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Networks
An introduction to Stacks, the Bitcoin Layer 2 for Smart contracts, Apps, DeFi
We delve into one of the most thrilling projects in the Bitcoin Layer 2 ecosystem: Stacks.
March 8, 2024
5 min read

Since its introduction in 2008, the Bitcoin whitepaper has marked the beginning of a transformative journey. Nations have embraced it as official currency, companies have added Bitcoin to their assets, and in 2024, Bitcoin ETFs are actively being traded. Despite these advancements, Bitcoin has struggled to shed the perception of being merely a store of value, akin to digital gold. While it's true that facilitating smart contracts was not Bitcoin's initial aim, the explosive growth of decentralized finance (DeFi) prompts a thought-provoking question: could the functionalities of DeFi be integrated into Bitcoin?

This is where Bitcoin Layer 2 solutions, or L2s, come into play. Below, we'll delve into one of the most thrilling projects in this realm - Stacks.

⚡️Chorus One is proud to join the latest team of signers on Stacks and further enhance the network’s security and decentralization. Learn more here.

WHAT IS STACKS

It's widely acknowledged that Bitcoin stands as the most decentralized and secure blockchain. However, the high cost of its block space, low TPS, along with the need for additional computing resources among other factors, have made the development of smart contracts on its platform particularly challenging. This situation paved the way for the emergence of networks dedicated to smart contracting, such as Ethereum. Stacks, however, offers a solution to this issue.

Stacks is a novel layer built atop Bitcoin and it extends the utility of the most secure and decentralized blockchain by introducing smart contracts and dApps functionalities without altering Bitcoin's core protocol. This integration is facilitated through the Proof of Transfer (PoX) consensus mechanism, a pioneering approach that reuses Bitcoin’s Proof of Work (PoW) to secure the Stacks network, enabling smart contracts that directly interact with Bitcoin state and transactions.  The goal of the Stacks layer is to grow the Bitcoin economy, by turning BTC into a productive rather than passive asset, and by enabling various decentralized applications. The Stacks layer has its own global ledger and execution environment, to support smart contracts and to not overwhelm the Bitcoin blockchain with additional transactions. It also provides mechanisms for higher performance, such as fast blocks, decentralized peg, and subnets.

The question of the necessity for a Bitcoin Layer 2 revolves around the potential of integrating fully-expressive smart contracts into Bitcoin. Successfully embedding such functionality could revolutionize Bitcoin's application, ushering in new use cases worth hundreds of billions, including stablecoins, NFTs, and Automated Market Makers (AMMs). This evolution would transform Bitcoin from a passive asset into a cornerstone of digital finance, significantly boosting its demand, value, and utility by enabling a wide array of yet-to-be-explored applications.

HOW DOES STACKS WORK?

For blockchains with native smart contract capabilities, essential features include the ability for smart contracts to be fully secured by the network's security mechanisms, such as hash power in Proof of Work (PoW) systems or staked assets in Proof of Stake (PoS) systems. This ensures that smart contracts benefit from the same level of security as the underlying blockchain. The smart contracts not only need to have ‘read’ but also ‘write’ capabilities. As a layer on top of Bitcoin, Stacks plans to bring these features to Bitcoin through the following elements:

STX: STX, the native token of Stacks, plays a pivotal role in the PoX (Proof-of-Transfer) consensus mechanism, serving two main functions: (a) incentivizing miners to secure the Stacks global ledger, which operates independently of Bitcoin's Layer 1, and (b) ensuring the operational continuity of the sBTC peg by providing rewards to threshold signers involved in the peg mechanism. STX was distributed to the public through the first-ever SEC-qualified token offering in US history and currently enjoys a market capitalization of over $4B.

PoX: Proof of Transfer (PoX) is a unique consensus mechanism to the Stacks blockchain that is designed to leverage the security and robustness of Bitcoin, while allowing Stacks to introduce smart contracts and decentralized applications (dApps) on top of Bitcoin. In typical Proof-of-work (PoW) systems, miners must solve complex mathematical problems. In PoX, miners must transfer a base cryptocurrency (in this case Bitcoin) to join the mining process. This Bitcoin is transferred to STX holders that participate in the network by sta(c)king their STX STX tokens, thus securing the network. So in PoX, you’re bidding Bitcoin in the hopes of being selected to add the next block to the chain versus committing computation power in the case of PoW. Like other networks, the miners on Stacks get block rewards but in STX and not BTC. This dual mechanism integrates the economic incentives of both Bitcoin and Stacks.

Stacking: Stacking is not staking, but the fundamental concept is very similar. Staking involves locking up token X and getting rewards with staking yields in the same token X. Eg - Stake SOL and get rewarded in SOL. Stacking mandates depositing STX tokens to get rewarded in a different token (BTC). This synergy between BTC and STX is interesting and actually incentivizes BTC holders to participate in the STX ecosystem. STX holders on the other side are incentivized to stack their tokens to be rewarded in arguably the most decentralized and secure cryptocurrency token BTC.

Signing: Post the Nakamoto release, the role between Miners and Stackers has been segregated. Where previously, miners decided the contents of the block and also decided whether or not to include them in the Stacks chain, now they would only be deciding the contents of the block and the stackers would be taking on the role of deciding whether to include them in the block or not. Stackers validate and sign blocks through a distributed signing protocol, requiring a significant fraction of locked STX to agree on block inclusion, thus preventing forks and enhancing the chain's integrity. Chorus One is proud to join the team of signers on Stacks along with other industry leaders likeBlockdaemon, NEAR Foundation, DeSpread, Alum Labs, Kiln, Luganodes, Copper, and Figment.

sBTC: sBTC is a fungible token that is pegged 1:1 with Bitcoin to enable Bitcoin holders to participate in the Stacks ecosystem. Users who want to interact with BTC and developers who want to create apps with BTC programmability can both use sBTC, thereby extending BTC’s utility beyond Bitcoin. To deposit BTC into sBTC, a Bitcoin holder would create a deposit transaction on the Bitcoin chain. This deposit transaction informs the protocol of how much BTC the holder has deposited, and to which Stacks address the holder wishes to receive the sBTC. The sBTC system responds to the deposit transaction by minting sBTC to the given Stacks address. To withdraw BTC, a Bitcoin holder creates a withdrawal transaction on the Bitcoin chain. This withdrawal transaction informs the protocol of how much sBTC the holder wishes to withdraw, from which Stacks address the sBTC should be withdrawn, and which Bitcoin address should receive the withdrawn BTC. In response to this transaction, the sBTC system burns the requested amount of sBTC from the given Stacks address and fulfills the withdrawal by issuing a BTC payment to the given BTC address with the same amount.

Clarity: Stacks also has its native programming language called Clarity, crafted with a focus on safety and security. The inspiration for Clarity's development was drawn from analyzing and addressing vulnerabilities commonly found in Solidity. By integrating these lessons, Clarity was meticulously designed to offer a secure coding environment, prioritizing the prevention of exploits right from its core. You can read more about Clarity in the online book - Clarity of Mind.

STX tokenomics

Total supply: ~1.82B

APY: 6% (BTC)

Chorus One and Stacks

We currently support infrastructure for over 50 networks, and we're thrilled to announce that Stacks will mark our inaugural support for a Bitcoin Layer 2 solution. This is a significant milestone for Chorus One, largely due to the exceptional team behind Stacks, whose expertise and dedication have been evident over many years of development.

If you have STX tokens and would like to stack them, feel free to reach out to one of our experts at staking@chorus.one.

To read more about Stacks, we recommend the official documentation available in docs.stacks.co.

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.

Opinion
EIP 4844: What does Proto-danksharding mean for Ethereum scalability?
Everything you need to know about the Ethereum Dencun Upgrade
February 26, 2024
5 min read
Key Takeaways
  • Ethereum’s next hard fork upgrade is named Cancun-Deneb (Ethereum Dencun) – which is expected to happen on March 13, 2024.
  • Ethereum Dencun Upgrade has been successfully deployed on all the Ethereum testnets, including Goerli, Sepolia, and Holesky; and is now ready to be implemented on the Ethereum mainnet.
  • The Ethereum Dencun upgrade is set to implement the proto-danksharding specification (EIP-4844), breaking down the network into data blobs to bring about increased efficiency on Ethereum, making it more scalable and lowering transaction costs.
  • A whole host of other Ethereum Improvement Protocols are also set to be implemented in this upgrade, like EIP-7044, EIP-7045, and EIP-7514.

Proto-danksharding, blobs, and data availability are terms becoming increasingly familiar in the Ethereum community, all leading up to the Dencun Upgrade – Ethereum's most significant update since Shapella.

With less than a month to the upgrade, Chorus One is here to provide you the essential information about this pivotal event, including three key staking/validator based Ethereum Improvement Proposals (EIPs) involved, with a special focus on the much-anticipated EIP-4844.

First, a look back.

In April 2023, we explored the post-Shapella landscape in our blog article "Beyond Shapella," highlighting the significant impact of the Shapella upgrade on Ethereum staking. This upgrade introduced the flexibility to withdraw staked ETH and rewards, captivating institutional interest in Ethereum, the second-largest cryptocurrency by market cap.

The Shapella upgrade marked a turning point, boosting ETH's staking appeal among institutional investors. Since then, Ethereum's roadmap has seen several developments, leading us to the brink of another major milestone - the Dencun upgrade. This forthcoming hard fork is set to advance Ethereum's evolution, promising to tackle existing challenges and open up new opportunities.

In fact, Ethereum jumped 28% since the start of February and rose above $2,900 at the time of writing, as the Dencun upgrade approaches and transaction numbers on L2s climb up.

What is the Dencun Upgrade

The Ethereum Cancun-Deneb (Dencun) Upgrade, scheduled for March 13, 2024, is a pivotal hard fork aimed at enhancing the network's scalability, security, and usability. This upgrade, incorporating key Ethereum Improvement Proposals (EIPs) such as EIP-4844 for proto-danksharding, is set to improve network efficiency and lower transaction costs. Building on the achievements of prior updates like the Shanghai upgrade, Dencun seeks to fortify the infrastructure for decentralized applications and elevate the Ethereum user experience.

At its heart, the Dencun Upgrade integrates advancements from the Cancun upgrade on the execution layer with those from the Deneb upgrade on the consensus layer, employing a dual approach to refine Ethereum's protocol rules and block validation procedures. The inclusion of various Ethereum Improvement Proposals (EIPs), especially Proto-Danksharding, is geared towards enhancing scalability from different dimensions.

Additionally, the upgrade will introduce a series of other EIPs, including EIP-4788, EIP-6780, and EIP-5656. While this article will concentrate on the most crucial proposal, EIP 4844: Protodanksharding, it will also touch upon three staking and validator-centric improvements within the Dencun Upgrade: EIP-7044, EIP-7045, and EIP-7514.

EIP 7044: Perpetually Valid Signed Voluntary Exits

The introduction of EIP-7044 marks a significant advancement: exit messages will have indefinite validity, removing the need for continual updates and ensuring a smoother withdrawal process. This EIP specifically targets the challenge posed by the limited lifespan of signed voluntary exit messages, simplifying the staking landscape, especially in cases where the staking operators and fund owners are not the same.

TL;DR: EIP-7044 makes it easier to withdraw staked funds by ensuring that exit requests don't expire. This removes the hassle of having to update these requests regularly, especially helpful when the staking operators and fund owners are different.

EIP 7045:  Increase max attestation inclusion slot

EIP-7045 modifies the timeline for attestations, extending the inclusion period from one rolling epoch to two fixed epochs. This adjustment gives validators additional time to incorporate their attestations into a block, thereby enhancing the security and stability of Ethereum's Proof of Stake (PoS) consensus mechanism. The expansion of maximum attestation slots contributes to quicker block confirmations and bolsters the consensus mechanism's resistance to short-term censorship attempts.

TL;DR: EIP-7045 changes how long validators have to get their approvals into a block, extending it from one flexible time period to two set time periods. This extra time helps make Ethereum's system for confirming transactions more secure and stable, speeds up the process of confirming blocks, and makes it harder for anyone to temporarily block or censor transactions.

EIP-7514: Add max epoch churn limit

EIP-7514 proposes to change how fast new validators can join the Ethereum network. Instead of the current system where the number of new validators can grow quickly (exponentially) because the amount of new validators accepted also grows, this proposal suggests a steady (linear) increase by setting a limit of 8 new validators per epoch (~6.4 minutes). This means no matter how many people want to become validators and how big the active set grows, only 8 will be able to  join in each epoch. This approach aims to make the network more manageable, especially when a lot of people are waiting to stake their ETH. It helps prevent the network from getting overloaded and keeps everything running smoothly.

TL;DR: EIP-7514 plans to limit the number of new validators joining the Ethereum network to 8 every 6.4 minutes. This change aims to control growth and prevent the system from becoming overloaded, ensuring it runs smoothly even when many people want to stake their ETH.

4844: Proto-danksharding - All you need to know

EIP-4844, known as Proto-Danksharding, is a key update to Ethereum that introduces a new type of transaction called "blobs", for better data storage efficiency. This allows for more cost-effective data posting to the Ethereum mainnet by Rollup sequencers, without overloading the network, due to the controlled size and quantity of blobs in each block. The innovative aspect is the temporary storage of blob data in Ethereum's consensus layer, not its execution layer, which boosts scalability while keeping the network decentralized. Proto-danksharding sets the stage for further scalability enhancements, such as full Danksharding, by improving gas consumption and network resource management.

Benefits of proto-danksharding
  • Layer 2 rollups, the key users of proto-danksharding, consolidate several transactions into one for storing on Ethereum, but currently incur high expenses due to the cost of calldata.

Proto-danksharding allows these rollups to employ data blobs for posting grouped transactions more affordably, greatly decreasing operational expenses and enhancing scalability.

  • Proto-danksharding harmonizes network efficiency with decentralization. It maintains data blobs as temporary and restricts their size, ensuring that smaller, individual node operators can continue to contribute to the network.
  • The introduction of data blobs in Ethereum boosts the network's throughput by allowing more data to be included in each block without overwhelming the system. This enhancement enables Ethereum to support a greater number of transactions, users, and decentralized applications (dApps), thereby expanding its overall capacity.

Chorus One’s role in the Dencun Hardfork

The Dencun upgrade is set to significantly enhance Ethereum's appeal, making it more attractive for developers, builders, and investors, by boosting transaction efficiency and cutting costs.

At Chorus One, we've been diligently preparing for this upgrade, ensuring our clients and software are updated in a timely manner to prevent any impact on our users. Our proactive approach underscores our dedication to facilitating a smooth transition and maintaining strong staking support after the upgrade.

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.

Guides
ETH Native Restaking: How to deposit staked ETH to EigenLayer
A step- by-step guide to restaking ETH with EigenLayer
February 21, 2024
5 min read
Contents
  1. What is EigenLayer
  2. Why choose restaking with EigenLayer
  3. How to restake ETH with Chorus One
  4. Get started with Restaking on EigenLayer
  5. Final Word
Summary:

Step 1: Visit the EigenLayer Dapp and create an EigenPod.

Step 2: Login to your OPUS ‘Dedicated’ account at https://opus.chorus.one/.

Step 3: Create your validator/s with the withdrawal credentials pointing to your EigenPod.

Step 4:Once your validators are live, you can restake your ETH on EigenLayer.

Step 5: Click on ‘Restake’.

Step 6: Confirm transaction!

Step 7: Delegate to Chorus One.

What is EigenLayer

Eigenlayer revolutionizes the Ethereum network by introducing "restaking," an innovative concept that enhances cryptoeconomic security. This novel approach allows ETH, whether staked directly or via liquid staking tokens like stETH, rETH, cbETH, and LsETH, to be rehypothecated within the consensus layer. This enhances the utility and security of staked assets.

Users engaging in Ethereum staking, either directly with ETH or through various liquid staking tokens (such as stETH, rETH, cbETH, and LsETH), have the opportunity to participate in EigenLayer's smart contracts. By opting to restake their assets, users can amplify cryptoeconomic security beyond Ethereum itself, extending it to a multitude of other applications on the network.

To learn more about EigenLayer and its technology, please visit https://www.eigenlayer.xyz/

Note: Restaking LSTs with EigenLayer is currently on hold and will resume once the deposit cap is raised. In the meantime, you are welcome to use OPUS 'Pool' to stake any amount of ETH and mint osETH. Visit OPUS 'Pool' here.

Why choose restaking to EigenLayer

Engaging with EigenLayer by depositing your staked ETH enables you to accumulate ‘Restaked Points’, reflecting your contribution to the EigenLayer ecosystem's collective security. These points are calculated based on the duration and amount of your staking participation.

By accumulating ‘Restaked Points’, you not only enhance your rewards on your staked ETH but also become eligible for potential airdrops!

Note: Please be aware that although staked ETH deposits into EigenLayer are currently accepted and can be withdrawn at any time, rewards can only be redeemed after the launch of EigenLayer’s Mainnet and once the Activated Validator Services (AVSs) utilizing EigenLayer's pooled security become operational.

How to restake ETH with Chorus One

Chorus One makes the staking and restaking process straightforward and efficient.

Users can restake ETH with Chorus One using OPUS ‘Dedicated’, our ETH staking platform that supports the customization of validator withdrawal addresses to enable native staking with your EigenPod.

  • Please note: When organizing your EigenPod and delegating your restaked ETH to a node operator, you may point multiple validators to a single EigenPod.

This underscores the importance of judiciously selecting a node operator to delegate your staked ETH to, taking into account their specific restaking and AVS strategies.

Additionally, please be aware that before restaking your ETH deposit's, withdrawal address is set only once and cannot be changed after the staking deposit. Please Choosing EigenPod Address as the withdrawal address means you accept the risks of the EigenLayer smart contract and acknowledge that Chorus One cannot alter this address.

Below, we have provided a step-by-step guide to help walk you through the process of setting up an EigenPod, creating your validator/s, depositing staked ETH into EigenLayer, and delegating to Chorus One.


Step 1: To start restaking your ETH to EigenLayer, you’ll need to first create an EigenPod on EigenLayer by visiting
EigenLayer Dapp.

To begin restaking, you will first need to create an EigenPod address. This address will connect with your wallet and be used as the withdrawal address when you create a validator from the stakefish Ethereum staking dashboard.

1. Start by visiting EigenLayer Dapp and connect your wallet, making sure you’re connected to the Ethereum Mainnet. You will be prompted to sign the terms of service using your wallet. Click on Sign to enter the EigenLayer Dapp

2. Then proceed to connecting your wallet.

3. Once you have connected your wallet, click on ‘Restake your Tokens’.

4. Next, click on ‘Create EigenPod’.

The EigenPod address created is responsible for all subsequent restaking and withdrawal operations from that EigenPod.

5. Upon submitting the transaction for creating Eigenpod you will see Metamask pop up.

  • Sign the transaction to see the success screen

6. Once you have confirmed the EigenPod creation on your wallet, you will see the following screen:

  • As a sanity check you can confirm on Etherscan by looking at the Transaction Action. You will see a Create Pod Function call.

7. Your EigenPod Address is now available, and will have to be used as your withdrawal address on the OPUS portal. Copy the EigenPod Address into your clipboard.

Step 2: Restaking with Chorus One

8. Login to your OPUS ‘Dedicated’ account by visiting https://opus.chorus.one/portal/login

9. Once you have entered the portal, the first step is to connect your wallet.

10. Once you have connected your wallet, you’ll need to create a validator by clicking on ‘Stake ETH’.

11. Select the amount of ETH you would like to stake.

12. Then, make sure to click on ‘Change rewards withdrawal address’, and click on ‘Edit’ .

13. Now, paste the EigenPod Address as your Withdrawal Address.

  • Ensure to double-check that the Withdrawal Address on OPUS is the same as your EigenPod Address.

14. Once you have confirmed the addresses, click on ‘Confirm and Stake’

15. Once you confirm your transaction on your wallet, you have set up your ETH validator Chorus One.



Step 3: Restaking in Eigenlayer


16. If you have correctly set your withdrawal address as the EigenPod address, the Eigenlayer interface will start reflecting your total staked amount as restaked into Eigenlayer. Note: You do not have to perform any extra steps for restaking.

  • Please Note that it could take a little while before your validator reaches the deposited status on the Beacon Chain. You can track the status on OPUS Portal.

    Step 4: Delegate your restake to Chorus One

17. Note: At present, you can only deposit your staked ETH into EigenLayer; the option to delegate to node operators is not yet available.

We will notify you once the delegation feature on EigenLayer becomes operational, indicating that it's time to delegate your restaked ETH. At that point, you will be able to delegate to Chorus One with just a few clicks.

18. To delegate, click on ‘Dashboard’ and then ‘Delegate your Stake’.

19. Then, search for ‘Chorus One’ validator and click on ‘Manage’.

20. Then, click on ‘Delegate’.

21. Once you confirm your transaction on your wallet, you have successfully delegated to Chorus One!

Get started with Restaking on EigenLayer

To get started restaking, please visit the:

EigenLayer dApp at https://app.eigenlayer.xyz/

OPUS ‘Dedicated’ at https://opus.chorus.one/

Final Word

If you’re interested in staking/restaking with Chorus One, or learning more, simply reach out to us by responding to this email and we’ll be happy to get back to you!

Here are some useful resources for your benefit:

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

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.

Others
(Re)staking Synopsis: Edition #1
A round up of the most important updates in ETH staking and restaking by Chorus One 🔥
February 20, 2024
5 min read

We're excited to announce the launch of "Staking Synopsis", a series dedicated to keeping Ethereum stakers and enthusiasts informed about the latest updates in ETH staking, including the developments at Chorus One.

With the highly anticipated launch of EigenLayer's Mainnet scheduled for April, and its rising prominence in the Ethereum community, we're kicking off the series with a special focus on Restaking.

As frontrunners in Ethereum research, we're focused on developing a carefully curated restaking strategy to optimize the benefits of this technology for our users.

So, our series will cover everything you need to know about our approach, which positions us as a top choice for ETH staking and restaking among node operators.

Let's dive into our first edition!

Ethereum In The News:

(Re)staking with Chorus One:

  1. Why choose restaking to EigenLayer?

Engaging with EigenLayer by depositing liquid staking tokens (LSTs) or your staked ETH enables you to accumulate ‘Restaked Points’, reflecting your contribution to the EigenLayer ecosystem's collective security. These points are calculated based on the duration and amount of your staking participation.

By accumulating ‘Restaked Points’, you not only enhance your rewards on your LSTs or staked ETH but also become eligible for potential airdrops!

Note: Please be aware that although staked ETH deposits into EigenLayer are currently accepted and can be withdrawn at any time, rewards can only be redeemed after the launch of EigenLayer’s Mainnet and once the Activated Validator Services (AVSs) utilizing EigenLayer's pooled security become operational.

  1. How can you get started?

Chorus One makes the staking and restaking process straightforward and efficient.

Here’s how it works:

  • Native Restaking: If you want to deposit your staked ETH to EigenLayer

  1. Visit the EigenLayer Dapp and create an EigenPod.
  2. Login to your OPUS ‘Dedicated’ account at https://opus.chorus.one/.
  3. Create your validator/s with the withdrawal credentials pointing to your EigenPod.
  4. Once your validators are live, you can restake your ETH on EigenLayer.
  5. Click on ‘Restake’.
  6. Confirm transaction!  

Delegating your restaked ETH to Chorus One

At present, you can only deposit your staked ETH into EigenLayer; the option to delegate to node operators is not yet available.

We will notify you once the delegation feature on EigenLayer becomes operational, indicating that it's time to delegate your restaked ETH. At that point, you will be able to delegate to Chorus One with just a few clicks.

Visit OPUS ‘Dedicated’ to get started.

  • Liquid Restaking: If you want to stake any amount of ETH, mint osETH, and deposit any accepted LST including osETH, stETH, cbETH or more into EigenLayer

Note: Restaking LSTs with EigenLayer is currently on hold and will resume once the deposit cap is raised. In the meantime, you are welcome to use OPUS 'Pool' to stake any amount of ETH and mint osETH.

  1. Visit OPUS ‘Pool’ at https://opus.chorus.one/pool/stake/ and connect your wallet.
  2. Enter the amount you want to stake.
  3. Click on ‘Confirm and Stake’.
  4. Confirm transaction!

Visit OPUS ‘Pool’ to get started.

Chorus One’s EigenLayer Restaking Strategy

Chorus One aims to make restaking as accessible and simple to all users as possible. In doing so, we have a tailored AVS and restaking strategy that makes this possible in the following ways:

Selective AVS Strategy: Contrary to other node operators who may aim to onboard as many AVSs as possible, Chorus One adopts a more strategic approach.

We prioritize security and are currently in the process of carefully vetting AVSs for which we provide infrastructure. Given any risks associated with restaking, we believe it's crucial to conduct thorough research on each project we support.

Enhanced Rewards with Adagio: As pioneers in MEV research, Chorus One stands out by utilizing an in-house Ethereum MEV-client, Adagio. This unique tool enhances the MEV yield for all ETH validators we run by implementing strategic timing games. Learn more about Adagio here.

By choosing to stake and restake with Chorus One, your validators benefit from using Adagio, yielding higher rewards compared to alternatives.

Top-Tier Security with ISO 27001:2022 Certification: Chorus One is among the select few node operators to achieve the ISO 27001:2022 certification, a globally recognized standard for security.

This certification isn't just a formality for us; it's a reflection of our deep commitment to maintaining the highest levels of security in our staking infrastructure, operations, and systems, ensuring our customers' peace of mind.

ETH Bites: On-chain Restaking Metrics

(Source: Dune Analytics)

  1. Total Restaked in USD: Approximately $7.5 billion (equivalent to 2.5 million ETH) has been restaked, at time of writing.
  1. LST Restaking Dynamics: The momentum for depositing Liquid Staking Tokens (LST) into EigenLayer has accelerated following the restaking cap raise. Currently, about $4 billion worth of LSTs have been restaked, with stETH, swETH, and mETH leading the charge as the most deposited LSTs into EigenLayer.

    Note: Restaking LSTs with EigenLayer is currently on hold and will resume once the deposit cap is raised.
  1. Insights into Native Restaking: A significant volume of 840,952 ETH has been restaked through EigenPods.

An EigenPod is a user-managed smart contract designed to aid in the administration of balance and withdrawal statuses within the EigenLayer protocol.

When organizing your EigenPod and delegating your restaked ETH to a node operator, consider the following: You may point multiple validators to a single EigenPod.

This underscores the importance of judiciously selecting a node operator to delegate your staked ETH to, taking into account their specific restaking and AVS strategies.

  1. LST vs Native Staking Dynamics:
Final word

If you’re interested in staking/restaking with Chorus One, or learning more, simply reach out to us at staking@chorus.one and we’ll be happy to get back to you! Here are some useful resources for your benefit:

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

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.

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