The first half of 2023 has been marked by a flurry of captivating events in the crypto sphere, and we have only just begun to scratch the surface of what lies ahead for the remainder of the year. Rest assured, as The Spotlight curates the finest selection of staking news each month.
But that's not all. In May, we were highly productive, engaging in exciting projects and concocting a wealth of crypto knowledge. This newsletter serves as your exclusive invitation to delve into the plethora of developments we pursued last month, ensuring you remain well-informed and up-to-date. Moreover, as believers in a global crypto community, we're always on the move. So, find out where our team will be in June below!
1. Ledger by Chorus One: Securely stake your tokens via the Ledger Live App
With Ledger’s extended compatibility with the Cosmos ecosystem, over 1.5 million Ledger Live users can now stake numerous tokens including Onomy, Quicksilver, Persistence, and more through nodes operated by Chorus One. Read all about it here.
2. Lido upgrades to V2 mainnet
After a successful governance vote, liquid staking protocol Lido upgraded to its second version, enabling users to unstake their stETH and receive ETH at a 1:1 ratio. We’ve captured everything you need to know about why this is significant here.
3. The number of staked ETH hit its all time high since Shapella
The amount of staked ETH continued to grow since the advent of Shapella upgrade, having surged by a mighty 4.4M since withdrawals were enabled. We’ve explained why this trend is likely to continue here.
4. $700m staked ETH shifts away from centralised exchanges
Regulatory concerns and the allure of higher rewards prompt investors to flock to decentralised liquid staking protocols, leaving traditional exchanges in the dust. Read all about it here.
OPUS
We’re proud to announce that our multi-chain staking solution, OPUS, is now live and running! OPUS allows our customers to stake with utmost ease, and earn maximum rewards while having complete control over their nodes. OPUS also comes with a range of features that optimise the staking experience for our customers. Read all about it here.
Ledger by Chorus One
We’re delighted to be partnering with Ledger Live to support their extended compatibility with the bolstering Cosmos ecosystem. This partnership permits a larger number of crypto investors to stake Cosmos tokens on the Ledger Live App through nodes operated by Chorus One. More on this here.
Recently, our Chief Commercial Officer, Felix Lustch, was joined by Ledger’s Global Head of Client Success Lila Garcia and Anchorage Digital’s Head of Product, Boaz Avital to explore future trends in the staking frontier. They had an insightful discussion, covering topics including the latest advancements in staking infrastructure, regulatory movements, and risk management in crypto. If you missed it, feel free to watch the recording here.
Stake SUI with Chorus One
SUI Network is the latest network to join the ranks of networks supported by Chorus One. After three testnet waves, Sui launched their Mainnet this month, and we're proud to support the growth of the network as one of the genesis validators. Our blog delves into the unique characteristics of the Sui network and explains how you can start staking SUI with Chorus One. Read it here.
Gelato x Chorus One
Chorus One has partnered with Gelato Network as one of the genesis node operators for GEL staking! We participated in a number of discussions exploring this partnership and the future of GEL staking, which you can hear here.
Fordefi x Chorus One
We’re proud to announce our partnership with Fordefi, a leading MPC wallet platform and web3 gateway, facilitating Chorus One’s customers to stake and unstake multiple tokens using the Fordefi wallet inside OPUS. Full details here.
1. Quarterly Insights
Our research team produces an in-depth analysis of the industry's biggest trends every quarter. We published the first edition of 2023’s quarterly insights, which covers:
Read the full report here.
2. Beyond Shapella
Ever since the Shapella upgrade, the influx of institutional interest in ETH staking has been remarkable. Our blog delves into the reasons behind this trend and why we expect this trajectory to continue. Read it here.
3. A guide to Lido V2
Lido upgraded to its V2 Mainnet - making stETH withdrawals possible for its users, and paving way for a more decentralised future to the Ethereum network. We covered everything you need to know about this upgrade, and why it’s so significant. Read it here.
4. Key takeaways - the evolution of Shared Security
Shared Security is a method aimed at enhancing the safety of a blockchain by leveraging resources from other blockchains. Several PoS networks adopt shared security as a strategy to fortify their blockchain's security while introducing new use cases. Our article provides a clear overview of how shared security has evolved and offers concise explanations of its implementation across various PoS networks. Read it here.
June 1-2 | Crypto Valley Conference | Rotkreuz, CH
The Chorus One team will be attending the Crypto Valley Conference on June 1-2, in Rotkreuz, CH. If you’re attending, look out for one of our team members including Meher Roy, Tomas Matta, Rakesh Bhagloe, Neal Roche, or Michael Moser to discuss what we’re currently working on, or to address any questions you may have about staking.
Also, if you’re attending, don’t miss out on the tax roundtable that Rakesh Bhagloe from our Finance team will be participating in alongside industry professionals from KPMG, MME, and Safe to discuss how VAT is treated in DLT transactions.
To register, visit: cryptovalleyconference.com
June 3-5 | Gateway Conference 2023 | Prague, CR
Join our Partnership Manager, Yannick Socolov, as he shares his insights on the secrets of building thriving and enduring Web3 communities at 3.30pm on June 5th.
To register, visit: https://gateway.events
About Chorus One
Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 40+ 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’re proud to announce our partnership with Fordefi, a leading MPC wallet platform and web3 gateway that enables institutions to seamlessly connect to dApps across networks, while securing their digital assets. This partnership facilitates Chorus One’s OPUS customers to stake and unstake multiple tokens using the Fordefi wallet inside OPUS.
The Fordefi wallet
Fordefi’s wallet is a secure solution designed to provide enhanced security and privacy for users' digital assets through MPC (Multi-Party Computation) technology. The MPC wallet employs a distributed key generation process, where each key share is created separately and is held by different parties. This ensures that no single entity has access to the complete private key, mitigating the risk of single points of failure or attacks.
Additionally, Fordefi's wallet provides users with enhanced security against various attack vectors, including private key theft, collusion attacks, and web attacks.
Going forward, Chorus One’s OPUS users will be able to stake and unstake across numerous chains using Fordefi’s wallet, thus leveraging its security features.
OPUS
OPUS is Chorus One’s universal staking solution that allows institutions to stake quickly across multiple chains and earn high rewards while having complete control over their assets. It is aimed at expediting institutions' staking activities, streamlining the staking process, and enabling them to enjoy the benefits of higher rewards, increased efficiency, reduced costs, and unparalleled flexibility.
Key Benefits of using OPUS
“Fordefi's cutting-edge DeFi-focused wallet empowers institutions to stake with unparalleled confidence, fortified by advanced layers of security. Together, we’re committed to making staking accessible for a broader audience.” - Felix Lutsch, Chief Commercial Officer, Chorus One
“Chorus One’s expertise in the industry offers a new level of staking excellence for our institutional customers. We’re thrilled to empower our users with seamless access to staking and unrivaled opportunities in DeFi. ” - Josh Schwartz, CEO and Cofounder, Fordefi
About Fordefi
Fordefi’s MPC wallet platform and web3 gateway enables institutions to seamlessly connect to dApps across networks, while keeping digital assets secure. Fordefi is the first institutional wallet and security platform purpose-built for DeFi. Fordefi was founded in 2021 by crypto custody and cybersecurity experts, and designed in close collaboration with crypto industry-leading trading firms, funds and custodians. Fordefi’s mission is to enable institutions to securely hold digital assets and safely transact in decentralized finance.
About Chorus One
Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 40+ 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’re proud to announce our partnership with Ledger, the global security platform for digital assets and NFTs.
Ledger has extended its compatibility with the Cosmos ecosystem, and Chorus One will be supporting this integration by providing our validator services, allowing over a million Ledger Live users to leverage the bolstering Cosmos ecosystem. Going forth, Ledger Live users will be able to stake numerous Cosmos tokens, including Onomy (NOM), Quicksilver (QCK), Persistence (XPRT) and more through nodes operated by Chorus One.
This collaboration with Ledger Live aligns with our mission to provide seamless and secure staking services while empowering individuals with financial sovereignty.
“We are thrilled to partner with Chorus One, a trusted leader in the Cosmos ecosystem. Their deep expertise in the space makes them an invaluable partner for any entity looking to integrate staking operations into their product lines. With their extensive knowledge and experience in various Cosmos networks, we are confident in their ability to provide our users a secure and reliable staking solution. Through this collaboration, we are excited to empower our users with full control over their assets and the ability to seamlessly stake across multiple chains.” - Charles Guillemet, Chief Technology Officer, Ledger
Staking your Cosmos tokens through Ledger Live app offers you the opportunity to earn competitive staking rewards while keeping your assets secure via self-custody. By choosing to stake through Ledger, you can enjoy multiple benefits, including:
Chorus One and the Cosmos Ecosystem
Chorus One has been a major driving force behind the growth of the Cosmos ecosystem, having made substantial contributions to it. We are deeply committed to projects that we strongly believe in and have invested and acted as a steward for a variety of Cosmos networks, including Quicksilver, Onomy, Axelar, and many others. With our extensive experience and in-depth understanding of the unique requirements of each network, we have honed our expertise in the interchain.
Currently, our research team is working on a comprehensive report that delves into the implications of MEV on dYdX v4 and aims to provide clarity into how MEV is likely to impact trading flow and execution ahead of the migration, enabling validators to make more informed decisions. To learn more about the report, visit: https://www.dydxgrants.com/grantees/chorus-one
To underscore our unwavering commitment to the Cosmos ecosystem, we released a comprehensive governance report last year, which shed light on validator participation, voting trends, and controversial proposals within the interchain. You can find the report at https://chorus.one/reports-research/governance-in-cosmos.
Furthermore, our team is deeply involved in the Cosmos community. Brian Crain, our CEO, serves on the board of the InterChain Foundation, and our Chief Investment Officer, Xavier Meegan, actively participates in the ATOM Accelerator DAO.
"Bringing non-custodial staking on Cosmos networks to millions of Ledger users is a significant milestone for Chorus One and the Cosmos ecosystem, and we are excited to continue our mission of providing seamless and secure staking services that align with Ledger’s values of empowering individuals with financial sovereignty. We believe that this collaboration will enable many more individuals to leverage the benefits of the burgeoning Cosmos ecosystem, and look forward to working closely with Ledger to make this a reality." - Brian Fabian Crain, Chief Executive Officer, Chorus One
Watch our webinar with The Block!
Last week, we collaborated with The Block to present a webinar featuring our Chief Commercial Officer, Felix Lutsch, alongside Lila Garcia from Ledger Enterprise and Boaz Avital from Anchorage Digital. Together, they engaged in an insightful discussion on the future of staking, covering significant topics circumferencing institutional staking, including regulatory developments, risk management, and staking infrastructure.
To watch the recorded webinar, please follow this link: https://youtu.be/AoMR3UyM7Eg
Lido has been at the forefront of Ethereum staking, offering a secure and efficient platform for users to stake their ETH and earn rewards. With the Lido V2 mainnet upgrade, the protocol takes a major step forward, addressing key challenges and paving the way for a more robust and decentralized ecosystem.
We’ve distilled everything you need to know about the upgrade - and why it’s so significant in the ETH staking ecosystem.
Lido V2 brings two vital components to the Lido protocol: withdrawals and the staking router.
Benefits
Impact on Ethereum Staking
The Lido V2 upgrade positively impacts the Ethereum staking landscape:
Following the successful on-chain vote and the launch of Lido V2 on the Ethereum mainnet, the market responded with enthusiasm. Following the announcement, the Lido DAO token (LDO) experienced a 10% price rally , reflecting the market's recognition of the significance of the upgrade and its potential impact on Ethereum staking.
Lido’s V2 mainnet marks a significant milestone for the Lido protocol and Ethereum staking as a whole. With the introduction of in-protocol ETH withdrawals and the innovative staking router, it empowers users, promotes decentralization, and strengthens the overall Ethereum ecosystem. As institutional interest in staking continues to grow, Lido's advancements align perfectly with this trend.
For more insights on the exponential growth of institutional interest in staking and Ethereum, check out our recent blog: https://chorus.one/articles/beyond-shapella-a-look-at-the-growing-appeal-of-eth-staking
You can now stake ETH with a few simple clicks using OPUS, Chorus One’s bespoke staking solution. Choose the amount you’d like to stake, earn rewards, and retain full control over your nodes throughout the entire process. Read more about all the features OPUS offers here, and to get a free demo visit: https://chorus.one/institutional-staking
About Chorus One
Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 40+ 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.
