Pocket Network is excited to announce the latest milestone in our relationship with Fuse Network – a DAO2DAO token swap!
The proposal passed earlier this month unanimously, and we hope to use what we’ve done here as both a framework and precedent for any other projects in the future that wish to do the same.
DeFi for everyday communities meets Decentralized Infrastructure for a sustainable future.
Over the past year, the teams at Pocket and Fuse have been working together for mutual support of each other’s platform.
The Fuse mission is to open-source money in order to affect real-world communities, and with projects and communities already building on it such as Good Dollar and Peepl, they are making large strides towards this.
Fuse provides user-friendly (no-code) tooling for non-crypto people to deploy and customize their own communities and the economies that encompass them.
But in order for these systems to be truly resilient and censorship-resistant, the smart contract data itself must not be hosted or serviced through a single full node provider. This single point of failure could lead to existential risks that could affect millions of people who are already underserved or born without the privileges a lot of take for granted. Things like blocking access to financial instruments or using the data for manipulative or coercive ends.
This is where Pocket comes in. Now any application that connects to Fuse via Pocket Network RPC endpoints is doing so through a network of thousands of nodes distributed across setups and geographies around the globe.
To learn more about the technical problems and solutions both projects are working towards, read this article first announcing the Fuse & Pocket partnership.
But today Pocket is happy to announce a deeper collaboration has been made in the form of a DAO2DAO token swap and partnership, which aligns both ecosystems towards the long-term missions held at the core of each project.
Token swap details
Through the success of a POKT DAO vote, 250,000 POKT will be exchanged for 750,000 FUSE, with tokens locked in the receiving addresses for 1 year.
FUSE has committed to staking the POKT on behalf of their ecosystem in order to subsidize access to RPC infrastructure, which would typically cost thousands in monthly fees running through a single entity.
Fuse is currently processing over 10 million relays a day on Pocket Network and this swap will allow for Fuse applications to draw from more than double that in available capacity. Pocket Node runners have already been supporting FUSE relays well before this token swap, and with this token swap, both DAOs are moving to a long-term sustainable collaboration.
FUSE community members can/will weigh in on proposals in the Pocket DAO in the spirit of cross-community governance. This is a precedent that Pocket hopes to set with not only other partners but one that gets adopted into the greater crypto community as a whole.
Pocket Network will enjoy similar benefits when it comes to participating in FUSE Governance, and the tokens will also be useful in future projects with FUSE.
Whether that’s general governance, future cross-chain liquidity projects, or the novel idea that you may have!
Cementing a relationship
FUSE is one of the first paid networks Pocket has worked with, and Fuse has since then integrated Pocket into their infrastructure as a primary provider. This token swap is further proof of our desire for long-term and positive-sum relationships that drive sustainable value.
The proposal passed unanimously within the POKT DAO, excited for the opportunity to forge a deeper relationship with a project that means so much to us.
Pocket Network is a two-way marketplace that matches blockchain application developers seeking unstoppable node infrastructure with RPC infrastructure providers and node runners who are incentivized via the POKT token to run full nodes through its decentralized protocol.
About Fuse Network
FUSE Network enables communities all over the world to build open-source money with their platform. With a no-code platform and fast, EVM-compatible infrastructure, anyone can transform their community into a micro-economy and touch the communities who need it most.
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