PowerLoom Launches Node Mint on Polygon's Proof-of-Stake Network

According to Blockworks, decentralized data startup PowerLoom is launching a node mint on Polygon's proof-of-stake network. PowerLoom aims to enable protocols to index and query blockchain data in a decentralized manner, making it suitable for developers building DEX aggregators or other Web3 applications requiring reliable data. An initial pre-mint of 5,000 nodes will be available to interested participants who meet the necessary criteria. If selected, they will receive a soul-bound token, allowing them to operate PowerLoom Snapshotter Lite nodes. Unlike NFTs, soul-bound tokens can only be owned or transferred by a specific user address and often serve as a credential. Pre-minting will end on February 4, with winners announced on February 6, according to Swaroop Hegde, co-founder and CEO of PowerLoom protocol. A total of 10,000 independently run Snapshotter Lite node spots will be available, with additional node spots given to PowerLoom community members, ecosystem partners, and contributors. The node mint follows a recent incentivized testnet that PowerLoom undertook in partnership with cryptocurrency exchange Coinlist, designed to enable less technically experienced users to participate in the network. Pratik Gandhi, marketing lead at PowerLoom, stated that the company's goal is to become a completely decentralized data network that is composable and flexible in obtaining data from any chain. However, residents in the US and sanctioned countries will not be able to participate in the mint.