We are excited to announce that we have onboarded Teritori Network as validators. Teritori is a multi-chain hub aimed to link IBC and non-IBC communities, trade services and NFTs, start new projects, and expand current ones. To facilitate trade, Teritori allows users to affirm their Web3 identity & protect their reputation. The center prominently contains daily-use dApps such as an NFT launchpad, a marketplace, and social features for people and communities: Innovate, Trade, and Organize. The network will also include a DAO tooling suite, a job board, and a multichain dApp store.
Following the bull run, the Teritori team examined the ecosystem and addressed existing concerns: despite the desire to decentralize everything, most of the technologies we use on a daily basis remain centralized, resulting in scams and security vulnerabilities. Builders, on the other hand, have struggled to locate the people to execute the right job in their projects. Because the majority of our interactions are driven by community approval, protecting our identity and reputation has become critical. Teritori also plans to introduce Berty Protocol to offer a decentralized alternative to the existing Web2 communication tools we all use on a daily basis. With the transparency that’s provided in tool sharing and identity verification, Teritori seeks to solve these pain points.
Teritori is based on the Cosmos SDK chain and the governance/utility token TORI. TORI is initially very inflationary. The Teritori DAO and TORI holders will be able to vote on the blockchain’s future direction as well as the next features/dApps to be added to the ecosystem. 40% of tokens released per block will be in the form of staking incentives given to validators like Chorus One and delegators who assist to protect the chain. Validators and delegators are critical to the Teritori network’s security. At genesis, there will be 100 validators according to their stake. Additionally, Teritori is monitoring the latest developments on GNOLand in order to be among the first projects to deploy the dApps on this new ecosystem when live.
Validating Rights: The weight of validators is determined by the amount of staking tokens bonded as collateral.
Token distribution: Similar to Bitcoin’s ‘halving’, issued Tori tokens are reduced by ⅓ every year. 200M Tori tokens were issued at mainnet genesis.
Inflation rate: 126.59%
Staking APR: 491.40%
Slashing: Pledged tokens can be slashed.
Chorus One Commission: 5%
Re-Staking: You need to withdraw rewards and re-stake them with some frequency if you want to make use of compounding returns hence, additional delegation is needed for compounding.
Navigate to https://phantom.app/ to create or restore your Solana wallet.
If you do not have a wallet yet, you should create a new wallet and note down the seed phrase and store it in a safe place. Follow the onscreen instructions and make sure to fund your wallet with some SOL tokens before you proceed with staking
Make sure to not share or lose the secret recovery phrase (mnemonic)
If you already have a wallet, you can restore it on Phantom using the associated seed phrase. Follow the online instructions to restore your SOL account.
Once you entered the 12 or 24 words you can then restore your wallet and optionally set a password on your account.
Once you have funded your Phantom wallet with Solana, you can click on the Phantom extension to see your account details.
Once logged in, you will be able to view all the SPL assets that you possess. If you do not already have SOL tokens you can get them from a friend or buy them off-exchange and transfer those to your wallet.
Once you do that you will be able to see the SOL tokens in your wallet.
Go ahead and click your SOL balance and on the top right, you will see 3 dots. Click the dots to reveal the staking menu. Click the menu-item Stake SOL
You will be shown a list of validators along with a search button. Go ahead and type Chorus One in the search panel. Chorus One's validator will show up. Go ahead and click on the validator name.
Choose the amount of SOL you would like to stake and click on Stake
Make sure to leave some SOL in your account to pay for the transaction fees
Once you click Stake you will immediately see that your wallet is staking your SOL to your chosen validator. You can also click on the View Transaction link to see the status of your transaction in a blockexplorer. If you look at the Confirmations field you can slowly see it increasing from 0 to 32. Once it reaches the MAX number of confirmations your transaction gets added to the blockchain
Make sure to note down the transaction hash or the link provided on the screen. This allows for easier debugging in case of a failed transaction.
After your transaction is successful you can go back to your Phantom wallet, click on the Solana balance, and see your stake accounts.
Congratulations! You are now staking your SOL!
If you click on your stake accounts you will see that your stake is activating. It takes 1 epoch for your stake to activate. An epoch in Solana lasts for approximately 2-3 days. After this period your stake will show up as active and will start earning rewards.
If you click on your stake balance, you will be given the option to unstake. Unstaking also takes an epoch. Once you click Unstake your stake will start deactivating and will become fully inactive after a maximum of 3 days (1 epoch).
After the stake become inactive you can withdraw it back to your Solana account
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You can nominate validators (also known as staking) on Polkadot-JS UI using the following steps
Create a Polkadot account if you don’t have one already. Get the browser extension by visiting Polkadot.js.org/extension
Click on the extension card and add it to your browser.
After adding to your browser it will appear as a P icon in the toolbar
Please note it is recommended to create two accounts: one to use as the controller account and one to use as your stash account. Learn more about this here
If you want to know more details about how to create an account you can visit the official docs here.Also, make sure you leave a small amount of DOT transferrable in your stash account and that your controller has more than 1 DOT in it. This is in order to have enough liquid funds for paying transaction fees when bonding and unbonding funds.
In this step, we will actually go through the process of staking which is comprised of bonding the tokens and nominating the validators.
Go to the Polkadot-JS UI main page. Click the Staking link under the Network tab at the top. Click “Account actions” (on top). It may take a while to load. If you're using a Ledger, skip the following steps and check the section below.
You need to bond funds to nominate a validator. So go ahead and click the + Nominator button(top right).
Choose your Stash and Controller accounts. It is more secure to choose separate stash and controller accounts. So make sure you create a separate controller account first in the same manner as you created your stash account. Again, make sure you have funds in your controller account.
Then select the amount you want to bond and the rewards destination and click "Next"
In the next screen select Chorus One as the validator. Finally, click Bond and Nominate.
Enter the password for your account and click Sign & submit.
Sign the transaction using your stash account
Additionally, if you need to change the nominated validators or unbond your balance you just need the controller account to perform the transaction.
Before you begin staking, please pay close attention to these important points:
How to stake using Ledger
Make sure both the ledger live app and device are up to date
Go to manager in the left panel and install Polkadot app if you haven't already
Add your account by going to the Accounts tab in the left panel and clicking on the Add Account
Choose Polkadot in the popup that appears upon clicking Add Account
Follow the instructions to create the new account
Once you have an account you can buy DOTs directly from the Ledger Live app.
In case you are unable to buy DOTs directly from Ledger Live you may use an exchange to do so.
To stake go to the Accounts tab in the left panel and click on the account for which you want to perform the staking operation
Once you have your account opened click on Manage on the top-right and under it select Earn Rewards
Then enter the amount of DOTs you want to bond
To compound your rewards you can select the Bonded Balance tab instead of the Available Balance tab. Click Continue and confirm the bonding transaction on your device. Finally Nominate a validator in the next step
Polkadot allows Nominated proof of staking where you are allowed to nominate up to 16 validators. By clicking on the Nominate byou will be able to select the validator. Search for Chorus One and click Continue.
Congratulations!! You are now staking your Polkadot! You may see your rewards in the portfolio section
You can also see the video tutorial on the official Polkadot youtube channel
It’s no secret that institutional interest in staking is on the rise and one could argue that Ethereum’s recent move to Proof-of-Stake was a major boost in this regard. Due to the highly technical nature of running validator operations, institutions generally partner with staking providers like Chorus One to manage their node infrastructure. This is a crucial step as the node operator is not only expected to have protocol-specific failover strategies and all regulatory compliances but also be well versed with on-chain matters.
New staking entrants are often left with the question of what factors to prioritize when partnering with a node operator. Security, commissions, compliance or all of them?
To simplify these matters, we’ve made a list of 10 factors that any fund manager or institutional investor should consider when speaking with a staking provider. These are by no means exhaustive but are some of the most common questions we face when speaking to any institution. Ultimately your choice of a staking partner should encompass POVs from your colleagues in the legal, security, and finance teams too.
The staking provider’s fees should be based on the protocol rewards earned and not on your total staked value. Consider the two scenarios listed out below:
If the staking provider’s fee is based on the total value of your staked assets, there’s a high chance that you’ll end up paying a higher fee. The fee percentage might seem lower when compared to other providers but as they say, the devil is in the details.
“Picking the right staking provider will have a big impact on fund yields. Fund Managers need to weigh rewards and many other factors like counterparty risk and MEV policies,” says Neal Roche, Chorus One’s Business Development Manager working with institutional clients.
You ideally want your staking provider to have equal skin in the game too and charging a fee on the protocol rewards rather than value of staked assets is one way to do that. Needless to say, Chorus One always follows this rule.
MEV stands for Maximal Extractable Value and refers to the additional rewards a validator can make by reordering, adding, or removing transactions from a block. In the last 12 months, MEV has been extensively discussed and various protocols like Skip and Jito exist today that are fully focusing on this subject. A validator participating in MEV can boost their share of rewards that are indirectly also transferred to their delegators. For an institution looking to stake, it’s a no-brainer to partner with a staking provider that runs relays like MEV-Boost to earn additional rewards.
At Chorus One, our team is fully invested in the MEV space and wants to create as much transparency around this subject as possible. Our Research Team has written extensively about MEV on our blog and we’ve even released a MEV bot on Twitter that delivers MEV extraction updates from Osmosis every day. You can also check out our Ethereum MEV dashboard and Solana MEV dashboard on Dune Analytics.
Fund managers usually like to diversify their assets into a couple of networks and hence like to work with multi-chain providers. Owing to the fast-paced nature of this industry, staking providers that onboard newer networks quickly are preferred. Major node operators like Chorus One work with over 30 PoS networks including all major Cosmos chains, Solana, Avalanche, NEAR, Tezos, etc. and are also involved with the testnet/incentivized testnets for multiple networks at the same time.
Another key piece of the stack that will influence your time-to-deploy-funds. The last thing you want when you want to stake more or withdraw your assets is needing human intervention on the other side of the operation. You shouldn’t need to delay your transactions, because your staking provider is on leave. This is why it’s wise to evaluate if you can automate your staking procedure through an API.
This is exactly what OPUS is. You have FULL control over your validators and can increase allocation/withdraw assets whenever and wherever you wish. Your stake stays backed by Chorus One’s secure infrastructure with 24/7 supervision from our team.
This is arguably the most critical factor and one that separates the crypto natives from the hobbyists. Staking is non-custodial but if the node operator’s security practices are not up to the mark, your assets are at risk.
Governance is both a power and a responsibility. The power to shape a network’s future and the responsibility of an educated vote. Deploying capital in different networks also means looking into proposals, analyzing them and casting votes. Ideally, your validator should be actively voting on these proposals as some of these could involve things like incentive updates and inflation reduction which impact you directly.
Chorus One works with 30+ networks and we take on-chain governance very seriously. Our Research Team looks into every proposal, discusses it rigorously, and then votes for them. We even release the rationale behind votes on our social media channels every week.
An equally important aspect is the protection a staking provider offers against being slashed and other similar penalities. Penalties differ from one protocol to another, but in essence stakers can lose rewards or, in the worst case, stake if the staking provider is slashed. Chorus One AG is a privately owned Swiss company with a strong balance sheet and over four years of staking experience with institutional clients. With over $750 million in AUM, we offer a standard SLA of 99% uptime and a “no slashing” guarantee to our clients. We have never had a node slashed and even offer Ethereum node slashing insurance as an option to our clients.
Validators with an in-house Research Team closely study almost all the networks and hence they’re also the first ones to spot the high-potential ones among the array of new networks launching everyday. Since they will be the ones maintaining the infrastructure, they’re also some of the most knowledgeable teams a network could speak to. A few months back, we announced Chorus Ventures, a $30M initiative to invest in some of the most interesting PoS and interoperability networks, and middleware protocols. To date, we have made over 30 investments including Celestia, Quicksilver, Osmosis, Agoric, Uqbar, Lido, Anoma among many others. We continue advising and investing in projects with a crystal-clear focus and a passionate team. Our exclusive research is also shared with our clients to help them shape their investment strategies better.
So there you have it. The ten most important points that should be on your mind when partnering with a staking provider. What other points would you mention here?
