Reflections #4: Research Recap

Chorus One
Chorus One
December 19, 2023
5 min read
December 19, 2023
5 min read

Throughout 2023, Chorus One maintained its standing as one of the select few node operators to consistently deliver in-depth research reports, wherein our dedicated in-house research team delves into the latest developments in the crypto and staking world.

Edition #4 of our 2023 Reflections series recaps Chorus One’s significant research efforts in 2023. Dive in!

  1. MEV on the dYdX v4 chain: A validator’s perspective on impact and mitigation

This year, Chorus One introduced a major research effort, fueled by a grant from dYdX, that examines the implications of Maximum Extractable Value (MEV) within the context of dYdX v4 from a validator's perspective.

This comprehensive analysis presents the first-ever exploration of mitigating negative MEV externalities in a fully decentralized, validator-driven order book.

Additionally, it delves into the uncharted territory of cross-domain arbitrage involving a fully decentralized in-validator order book and other venues.

Dive in:

  1. The cost of artificial latency

We present a comprehensive analysis of the implications of artificial latency in the Proposer-Builder-Separation framework on the Ethereum network. Focusing on the MEV-Boost auction system, we analyze how strategic latency manipulation affects Maximum Extractable Value yields and network integrity. Our findings reveal both increased profitability for node operators and significant systemic challenges, including heightened network inefficiencies and centralization risks. We empirically validate these insights with a pilot that Chorus One has been operating on Ethereum mainnet.

Dive in:


  1. Breaking Bots: An alternative way to capture MEV on Solana

We published a whitepaper comparing key characteristics of Ethereum and Solana, which explores the block-building marketplace model, akin to the "flashbots-like model," and examines the challenges of adapting it to Solana.

Additionally, recognizing Solana's unique features, we also proposed an alternative to the block-building marketplace: the solana-mev client. This model enables decentralized extraction by validators through a modified Solana validator client, capable of handling MEV opportunities directly in the banking stage of the validator. Complementing the whitepaper, we also shared an open-source prototype implementation of this approach.

Dive in:

Quarterly Insights

Every quarter, we publish an exclusive report on the events and trends that dominated the Proof-of-Stake world. Check out our Quarterly reports below, with a glimpse into the topics covered in each edition.


Titles covered:

  • Cross-chain MEV: A New Frontier in DeFi
  • The Evolution of Shared Security
  • The Start of ZK Season
  • App-chain thesis and Avalanche subnets

Read it here:  


Titles covered:

  • ETH <> Arbitrum Cross-Chain MEV: a first estimate
  • ICS on Cosmos Hub, and Centralization
  • Expanding the Ethereum Staking Ecosystem: Restaking
  • Ecosystem Review - Injective

Read it here:


Titles covered:

  • A sneak peek at validator-side MEV optimization
  • Hedging LP positions by staking
  • Considerations on the Future of Ethereum Liquid Staking
  • New developments in State Sync and Partial Nodes

Read it here:

Reach out!

If you have any questions, would like to learn more, or get in touch with our research team, please reach out to us at

About Chorus One

Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 45+ Proof-of-Stake networks including Ethereum, Cosmos, Solana, Avalanche, and Near amongst others. Since 2018, we have been at the forefront of the PoS industry and now offer easy enterprise-grade staking solutions, industry-leading research, and also invest in some of the most cutting-edge protocols through Chorus Ventures.

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