Pinknode’s Quarterly Update— 1st September 2021
Greetings Pinknodians, we bring you updates of great importance today. The past 3 months have been nothing short of eventful and we thought you’d like a rundown of what happened while the market went quiet.
On 5th July 2021, Pinknode launched its beta v0.1 platform to the Polkadot ecosystem.
The team went on overdrive mode ever since and achieved all milestones set. 😎
In this 3 short months after catapulting ourselves into the world of blockchain infrastructure, the team has:
- launched a working product with actual users
- established partnership with 15 active teams developing on Polkadot
- partnered with several parachains and upcoming candidates to provide quality API endpoints to their users and participate in their network as a collator
- delivered more than 200m requests in less than 3 months with our MVP
- resolved several bottlenecks on our network
- built elastic infrastructure on Google Cloud Platform (GCP) for greater processing capabilities at low operating costs
- Successfully conducted multiple liquidity mining programs
- Ambassador program is in full swing with over 200 applicants
Partnerships & Ecosystem 🔗
We have experienced first hand the drive and professionalism of the teams building the future of Web 3.0. We feel extremely fortunate to be part of this Polkadot movement, where everyone is putting their best foot forward to collaborate for growth of the ecosystem.
Below is a list of our collaborators and a summary of each:
- Polkafoundry — Parachain contender gunning to be a one-stop hub for DeFi and NFT dApps
- Splyt Network — Enhanced decentralized e-commerce protocol with eNFT
- PL^Gnet — Network to enable asset custodians to leverage any asset from any network in its synthetic form
- StackOS — An open protocol that allows individuals to collectively offer a decentralized cloud where you can deploy any full-stack application, decentralized app, blockchain privatenets, and mainnet nodes.
- NewsCrypto — An all-in-one crypto ecosystem covering everything from education to industry-leading proprietary trading indicators and tools.
- Dfyn — A network of DEXes across multiple Layer 1 and Layer 2 blockchains, allowing Dfyn to plug into multiple liquidity sources across chains, including the cross-chain liquidity ecosystem being developed by Router Protocol.
- Reef Finance — A DeFi operating system that gives users access to a wide variety of products spanning multiple blockchains, including Ethereum, Avalanche, Polkadot, and Cosmos.
- Kylin Network — A cross-chain platform powering the data economy on Polkadot, through its provision of a comprehensive data analytics suite and its decentralized oracle services.
- UniFarm — A decentralized farming pool for crypto projects.
- Polkabridge — A decentralized all-in-one financial applications platform that facilitates cross-chain AMMs, farming, lending, NFTs, and more.
- Pontem Network — A canary network of Diem by connecting it to the Polkadot network
- Astar Network — parachain-owning dApp hub of Polkadot which supports Ethereum, WebAssembly, dApp Staking, and Layer 2 solutions
- Equilibrium —The first Polkadot-based interoperable DeFi money market that combines pooled lending, synthetic asset generation, and decentralized trading
- Konomi Network — A full suite asset management solution for cross-chain crypto assets which enables users to manage their crypto holding positions, trade assets and earn a profit on decentralized money market products
- Crust Network — A decentralized storage protocol that utilizes a unique combination of Guaranteed Proof of Stake and Meaningful Proof of Work to create a decentralized cloud storage market that prioritizes individual data sovereignty and privacy
Network Upgrades & Adoption 🔧
- We have delivered more than 200M relays on our public endpoints and early adopters
- Increased our load limit per node to sustain more than 6000 requests per second
- Built elastic infrastructure on GCP to greater processing capacity at low operating costs. GCP was chosen as it had the infrastructure configurations and features available for a production-ready system
- Moved to Kubernetes to better address scale and stability
- Whitelisted by several parachains to participate as collators
Token & Liquidity 🌌
- Currently listed on Uniswap & token holders crossed the 2000 mark this month built on the momentum of organic growth
- Private round tokens final disbursement was completed on Aug 14th, 2021
- Volume on DEX maintained at a very healthy level of daily average $300,000
- Attracted over $350,000 (~100% increase) liquidity through our LP Mining Programs
- Issued 349,000 PNODE in liquidity rewards worth $58,000
❗ ️Attention: We are extending our liquidity mining program from 2nd September 2021 to 1st October 2021. The total mining rewards has been adjusted to 75,000 PNODE, which will be released by the block.
*Expected APY stands at approximately 45%.
Be reminded that you are allowed to withdraw your PNODE at any time you wish. However, you should bear in mind that gas fees might result in a net loss at the time of withdrawal.
(Recap) Step-by-Step Guide to Providing Liquidity 🌊
- Go to Pinknode’s PNODE-ETH Pair pool on Uniswap here
- Enter the number of $PNODE tokens you would like to add to the pool.
- Click “Approve PNODE” to allow Uniswap to access $PNODE tokens in your wallet and accept the transaction via your Metamask window. Ensure that you are using a medium to high gas fee.
- Potential network congestion may lead to your transaction taking longer to complete.
- Upon confirmation, click “Supply” and use Metamask to accept the transaction. Again, please be sure to pay a medium to a high gas fee.
- You will receive a Uni V2 LP token that represents their share of the liquidity pool
- Once you receive your LP token, you need to go to the Pinknode page to deposit your LP tokens in order to receive LP mining rewards.
Marketing & Community Updates 🌏
- Grown our Twitter to close to 18,000 followers and more than 10,000 community members on Telegram
- Featured on CoinTelegraph, Decrypt, Yahoo Finance, and several other publishers for our monumental partnership with Pontem Network to bridge Facebook’s Diem.
- Launched Ambassador program, received more than 200 applications in less than a week.
- 1 million tokens issued as a marketing grant to support the program that will be run by the community.
- Introduced a new program where we host a cross-AMA with our partners for the benefit of both communities to learn more about the Polkadot ecosystem.
- Hosted 2 successful cross-AMAs with the founders and representatives of Pontem Network and Konomi Network
Goals for next quarter 🎯
- FRONTEND IMPROVEMENTS
- Pinknode v1.1 — we are going LIVE with full release with dashboard and website revamp
- An enhanced dashboard will provide our users with analytics and management tools that drastically improve user experience
- Users will be able to create accounts, generate their custom endpoints, and gain access to the networks in 3 steps
- NETWORK UPGRADES
- Support multi-region for lower latency and while maintaining optimal redundancy
- Configure and optimize our K8s clusters to manage nodes more effectively
- Design and implement CI/CD pipeline for maintenance and upgrades
- Active R&D into one click deployment of dedicated nodes, token issuance on Polkadot, and node staking functionality
- PARTNERS & USERS ONBOARDING
- Spin up parachain full nodes and integrate with our system
- Set up dedicated virtual machines to host collator nodes in a contained environment to maximize uptime and mitigate security risks
- Roll out adoption plan for new users through multiple channels and programs
- Onboard other parachain partners
We’re really pumped to take Pinknode to the next level! 👷💪
Pinknode is a Polkadot-specialized Infrastructure-as-a-Service provider with the goal of accelerating adoption and empowering innovators to build on the most promising Web 3.0 ecosystem. By providing API endpoints through a streamlined onboarding process and maintaining secure, reliable and scalable node infrastructure, Pinknode helps innovators jumpstart development quickly and accelerates their product life cycles.