Chorus One announces staking support for Evmos

Chorus One
Chorus One
June 17, 2022
5 min read
June 17, 2022
5 min read

Why we join Evmos

Evmos is aligning developer and user incentives to bring Ethereum-based apps and assets to the interoperable networks of the Cosmos ecosystem.

Evmos is an EVM-compatible Cosmos SDK blockchain allowing developers to have all of Ethereum’s desired features while also benefiting from Tendermint fast finality and other benefits that a custom Cosmos SDK blockchain brings. Evmos is connecting the Ethereum and Cosmos ecosystems via a bridge to Ethereum and by utilizing the Inter Blockchain Communication Protocol (IBC).

Evmos and Chorus One

Evmos is built on Tendermint Core, which depends on validators like Chorus One to commit blockchain blocks. These validators participate in the consensus mechanism by broadcasting cryptographically signed votes. Validator candidates can stake their own tokens and have others “delegate” them. The EVMOS is Evmos’ native token. You can stake with us to share our rewards. Evmos launches with 150 validators. The top 150 applicants with the largest stake become Evmos validators.

Executing the Tendermint consensus protocol will yield validators and delegators Evmos as block provisions and tokens as transaction fees. Initially, transaction fees will be paid in EVMOS, however, in the future, any Cosmos token can be used if whitelisted by governance. Validators establish a commission on delegate fees as an incentive. Token holders are responsible for steering and governing the network, including e.g. determining applications that should be incentivized with EVMOS tokens.

Use Cases of Evmos

As previously stated, the dApps that will be available on Evmos can include everything currently on Ethereum and beyond. For example, AAVE is expected to be launched on Evmos. The introduction of Aave on Evmos will allow for an increase in user activity while also filling the demand for a dependable lending protocol on Cosmos. The core team also stated that they are currently working with Chainlink to implement Aave V3 functionality before the mainnet launch later this month. Other examples of applications on Evmos include NFTs and decentralized exchanges — such as Diffusion or Exswap.

About Staking on Evmos

Validating Rights: The weight of validators is determined by the amount of staking tokens bonded as collateral.

Inflation and Distribution: Over the first four years the newly minted tokens will be distributed, at each block, in the following way:

  • Staking Rewards: 40%
  • Team Vesting: 25%
  • Usage Incentives: 25%
  • Community Pool: 10%

There will be no limit on token minting. Over 300M EVMOS will be coined in the first year and 1 billion in the first four meaning inflation after network launch is high.

Reward Rate: 7 seconds block production distributes the rewards. Variable APY (at the time of writing above 500%, check the official dashboard for current values)

Chorus One Commission: 5%

Target staking rate: 50%

Withdrawal Delay: 2 weeks, no rewards are earned during this time

Slashing: A validator missing more than 95% of the preceding 10,000 blocks will result in a slashing of 0.01%

Re-Staking: Manual, must be withdrawn from accrual pool

Additional details: Coinbase guide

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