A recent announcement by Pocket Network states that the network generated over $150 million in revenue in the past 30 days. According to recent data from Token Terminal, revenues from the Pocket Network protocol soared to over $150 million in the past 30 days. There are currently over 22,000 full nodes running on the Pocket Network globally.
Second Only To Ethereum
The recent revenue figures put Pocket Revenue only second to the Ethereum network in terms of revenue generated. According to Token Terminal data, the Ethereum network, with a market cap of around $290 billion, generated over $1 billion in revenue in the same period.
According to the press, the Pocket Network is secured by over $320 million worth of network infrastructure, which is distributed globally in 23 nations. Service downtime is kept to a minimum for all layer 1 blockchains or DApps that use the Pocket Network. This is possible since the workload is distributed evenly across over 22,000 network nodes. These nodes also protect end-user privacy, which significantly bolsters the multichain Web3 revolution.
According to the company CEO, O’Rourke, the company is growing rapidly in North America and Europe, where most of the network nodes are located. However, the company is excited about Asia as more people learn about the Pocket Network.
About Pocket Network
Pocket Network bills itself as the AWS for Web3. The company operates as an infrastructure middleware protocol that facilitates decentralized cloud computing and abundant bandwidth of full nodes. On January 6, 2022, the company announced that it had closed a strategic funding round. During the private sale, the company raised $10 million from investors.
With the funds, the company plans to expand globally. The company stated that demand for its network measured in API calls or relay jumps grew to 5.78 billion in December 2021, rising 44% from November 2021.
In December 2021, the total network revenue was over $56 million. The recent $150 million revenue figures mean that the company has nearly tripled revenue output in just a month. Thus far, its revenue figures put it ahead of networks such as Harmony, Solana, and most DeFi protocols.
According to the CEO of RockTree Capital, one of the companies that took part in the private funding round, the company is a first-mover that is creating the core infrastructure for the Web3 revolution. Omer Ozden, the RockTree Capital CEO added:
“The metrics have been super impressive and we look forward to the scaling 2022 will bring.”
What Is Web3?
Web3 at its most basic is the idea of a future internet that will be based on the blockchain. Proponents believe that Web3 will upend the current economic model of the internet, which is dominated by a few players. It will lead to a more equitable distributor of revenue across consumers of online content, creators, and those that host such content. These proponents believe that Web3 is the solution to the over-centralization of the internet.
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