Aave announced Tuesday about an integration with the distributed network of more than 44,000 nodes on the Pocket Network to enhance decentralised application development.
Following the new integration, the Aave-based DApps can access on-demand blockchain data from Pocket Network.
Aave is an open source and non-custodial DeFi Protocol which enables the creation of money markets. Aave’s native cryptocurrency is called LEND. According to the FCA, Aave’s UK business entity was granted an Electronic Money Institution (EMI) license on July 7.
CEO of Pocket Network, Michael O’Rourke, said, “The goal is to power the next wave of decentralised applications that combine Aave’s best-in-class liquidity market with Pocket’s unrivalled RPC coverage, which now supports 50 blockchains and is well on its way to achieving its goal of 100 blockchains in 2022.”
Pocket Network Inc. is a software startup building a universal, decentralised API protocol for blockchains. Its function is to provide an extensive relay network for API requests from major blockchains. Its cryptoeconomic model can minimise developer costs while delivering value directly to full-node operators.
Pocket provides Remote Procedure Call RPC access to Ethereum, Polygon, and a dozen more blockchain networks.
The integration with Pocket Network provides a more stable development environment to enhance the development of decentralised applications, reduce latency, improve uptime and provide services such as optimised multi-chain data.
According to DEFI pulse, Aave Protocol currently has the fourth highest TVL of $4.86B.
Currently, at $95.91, it is up 33.65% over the past week as of this writing.
Stani Kulechov, the founder of Decentralized Finance (DeFi) lending protocol, Aave has spearheaded the emergence of Lens Protocol, an ecosystem that seeks to boost a permissionless, composable, and decentralised social graph that makes building a Web3 social platform easy.
The Web3 blockchain data ecosystem Pocket Network adds support for the Fantom blockchain, allowing developers to mint Fantom RPC endpoints for their applications directly from Pocket Portal, earning $POKT tokens.
Remote Procedure Call is a software communication protocol that one program can use to request a service from a program located on another computer on a network without having to understand the network’s details. RPC is used to call other processes on the remote systems like a local system.
Pocket Network is a blockchain data platform built for applications that use cost-efficient economics to coordinate and distribute data at scale, enabling seamless interactions between blockchains and applications.
Fantom is a highly scalable blockchain platform for DeFi, crypto dApps, and enterprise applications.
Michael Kong, CEO of the Fantom Foundation, said that:
“Having Pocket Network’s decentralized RPC on Fantom brings us one step closer to a future built on censorship-resistant and decentralized infrastructure.”
Pocket provides RPC access to Ethereum, Polygon, and a dozen more blockchain networks. Its native blockchain protocol, cryptocurrency $POKT (a utility token), provides the second layer of full node incentives.
Pocket Network has closed a $10 million strategic round led by Republic Capital, RockTree Capital, Arrington Capital, and C² Ventures.
The project provides node infrastructure for Web3 applications across different blockchains.
The team stated that the funding will be used to further develop its decentralized node network.
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Pocket Network has closed a strategic funding round led by Republic Capital, RockTree Capital, Arrington Capital, and C² Ventures.
Pocket Network Closes Private Sale
Pocket Network has raised $10 million in funding.
The blockchain infrastructure project received the investment in a strategic private sale led by Republic Capital, RockTree Capital, Arrington Capital, and C² Ventures. Other participants included Coinshares, Decentral Park Capital, and Dominance Ventures.
In a Thursday press release, the team reported that it would use the newly-raised capital to fund development on its network. It will also be used to expand its operations into the Asia-Pacific region.
Pocket Network hosts thousands of blockchain nodes to provide decentralized computing for Web3 applications. It provides a way for dApps on more than 20 blockchains to access its node services via an Application Programming Interface. Supported blockchains include Ethereum, Algorand, Binance Smart Chain, Solana, Polygon, xDai, and Harmony.
Commenting on the raise, RockTree Capital CEO Omer Ozden shared his insights on the project’s promise. He said:
“Many exchanges and dApps are still reliant today on Web2 centralized cloud computing and hosting providers, which can cause costly outages when they go down. RockTree believes Pocket Network is critical infrastructure for the Web3 revolution that offers true decentralization and constant uptime for a multi-chain blockchain future.”
In recent months, Pocket Network has seen growing adoption among blockchains looking to meet their decentralized computing requirements. Since July, Pocket Network’s usage has more than doubled every month. In December 2021 alone, Pocket claims to have served 5.5 billion API calls due to growing demand for multi-chain infrastructure, with monthly revenue totaling $56 million.
Projects such as Pocket Network help blockchains decentralize their operations as dependence on centralized services can lead to major problems. In November 2020, for instance, the node infrastructure provider Infura, which is built on Amazon Web Services, caused issues on Ethereum when it suffered an outage.
Rather than using Amazon Web Services or other centralized cloud platforms, Pocket Network hosts a network of independent nodes, thus removing a single point of failure. In the decentralized middleware niche, Pocket competes with others like Alchemy, Quiknode, and AVADO.
Michael Arrington, the founder of Arrington Capital, said his team was “excited to support Pocket Network in its mission to incentivize Layer 1 decentralization.” He added that Pocket was “critical to enhancing the long-term robustness and anti-fragility of the entire crypto ecosystem.”
Pocket Network currently comprises 18,000 full nodes operated by independent providers. The providers are incentivized through Pocket’s native token, POKT. Pocket says it wants to grow its network to include hundreds of thousands of full nodes in the next five years. If it meets its target, that would mean it could process trillions of API calls per day.
Disclosure: At the time of writing, the author of this piece owned ETH, SOL and several other cryptocurrencies.
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