What is wPOKT? | wPOKT ELI5 Series
Wrapped POKT (wPOKT) is an ERC20 token backed 1:1 by POKT from the Pocket Network blockchain.
The POKT backing wPOKT is held by a multi-signature POKT wallet where the underlying tokens will be publicly verifiable through checking the address on our block explorer. The staking farm contracts are going to hold the staked wPOKT tokens as well as the wPOKT tokens for distribution, both of which will be accountable for on-chain.
Standardizing POKT to the ERC20 token format as wPOKT enables Pocket Network to leverage the unparalleled composability and bottomless liquidity of Ethereum.
In other words, the ERC20 token standard transforms an infrastructure lego (POKT) on Pocket Network into a money lego (wPOKT) with heaps of additional utility on Ethereum.
As a money lego, wPOKT can plug into other DeFi platforms such as borrowing/lending protocols like Compound or Aave.
In this hypothetical example, Compound cwPOKT or Aave awPOKT would enable a future where farmers to borrow enough wPOKT to become a node runner by moving wPOKT across the POKT<>wPOKT token bridge and staking the minimum required POKT to participate in Pocket Network’s work economy. On the flipside, Pocket node runners would be able to transfer POKT earnings across the POKT<>wPOKT token bridge and lend wPOKT to farmers to earn an interest or participate in the wPOKT farming program themselves to earn an yield.
Because the on-chain data is openly available, a wPOKT token and wPOKT farming smart contract would also enable someone to create an analytics dashboard for the wPOKT micro-ecosystem on Dune. Ethereum’s plug n’ play environment enables integration with other tools like Collabland to establish wPOKT chat channels (+ bots) within our Discord community for token holders only.
What about programmable money flows like Superfluid or no-loss community prize pools on PoolTogether? It’s all possible with wPOKT as the new money logo on the block.
That’s just the tip of the infra money lego iceberg, the possibilities are endless!
You may be wondering “Okay, sounds great but where the heck do I even get my hands on wPOKT?”. You’ll be able participate in the wPOKT LBP (Liquidity Bootstrapping Pool), a limited-time token distribution event that will be used for wPOKT’s initial distribution and price discovery. Afterwards, wPOKT liquidity will be moved to DEX like Uniswap or SushiSwap.
To be alerted for the LBP and wPOKT data farm program launch, sign up for email updates on the wPOKT website:
“Regens” purchasing wPOKT during the wPOKT LBP can immediately stake wPOKT into our wPOKT data farming program (a smart contract), subsidizing network bandwidth of web3 applications for any of the blockchains that Pocket Network currently supports.
Tune into the next part of the series, diving into how wPOKT crowdsources free node infrastructure access for blockchain applications within Pocket Network’s free tier program.
Still hungry for more? Continue on with How wPOKT Staking Subsidizes Infrastructure for Free Tier Applications?
🌉Connect with Pocket:
👾 Visit the Pocket Network Website
🦜 Follow Pocket on Twitter at @POKTnetwork
💬 Chat with the Pocket team and community in Discord
♻️ Learn more about wPOKT
