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.
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.
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.
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.
Proto-danksharding allows these rollups to employ data blobs for posting grouped transactions more affordably, greatly decreasing operational expenses and enhancing scalability.
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.
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.
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.
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.
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.
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.
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.
6. Once you have confirmed the EigenPod creation on your wallet, you will see the following screen:
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.
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.
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!
To get started restaking, please visit the:
EigenLayer dApp at https://app.eigenlayer.xyz/
OPUS ‘Dedicated’ at https://opus.chorus.one/
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!
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'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!
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.
Chorus One makes the staking and restaking process straightforward and efficient.
Here’s how it works:
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.
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’ to get started.
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.
(Source: Dune Analytics)
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.
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!
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.
Summary
A technical in-depth guide of our OPUS Pool to demystify pooled staking with Stakewise and restaking osETH on Eigenlayer with Chorus One.In a nutshell, the steps are as follows:
These simple steps will get you ready to participate in the restaking ecosystem. If you’re interested in reading more about what happens in each step, below we will unravel what happens under the hood.
Go to Opus Pool, connect your wallet and deposit some ETH into our Stakewise vault. Traditional staking usually requires a staker to deposit 32ETH to spin up a validator on Ethereum in order to start earning rewards. Our 1-click staking experience enables users to stake any amount, powered by Stakewise. Stakewise v3 offers a permissionless, non-custodial pooled staking solution enabling any node operator to create a “vault”. A vault is essentially an isolated staking pool managed by the node operator and providing an automated process for ETH deposits, reward distribution, and withdrawals. You can learn more about Stakewise in our extensive guide here.
Under the hood: On a more technical level, when you stake into our Stakewise Pool, the flow works as follows:
A user deposits ETH into our MAX-MeV Stakewise vault. Once enough ETH has accrued (32 ETH), we can deposit a new validator in our vault. This is done by running an additional piece of software, stakewise v3-operator, alongside our usual Ethereum validator infrastructure, which listens to Deposit events and initiates the validator registration process. This architecture offers some very unique features. For one, the permissionless onboarding. Stakewise makes it possible to create your own vault with customized experiences, such as a private vault- only allowing stake from whitelisted addresses, a public vault- allowing stake from everyone, MEV smoothing and many more. Secondly, the ability to initiate a forced-exit by the Stakewise DAO. The Ethereum protocol requires validator exit messages to be signed with the validator signing key (the key held by the node operator required to operate the validator for signing blocks and attestations).
This means that, until EIP-7002 is implemented to support signing exit messages with withdrawal credentials (the key the staker holds to withdraw their funds), users depend on the node operators to exit validators on their behalf. To remediate this potential attack vector in a fully permissionless environment, there are certain steps a node operator must go through when registering a new validator. They submit shards of their signing keys to all Oracles through a process known as Shamir-secret sharing, a secret sharing algorithm which enables trustless and secure sharing of distributed, private information. Moreover, the pre-signed exit transaction messages are sent to the oracles in an encrypted manner. This allows the DAO to exit a validator on their behalf, should a node operator go rogue. Once oracles have approved registration, the operator sends the validator registration transaction to the so-called Keeper contract- essentially the brain in the architecture- which executes the deposit on-chain. EIP-7002 is still in its design phase, but it will open up new solutions to remove the need for Oracles by enabling the execution layer to trigger validator exits under certain conditions.
After a successful validator registration process, we’re ready to run a validator and collect rewards in our vault. Similarly to other liquid staking protocols, Stakewise relies on several oracles to fetch rewards from the Beacon Chain. Since The Merge, Ethereum’s architecture consists of the Consensus Layer (“Beacon Chain” which contains the consensus state and validator management) and the Execution Layer (“the EVM” which handles execution payloads, maintains a mempool of transactions). While combining both layers facilitated an easy transition to a Proof-of-Stake chain, it left the communication between both layers via Engine API somewhat limited- the Consensus Layer can query the Execution layer, but not the other way round. Essentially this means there’s no trustless way for the EVM to connect to the Beacon Chain to e.g. fetch validator rewards data. As a workaround, Stakewise employs trusted Oracles which regularly fetch rewards data from the Beacon Chain and vote for the rewards/penalties from all vaults. The vault rewards are saved as a Merkle tree and uploaded to IPFS, e.g see this example. The Merkle root is saved in the Keepers contract, again, the brain of our architecture. If you’re not familiar with Merkle trees, proofs and roots, they are one of the founding blocks of how Ethereum works, here’s a recommended read.
Essentially, it’s a data structure that helps us verify data consistency and make efficient proofs of inclusion (Merkle-proofs) to verify a piece of data is in the tree. More concretely, since the Merkle root is stored in the Keepers contract, it’s easy to verify that the stored Merkle tree hasn’t been tampered with.
To keep a vault’s state up to date, the Keeper contract needs to be “harvested”, meaning that the vault can fetch the Merkle root from the Keeper and derive validators rewards/penalties to update its state. If the state isn’t updated in a specified timeframe, any user interaction will be blocked.
With EIP-4788, which is implemented in the upcoming Dencun Upgrade (currently being rolled out to all testnets), the parent (previous) beacon block root will be included directly into the execution block enabling the EVM to access the block root from a trusted source, and thus removing the need for an Oracle and instead, enshrining it in the protocol. The way it will work is similar to the implemented workaround- the parent beacon block root represents the hash of the entire header of the previous block. A smart contract deployed on Ethereum will hold a limited number of parent beacon block roots, such that the execution layer can derive the consensus state in a trustless manner.
With this foundational knowledge in mind, let’s look at a specific example transaction of someone depositing 0.01 ETH into our Stakewise vault:
You can see the address which deposited 0xe46825... calls the deposit function on the Chorus One vault address 0xe6d8d8… . As we mentioned in the previous section, the v3-operator listens to DepositEvents emitted. Looking at the event logs, we get a good glimpse into what happens when you deposit into a vault:
The address is recorded along with the amount of your stake (assets), resulting in a number of “shares”which are calculated as follows: assets * total shares in vault / total assets in vault, see contract code for reference. The calculated shares will be the indicator how much of the rewards accrued by the Ethereum validator will be paid out to the staking address.
Once you’ve deposited successfully in our Stakewise vault, you can go ahead and mint your osETH in 1-click. The minted osETH should be visible in your wallet after the transaction was successful. If it’s not visible, you may need to add the token manually, e.g. for MetaMask see this resource.
Under the hood: As mentioned above, Stakewise offers a liquid staking token called osETH to provide liquidity to its stakers. This is a fantastic improvement on the staking experience, because you get a representation of your staked ETH which you can use to earn additional yield in the DeFi world. During vault setup, a node operator may choose to configure a vault that allows to mint an ERC20 token or whether the vault is tokenless. The issued liquid staking token- osETH- is overcollateralized, meaning the underlying assets in the vault are worth more than the osETH issued in order to cover potential losses from slashing. The biggest risk for staking is the risk of getting slashed, e.g due to double signing, which could result in losing part of the stake. Slashing is usually the consequence of bad key management practices that optimise for speed rather than consistency. It’s therefore important for node operators to apply sound security and key management practices, in order to minimize the risk.
One interesting feature of osETH is that it has a built-in slashing protection mechanism for its stakers. During the minting process you might have noticed that you can only mint up to 90% of the staked ETH. The excess backing insures stakers against poor staking performance or slashing events. Such penalties are absorbed by the excess backing.
To keep track of this, Stakewise defines a certain parameter known as “position health” which monitors the value of osETH minted relative to the value of their ETH currently staked in the Vault (see in screenshot above). The value can be Healthy/Moderate/Risky/Unhealthy. A “Healthy” position means that minted osETH doesn’t exceed 90% of the staked ETH. If the value of minted osETH grows faster and suddenly exceeds 92% of the staked ETH in the vault, the position status will move to “Unhealthy”. Let’s look at a concrete example: Imagine a user minted osETH against a staked position worth 100 ETH in Vault X. Suddenly, Vault X decided to increase its fees much higher than other vaults. During an incident, the node operator was forced to migrate their keys and started producing inconsistent attestations and downtime causing inactivity leaks all resulting in penalties and lower profit accrued in the vault. On top of that the bull market hits and demand for Ethereum validator exceeds current supply making the validator activation queue extremely long, but still growing overall TVL. A month later the minted osETH is now worth 92.01 ETH, making the user's position status "Unhealthy" and opening up for liquidation because the value of minted osETH relative to their ETH stake exceeds the liquidation threshold, i.e. is >92% enabling the DAO to liquidate a vault (if you remember, they have the ability to exit validators on a node operator's behalf), in order to ensure the excess backing of osETH.
The final step in our OPUS Pool journey let’s you restake your freshly minted osETH and other liquid staking tokens with EigenLayer.
Now what’s Eigenlayer and why will it bring more yield? To sum it up: “Restaking offers stakers the flexibility to contribute to the security of multiple networks, potentially earning rewards, verifying trust, or engaging in blockchain events. Users that stake $ETH can opt-in to EigenLayer smart contracts to restake their $ETH and extend cryptoeconomic security to additional applications on the network”. To read more about how it works, head to our blog article on Eigenlayer.
Under the hood: As of the time of writing, no AVS are live on mainnet yet. Until the EigenLayer protocol goes live with EigenDA (AVS developed by the EigenLayer team), restakers will receive restaked points as a measure of the user’s contribution to the pooled security, while securing the opportunity to be rewarded as an early restaker. Once AVSs go live, you will be able to delegate to Chorus One and receive rewards from your restaked ETH or Liquid Staking Tokens. This graph below shows what will happen once we enter this Stage:
The (re-)staker deposits their osETH (or other Liquid Staking Tokens) into the EigenLayer StrategyManager contract, which is responsible for accounting and allowing restakers to deposit LSTs into the given strategy contract. When users deposit into the StrategyManager, the funds are transferred to the respective LST’s StrategyBaseTVLLimits contract e.g. osETH or stETH, which returns shares proportionally to the users stake. The number of shares is calculated using an internal exchange rate which depends on the total number of deposits.
Here’s an example transaction of a user depositing osETH into the StrategyManager via our OPUS Pool. The event logs show the address where the funds were deposited from (depositor), the address of the token contract (in this case osETH token contract), and the address of the strategy contract (the address of the osETH strategyBaseTvlLimits contract).
Once the AVSs go live on mainnet, restakers will be able to delegate their LSTs to Chorus One. This is done by calling a function on the DelegationManager which manages delegation and undelegation of the stakers to operators. As of now, this functionality is paused, so stay tuned for the next EigenLayer mainnet upgrade and don’t miss your chance to delegate your restaked tokens to your favourite node operator.
A step-by-step guide to staking ETH on OPUS Pool
Restake with EigenLayer Seamlessly via Chorus One's OPUS Pool: A Detailed Guide
Learn more about Adagio, Chorus One’s pioneering Ethereum MEV-Boost client
MEV Max - Introducing Chorus One’s Liquid Staking Pool on Stakewise V3
Considerations on the Future of Ethereum Staking
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.
