State of POKT Network Q2 2024

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Key Insights

Performance Analysis

The 2% QoQ increase in POKT supply led supply-side rewards to jump 52% in USD terms, despite the average POKT price falling 35% QoQ. This is because in Q1, 20 million POKT was emitted, and in Q2, 34 million POKT was emitted, up 68% QoQ. POKT aims

Gateway revenue is a function of relays, at $0.85 per million relays serviced. Gateway revenue followed the 20% bump in relays, rising by 10% QoQ. Although three new gateways

POKT’s market cap fell 68% QoQ. In Q1, it reached a high of $470 million before falling to $115 million to end Q2. Regardless, the POKT market cap is still up 135% YoY.

Relays serviced by POKT Network increased by 20% QoQ. POKT Network is still recovering after all subsidized traffic was turned off in Q4 2023, reaching its lowest point in Q1. Three new gateways

The 20% QoQ increase in relays largely came from Solana, Polygon, Ethereum, and Base. Having previously never accounted for a significant number of relays, Solana requests surged 263% QoQ to 6 billion relays, making it a top three relay chain. After two consecutive quarters of trailing Ethereum, Polygon relays narrowly surpassed those of Ethereum as both accounted for roughly 10 billion relays, growing by 39% and 16% QoQ, respectively. Base also saw impressive growth, reaching almost 3 billion relays, up 100% QoQ. The outsized growth in Solana and Base relays suggests that developers are increasingly interested in building applications on these chains.

POKT Network ended Q1 with roughly 14,000 suppliers, down 7% QoQ. Unstaking nodes increased by 133% QoQ, though still accounting for less than 4% of total nodes. With supply-side rewards increasing by 52% QoQ and POKT’s strategic moves

A year ago, Grove was POKT Network’s sole gateway. Nodies launched in Q4 2023 and started to account for a chunk of POKT Network’s gateway traffic, ultimately hovering around 25%. In Q2, three new gateways

POKT supply will continue to grow until revenue from relays outpaces POKT minting. In Q2, 34 million net new POKT entered circulation. The increase in supply combined with the 7% QoQ drop in staked POKT led to a 4% drop (46% to 42%) in the percentage of POKT staked compared to the circulating supply. The 57 million POKT unstaked throughout Q2 may have added sell pressure to the asset, contributing to its 69% QoQ price decline.

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