward.
I am currently in Singapore for Token2049, followed by Tokyo to host our first Pocket Japan meetup the week after. Looking forward to kickstarting the community there and building momentum.
At KBW, we also had promising conversations with several market makers and potential POKT purchasers. Capitalizing the Foundation and ensuring a solid financial base remain top priorities.
Marketing
Marketing efforts are ramping up as we gear up for several key announcements. For now, we are focusing primarily on Korea and Japan, taking a more targeted approach to communication, community-building, and outreach. This strategy is driven not only by budget considerations but also by our desire to avoid spreading our team too thin. By concentrating on these key markets, we can maximize our impact with the resources currently available.
We are also engaging with media companies specific to Korea and Japan to ensure our messaging resonates with local audiences. Our presence in these communities will remain active, and we will continue to push forward with consistent outreach.
In addition, we’ve started work on our brand refresh and redesign. Updates will be rolled out gradually, and I’ll keep you informed as we make progress.
Exchanges & DeFi Strategy
Our marketing efforts are closely aligned with our ongoing discussions around exchanges and our broader DeFi strategy. Capturing market attention and fostering engagement in the market remain top priorities. We are focusing on activating the right channels and growing in a targeted, strategic way.
Data for Aerodrome:
- Liquidity: 133K
- 24H Volume: 20K
- Total Supply: 5.1M
We will continue to put up incentives for the pool and work through strategies to encourage volume.
Hiring
We’re beginning to identify the key roles we need to hire for and their primary areas of focus. We’ll be looking for experienced leads for the following roles, listed in the order of importance:
- Operations: A versatile “jack of all trades” that will handle a wide range of responsibilities including economics, coordination, communication, community engagement, and product management.
- Marketing: Responsible for driving our communication and adoption strategies to increase visibility and user engagement.
- Engineering: Focused on supporting network integrations, gateways, and tooling that push the network forward.
- Markets: Overseeing exchanges, POKT capital markets efforts (lend/borrow, liquidity), and modeling.
At this stage, we don’t yet have the funding to fill these positions. However, I hope that within the next month, we’ll be in a position to bring on experienced professionals who can help drive this vision forward.
As always, feel free to reach out with any questions or suggestions. Thank you for your continued support.
Michael