Wrapped POKT PriceWPOKT

What is Wrapped POKT (WPOKT)?

Wrapped POKT (WPOKT) is a tokenized version of Pocket (POKT) that runs on the Ethereum blockchain as an ERC-20 compliant token. It is backed by POKT at a 1:1 ratio through a network of validators, allowing users to transfer liquidity between the POKT and Ethereum networks in a decentralized and autonomous manner. The token is fully integrated and interoperable with Ethereum's ecosystem of DeFi and DAO tooling and infrastructure.

WPOKT is issued under the contract name WrappedPocket and uses 6 decimals. The total supply stands at approximately 91,659,442 wPOKT, with a maximum supply of 113,752,337 WPOKT. Circulating supply represents roughly 80.58% of the maximum. The project originated with the publication of the wPOKT Green Paper on December 8, 2020, on the Pocket Network Forum, and has since been maintained by community development teams.

Key Specifications & Tokenomics

• Name: Wrapped POKT
• Ticker/Symbol: WPOKT
• Blockchain: Ethereum (ERC-20)
• Contract Address: 0x67F4C72a50f8Df6487720261E188F2abE83F57D7
• Contract Name: WrappedPocket
• Token Standard: ERC-20 with 6 decimals
• Total Supply: 91,659,442 wPOKT
• Max Supply: 113,752,337 WPOKT
• Circulating Supply: 91.65M WPOKT
• Circulating Supply Percentage: 80.57807305434443%
• Category: DeFi, Ethereum Ecosystem, Rehypothecated Crypto
• Official Website: https://www.pokt.network/
• Documentation: https://docs.pocket.network/token/tokenomics/
• GitHub Repository: https://github.com/pokt-network/wpOKT

Who created Wrapped POKT?

The founders of Wrapped POKT are Luis de Leon and Andrew Nguyen, whose roles in the creation of WPOKT involved leveraging their expertise to develop the wrapped token framework. The wPOKT Green Paper was authored by community contributors identified as @adam, @o_rourke, @JackALaing, and @JaureguiA.

Development of the protocol itself is supported by over seven different community teams contributing to its ongoing evolution. The project operates through a decentralized community structure, with governance roles embedded in the smart contract architecture, including the DEFAULT_ADMIN_ROLE, PAUSER_ROLE, and MINTER_ROLE.

How does Wrapped POKT work?

The WrappedPocket contract is a Solidity smart contract that inherits functionalities from OpenZeppelin libraries, including ERC20, ERC20Burnable, Pausable, AccessControl, and ERC20Permit. It enables specific addresses holding the MINTER_ROLE to mint new tokens to designated addresses, including batch minting to multiple addresses. The contract allows burning of tokens via a public function that emits an event for bridging the amount to a specific address on the Pocket Network blockchain through the burnAndBridge method.

The contract includes a fee mechanism that can be enabled or disabled, with fees deducted during minting and sent to a specified fee collector address. Access control is implemented using roles, with the DEFAULT_ADMIN_ROLE having permission to set fees, the PAUSER_ROLE able to pause and unpause contract functions, and the MINTER_ROLE permitted to mint tokens. A separate MintController smart contract interfaces with the wPOKT token contract, providing a cap on the amount of tokens that can be minted within a certain time frame as a security feature, with parameters including mintLimit, mintCooldownLimit, and mintPerSecond.

What makes Wrapped POKT unique and valuable?

WPOKT creates a bridge between the Pocket Network and Ethereum, enabling holders to transfer liquidity between the two ecosystems in a decentralized and autonomous manner. This interoperability allows users to engage with Ethereum's DeFi applications while maintaining a stake in the Pocket Network. The 1:1 backing by POKT through a network of validators provides a transparent and verifiable peg.

The underlying POKT Network is an open-source protocol tailored to provide high uptime, low latency, and cost-effective RPC access for any blockchain. To date, POKT Network has served over 650 billion data requests for over 40 blockchains, using a global network of approximately 17,000 nodes distributed across 22 different countries. This extensive infrastructure gives WPOKT utility that extends beyond simple token wrapping, connecting holders to a robust relay throughput network.

What is Wrapped POKT used for?

WPOKT holders can bridge their tokens back to the Pocket Network blockchain to stake as a node runner, validator, or directly as an application or gateway after the upcoming upgrade, accessing the relay throughput that Pocket Network provides. This dual-network functionality enhances the utility and reach of both POKT and WPOKT.

The token allows users to transfer liquidity between the POKT and ETH networks in a decentralized and autonomous manner. WPOKT is fully integrated and interoperable with Ethereum's ecosystem of DeFi and DAO tooling and infrastructure, and may be available for swapping via Onchain. The token enables participation in Ethereum's DeFi applications while maintaining exposure to the Pocket Network's staking and service access capabilities.

How Is the Wrapped POKT ecosystem developing?

The WPOKT ecosystem is supported by over seven different community teams contributing to the development of the protocol. The project maintains an active presence across multiple platforms including X, GitHub, Discord, and email, as listed on the Etherscan token page. The Pocket Network Forum serves as a hub for governance discussions and community engagement.

The underlying POKT Network continues to expand its infrastructure, having served over 650 billion data requests for more than 40 blockchains through approximately 17,000 nodes across 22 countries. WPOKT is tracked and available across multiple price tracking and trading platforms, and the token contract has been verified on Etherscan with an exact match. The repository includes 56 commits with folders covering deployment scripts, Docker configurations, source code, tests, and documentation.

How to mine Wrapped POKT?

WPOKT is not mined through traditional proof-of-work mechanisms. Instead, new tokens are minted through the WrappedPocket smart contract by addresses holding the MINTER_ROLE. Minting can be done in batch to multiple addresses for minter contracts, which can be changed to extend the functionality of wPOKT. The MintController contract provides a cap on the amount of tokens that can be minted within a certain time frame as a security feature.

To acquire WPOKT, users typically bridge POKT tokens from the Pocket Network to Ethereum through the official bridge mechanism. Holders can then bridge wPOKT back to the Pocket Network blockchain to stake as a node runner, validator, or application gateway. Staking on the Pocket Network involves running nodes that provide RPC access and relay throughput services, with the POKT token used for staking nodes on the network and accessing Pocket Network services.

How to keep your Wrapped POKT Coin safe?

Store WPOKT in wallets that support ERC-20 tokens on the Ethereum network. Since the WrappedPocket contract has no contract security audit submitted, users should exercise additional caution and verify contract addresses before interacting with any token contracts. Always confirm the official contract address is 0x67F4C72a50f8Df6487720261E188F2abE83F57D7 when managing WPOKT.

Use hardware wallets for significant holdings and never share private keys or seed phrases. When bridging tokens between networks, verify the official bridge interface and double-check transaction details. The contract includes pause and unpause functionality controlled by the PAUSER_ROLE, which can halt contract functions in emergency situations. Keep software wallets and any associated applications updated to the latest versions, and be aware that the token has experienced significant price volatility, declining 98.25% from its all-time high of $0.4535 reached on March 27, 2024.