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News
Chorus One and E Money Network Partner to Enable Seamless Ethereum Staking and RWA Opportunities
Chorus One and E Money Network have partnered to enable E Money wallet users to effortlessly stake Ethereum and earn attractive returns while maintaining complete control over their funds
June 5, 2024
5 min read

We're excited to announce that Chorus One has partnered with E Money Network, a pioneering MiCA-compliant blockchain for real-world asset (RWA) tokenization. This collaboration brings together two companies committed to driving accessibility and trust in the digital assets space.

Through this partnership, E Money Network will integrate Chorus One's OPUS software development kit (SDK), enabling E Money wallet users to effortlessly stake their Ethereum (ETH) and earn rewards while maintaining liquidity. The OPUS SDK provides a secure and seamless way for institutions like E Money to offer staking services within their platform.

For E Money users, this integration unlocks new opportunities to grow their crypto holdings simply by holding assets in their wallet. Staking ETH has never been easier - users can earn passive income without complex setup or compromising access to their funds. This aligns perfectly with E Money's mission of bridging liquidity between traditional and decentralized finance.

Chorus One is excited to work with an innovative and compliance-focused platform like E Money. This partnership allows Chorus One to expand staking services to E Money Network’s user base while exploring possibilities in the emerging RWA tokenization space. RWA tokenization, led by E Money Network, could unlock liquidity for staked assets in the future.

"We're thrilled to partner with E Money Network and bring seamless staking to their community of users," said Sam Khler, Head of Business Development at Chorus One. "E Money's regulatory strengths and RWA capabilities create exciting opportunities as we work together to make staking more accessible."

Both Chorus One and E Money Network place a major emphasis on regulatory compliance, security and building trust with users. E Money Network has KYC and AML compliance integrated at the infrastructure level, while Chorus One is a pioneer in secure, regulated staking services for institutions.

"Partnering with an industry leader like Chorus One is a major milestone towards seamless accessibility for crypto staking," said Raj Bagadi, CEO of E Money Network. "E Money Network prides itself on compliance and user security; together we can provide a staking experience that prioritizes trust and simplicity."

As the crypto ecosystem continues evolving, strategic partnerships like this pave the way for real-world use cases and adoption of blockchain technology. The future is collaborative, compliant and user-friendly - and this alliance puts that vision into practice.

The OPUS SDK

Our OPUS SDK allows any institution to seamlessly integrate secure Ethereum staking into their product with up to 90% reduced development time. It comes packed with institutional features like liquid staking and restaking to maximize yields. OPUS abstracts away the complex staking infrastructure while prioritizing security and compliance. With our industry-leading solution, you can effortlessly offer trusted ETH staking services to drive blockchain adoption for your users.

About Chorus One

Chorus One is one of the biggest institutional staking providers globally, operating infrastructure for 50+ 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. We are a team of over 50 passionate individuals spread throughout the globe who believe in the transformative power of blockchain technology.

Networks
Understanding Aptos: How its Technical Architecture and Modular Design Transcends Monolithic Chains
Deep dive into Aptos' multi-layer approach that outperforms monolithic chains
May 16, 2024
5 min read

In blockchains, reliability and accessibility are key factors for increased web3 adoption, addressing certain bottlenecks in existing layer-1 protocol implementations. In distributed systems such as blockchain, the process of carrying out a transaction differs from modifying the ledger's state and recording the outcomes.

Aptos is designed in a modular way, which enables quick development and facilitates faster release cycles. Unlike monolithic architectures that require extensive time for editing, auditing, and testing, this modular approach allows changes to be focused on specific modules. This offers a systematic way to expand validators beyond just one machine by granting them access to more computational power, network capabilities, and storage options.

A brief introduction to Aptos

Aptos is a Layer 1 Proof-of-Stake blockchain. It uses Move, a programming language developed from Meta’s Diem and Novi projects. Move is designed for safety and reliability, harnessing the power of Rust, a low-level programming language.

Aptos’ technological stack features many novel models, including the AptosBFTv4 consensus mechanism, the Quorum Store mempool protocol, the Block-STM parallel execution engine, and Move on Aptos. The transaction flow on Aptos is distinctly different from most competing networks, with every step of the process—from broadcasting transactions, ordering block metadata, to consolidating storage—happening concurrently in a modular fashion.

Deep Dive into Aptos Consensus Mechanism - AptosBFT

AptosBFT, originally named DiemBFT, is a consensus algorithm developed by Diem’s core blockchain developers, many of whom now contribute to Aptos through Aptos Labs. AptosBFT implements increased throughput and lower latency compared to existing PBFT through a round-by-round consensus and block chaining. AptosBFT v4 enhances transaction processing speed through linear communication and chaining, improving synchronization speed among validators via a 'Pacemaker' and 'Timeout' mechanism.

The Aptos Labs team also introduced Quorum Store, an implementation of Narwhal. Quorum improves consensus throughput by decoupling data dissemination from network consensus. Before Quorum Store, transaction processing involved two major phases: Mempool and Consensus. An intermediate phase, the Quorum phase, was added between them. The Mempool holds potential user transactions, Quorum Store pulls batches of these transactions, broadcasts them, and forms proofs of their availability. Consensus orders these proofs, and execution uses Quorum Store to map them back to the corresponding transaction batches, thereby solving the problem of transaction redundancy efficiently.

Architectural Design

DPoS - Delegated Staking: This serves as an expansion of the staking protocol. It involves a delegation pool acting as an intermediary between the stake owner and the validator. This pool can gather stakes from delegators and include them in the native stake pool linked to the validator on their behalf. This system enables various entities to meet the criteria for a validator to join the set by pooling stakes. Delegators have the option to contribute to an inactive pool, but rewards are only earned once it becomes active. The minimum stake is 11 APT, with the option to unstake at any time, but funds are not available until the next validator unlock date. Delegators are paid 8% of the service fees.

Move: Aptos blockchain seamlessly incorporates and utilizes the Move programming language for rapid and reliable transaction processing. The Move Prover, a formal validator for smart contracts written in Move, offers security against common errors, providing builders and developers tools to defend projects against attack vectors like double-spending.

Parallel Execution: Aptos handles transaction processing in parallel without requiring an upfront declaration of user-known dependencies, unlike other blockchains such as Solana and Sui. This approach facilitates more intricate transactions, reducing costs and latency for end users.

Transaction Flow: Aptos maximizes throughput and reduces complexity in transaction processing by dividing it into three stages: pipelining, batching, and parallel execution. These stages can be parallelized, enabling novel modes of validator-client interaction and enhancing development timelines by treating each phase as a separate entity. Transactions are organized into batches by each validator, merged into blocks through a consensus mechanism.

Tokenomics

The native token of the Aptos ecosystem (APT token) serves multiple purposes:

  • Transaction Fees: The native token pays for network transactions and rewards validators.
  • Validator Staking: Token holders can stake their APT, contributing to the network's security and stability, and earning additional APT tokens.
  • Governance: Token holders can participate in on-chain governance, voting on protocol upgrades, changes to economic parameters, and other proposals.

As of October 2022, the total token supply of APT is 1 billion tokens, with a circulating supply of 130,000,000.

Aptos Ecosystem

The Aptos ecosystem is growing thanks to continued efforts to improve UX through safety and performance.

Decentralized Finance (DeFi): Several DeFi projects are building DEX Aggregator, DeFi HyperApp, Liquidity engine, and perpetual DEX on Aptos.

Improved User Experience (UX): Platforms are building tools and products to simplify the process of building scalable applications on Aptos.

On-chain Gaming: Platforms are using Aptos SDK to build multi-platform applications by bringing decentralization to Unity developers.

Aptos is also facilitating interoperability by launching bridges like Wormhole on Aptos that allow native Ethereum and Solana users to move into the Aptos ecosystem.

Aptos’ Future

Technical Improvements: Contributors to the Aptos protocol are committed to making the network more scalable, performant, and robust. The team at Aptos Labs developed a solution for deep testing called  Previewnet that replicates what Aptos mainnet will look like in the coming months.

The team also unlocked a new record of >30k TPS  (Transaction per seconds) in the Previewnet. Aptos is striving to expand scalability even more, aiming for >100k TPS as their next goal on the path to surpassing 1 million TPS. This bold target is in line with Aptos' goal of building a platform that can cater to billions of users, paving the way for widespread adoption of Web3 technologies.

Ecosystem Partnerships: Aptos collaborates with industry leaders like Google Cloud, Microsoft, and MoonPay, indicating potential for future growth and adoption.

Further Reading and Resources

Website: https://aptoslabs.com/

Developer Documentation: https://aptos.dev/

Twitter: https://twitter.com/Aptos

Telegram: https://github.com/aptos-labs

Github: https://github.com/aptos-labs

Discord: https://discord.gg/aptosnetwork

About Chorus One

Chorus One is one of the biggest institutional staking providers globally, operating infrastructure for 50+ 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. We are a team of over 50 passionate individuals spread throughout the globe who believe in the transformative power of blockchain technology.

Opinion
Restaking Synopsis (week c/ May 6 - May 10)
A roundup of the key EigenLayer ecosystem highlights by Chorus One
May 11, 2024
5 min read

Before getting started with this edition of the Restaking Synopsis, we’d like to take a moment to highlight our uniqueAVS Selection Framework, that we announced on Thursday, May 9th!

TL;DR:

Since EigenLayer launched, operators have been busy onboarding every AVS out there. But there’s only 1 problem with that - this may not be a wise long-term approach.

We've detailed why in an article (linked below), and to summarize, here's what sets our approach apart:

🛑 No "Onboard All" Promise: We prioritize AVSs with breakout potential, filtering out those with complexity and risk.

Rigorous Criteria: Our selection filters are based on strict engineering, security, and economic factors.

🎖Quality Over Quantity: Only AVSs that meet our criteria will be onboarded.

This reflects our customer-first principle and long-term vision for the EigenLayer ecosystem.

Feel free to check out the full article for more details on our AVS Selection Framework, why we're taking this unique approach, and why this approach is an important consideration for EigenLayer users.

Read the entire article here: https://chorus.one/articles/the-chorus-one-approach-to-avs-selection

🌟BONUS: Here's a meme-thread explanation of our AVS Selection: https://x.com/ChorusOne/status/1788928433461903496

Ecosystem Highlights
  1. Chorus One announces a unique AVS selection framework.
  2. New AVS Supported by Chorus One: Lagrange. Details here.
  3. EigenDA opens claims window for EIGEN on May 10 (Scroll down for details)
  4. Chorus One joins the select group of operators running Eoracle's latest release on Mainnet.
  5. Sreeram Kannan provides insights on intersubjective truth and use-cases of AVSs with intersubjective slashing.
Got LSTs? Restake them with EigenLayer using OPUS Pool!  

OPUS Pool enables you to seamlessly stake ETH, restake a variety of LST’s and delegate your restaked assets to Chorus One on a single platform.

✅ Stake, Restake, and Delegate using just a few, simple clicks

✅ Completely permissionless
✅ Easily view/download your entire historical staking rewards report

✅ View and track your restaked asssets

✅ All on a single platform

Visit OPUS Pool: https://opus.chorus.one/pool/stake/

Your guide to OPUS Pool: https://chorus.one/articles/your-guide-to-opus-pool-stake-mint-oseth-and-restake-with-eigenlayer

EigenDA: The EIGEN claims window is open. 🔥

As of May 10, you can claim your EIGEN, restake it (if you haven’t already) and choose to delegate to an EigenLayer Operator for future rewards!

The steps?

1. Claim EIGEN here: http://claims.eigenfoundation.org

2. Restake it (if you haven’t already): http://app.eigenlayer.xyz/restake/EIGEN

3. Delegate your restaked assets to Chorus One: https://app.eigenlayer.xyz/operator/0xf80b7ba7e778abf08a63426886ca40189c7ef48a

Note: You can currently only restake and delegate your EIGEN via the EigenLayer dashboard.

Final Word

If you’re interested in learning more about staking/restaking with Chorus One, simply reach out to us at staking@chorus.one and we’ll be happy to get back to you!

Additionally, if you’d like us to share further resources on any topic, please let us know!

Thanks for reading and see you next time!

About Chorus One

Chorus One is one of the biggest institutional staking providers globally, operating infrastructure for 50+ 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. We are a team of over 50 passionate individuals spread throughout the globe who believe in the transformative power of blockchain technology.

Opinion
News
The Chorus One approach to AVS selection
We outline Chorus One's thesis on the EigenLayer ecosystem, our strict onboarding policy, and our track record
May 9, 2024
5 min read

Our EigenLayer strategy is to onboard all the AVSs that have chances of being break-out winners, while filtering out the long tail of AVSs that introduce complexity and risk. With this combination, we aim to deliver the best risk-adjusted reward APY to users delegating their restaked assets to by Chorus One. The first section covers our thesis, the second our onboarding policy and the third our track record.

1: Our thesis

The EigenLayer ecosystem will have hundreds of AVSs and be the leading mechanism for Ethereum to scale and service billions of users.

We expect individual AVSs to follow a power law distribution in competency and success, similar to the patterns observed elsewhere in crypto. For Cosmos, an application-specific ecosystem similar to EigenLayer, this data-set shows 6 chains have over $1 billion circulating market cap, 16 are between $100 million and $1 billion, and 42 are under $100 million. Most Cosmos chains never achieve significant success, with market caps exceeding $100 million. The median chain barely gains traction and struggles for attention and impact. In the broader crypto market, there are ~14,000 tokens (from CoinGecko). The median token is illiquid. All the realized alpha in crypto lies in the outliers - the top 500 chains with market caps above $90 million and sufficient liquidity. AVSs will be similar - all the returns will exist in the top 20% of AVSs.

Not only are successful AVSs the exception, but there is major alpha in early participation in promising projects with no defined market value. Most AVS projects will spend significant time in a pre-launch phase where the mainnet service does not exist. Testnets are rolled out while the developers build functionality and product features. During this phase, there is no clarity on the economics of reward delivery of the AVS. There is also no market cap, token supply, or token price information to rely on. There are likely also caps on the number of operators that can be enrolled by the project developers for testing. Because of the lack of information and transparency in the market, the overall ecosystem of Node Operators (NO’s) and restakers cannot perfectly judge the project. Hence, outsized yields, can be produced. The EIGEN token delivers the best example of such an opportunity - it delivered returns to early restakers in the 30%-60% range, depending on when exactly the restakers participated and how trading markets stabilize.

It is possible (and a mistake) to onboard the entire long-tail of AVSs. Such an approach will radically boost infrastructure complexity and risk. Complexity and risk lead to the need to charge high commissions, thus reducing the risk-adjusted APY for restakers. Eventually, it accentuates slashing risk. Technical due diligence, that tests for originality and legitimacy of software work, as well as application of software development best practices has always been and continues to be the best method for filtering out the long tail, and narrowing focus on the break-out winners.

2: Our onboarding framework

We will apply our infrastructure effort in a subset of chains that pass our strict filtering criteria. When multiple AVSs pass our filtering criteria concurrently, our internal prioritization will look at the positive signals from the projects.

Our filtering criteria focuses on evaluating the software engineering of projects. Our method for evaluation consists of 3 parts:

  • Is there a development team on the other side following good code development practices? Any competent developer or developers will produce a trace of code changes, testing suites, logical parts with commit messages, issues, debates, discussions, technical whitepapers and documentation. If these are absent, chances are high that it is an unoriginal cut-paste job belonging to the long tail of AVSs.
  • Will running this code put Chorus One infrastructure at risk? Every AVS binary we run requires access to our internal network and access to some keys. These are critical resources that can be used to attack Chorus One if the development team is malicious. It is non-negotiable for us to be able to see the source code of the AVS, and for the code binary to require access to an isolated set of keys corresponding to (only) the AVS. This filter is important so that our infrastructure remains at low risk of slashing.
  • Will the project have release management conducive to running the network stably? This is the least important factor, because this can be upgraded at later parts of a project. The essence of it is that we will be running a binary, and be subject to network issues. Is there someone to reach out with help when issues are hit? Is there a consistent way to deal with security updates? Is there a clear communication channel? etc. Bad release management is indicative of a disengaged development team, again likely belonging to the long tail.

Our filtering criteria focuses not on the easily molded exteriors of the project - the website, the podcasts or the marketing - but rather on the hard to change signal-rich factors that usually accompany a winning project in crypto.

When multiple AVSs cross our filter and require prioritization, we will prioritize them depending on the following signals:

  1. Network or Product Idea: Is the service produced by the network novel and value generating for some segment of users?
  2. Work History and Team reputation: Are the early team members reputed or have significant prior contributions?
  3. Backing by reputable investors: Investment by investors is a way of developing more confidence in (1) and (2). As such, it is the weakest positive signal because it relies on hearsay, rather than first hand experience.

3: Our track record

We’ve applied a similar framework for our onboardings across Cosmos and in our venture investments. Chorus One is the most successful validator venture investor counting early participation in Solana, Lido, Celestia, Dymension, Saga, Wormhole, GogoPool, Neutron and Osmosis. In addition, we have infrastructure certifications highlighting the care with which we operate the networks.

Cosmos is the best example of an alternative application specific eco-system similar to EigenLayer. Our selection process, applied over 6 years has consistently picked all the top 20 chains, except two. On Cosmos, we have the best track record on participating with the governance processes of application specific chains.

Our early experience in EigenLayer, which includes research on network wide risk and slashing cascades, reinforces our belief in our onboarding process. We’ve encountered AVSs with plagiarized code, closed source code, and AVSs with key management systems that would expose our entire EigenLayer setup (operator key) to attack. These experiences have made it impossible for us to follow an “onboard all AVSs” path.

As a restaker with Chorus One, you derive the following benefits with our approach:

  • A Node Operator that takes infrastructure risk seriously, and is the best prepared for slashing features to go-live on the ecosystem.
  • A Node Operator that capitalizes on the gains from early participation in winning AVSs by investing all their energy in doing that well, instead of trying to onboard every below average project.

We will never be the operator with the most number of AVSs onboarded. And that works because it is far more critical to be early supporters of the break-out successes. Here’s to finding the gems early!

Restaking with Chorus One

Seamlessly restake with Chorus One using OPUS Pool: https://opus.chorus.one/pool/stake/

Here's a step-by-step guide to using OPUS Pool: https://chorus.one/articles/your-guide-to-opus-pool-stake-mint-oseth-and-restake-with-eigenlayer

About Chorus One

Chorus One is one of the biggest institutional staking providers globally, operating infrastructure for 50+ 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. We are a team of over 50 passionate individuals spread throughout the globe who believe in the transformative power of blockchain technology.

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