Big Idea:

This past year, new decentralized RPC (Remote Procedure Call) networks have emerged, indicating a growing interest in the value of decentralized web3 networks. DePIN (Decentralized Physical Infrastructure) utilizes blockchain technology and token incentives to create decentralized physical infrastructure networks, offering an alternative to traditional models like AWS or Google Cloud. 

‍Why It Matters:

Grove is the first and largest RPC provider on a permissionless network (Pocket Network). Independent companies and RPC providers are opting to run gateways on Pocket or leverage Grove's services instead of managing all their nodes independently.

‍The Intrigue:

Grove has raised $7.9 million from Avon Ventures, Placeholder Capital, and Druid Ventures. The funding will be used to establish new partnerships, aiming to propel DePIN into mainstream adoption within the blockchain ecosystem. Their web3 infrastructure, powered by its POKT network, supports over 40 different chains with its native token (POKT). POKT has a market cap of over $150 million.

“Only a decentralized RPC protocol can handle the rapidly expanding universe of blockchains as we head deeper into a multichain world.” Said Joel Monegro of Placeholder VC. “The POKT team has delivered this key piece of infrastructure and we’re excited to see Grove make it even easier for companies and developers to use the network for their applications.”

‍Key Details:

• Grove aims to simplify the decentralization process for gateway providers and projects to build on top of Pocket Network, allowing partners to focus on core features.
• Grove processes tens of thousands of relays per second, passing customer performance tests, and offering competitive and transparent pricing.
• The company has established partnerships with notable entities like Aave, APY.vision, Infura, and others, showcasing the viability of building a successful business on top of a decentralized protocol.

‍What’s Next:

The trend is clear that web3 infrastructure will be decentralized to support a multichain world.