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Note: Please be aware that although staked ETH deposits into EigenLayer are currently accepted and can be withdrawn at any time, rewards can only be redeemed after the launch of EigenLayer’s Mainnet and once the Activated Validator Services (AVSs) utilizing EigenLayer's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.
After what might have been the most anticipated launch so far, we're thrilled to be part of the continued innovation of blockchain technology by championing Dymension, as they work to pioneer the 'Internet of RollApps' with their unique modular features. Chorus One runs a public validator node and has also invested in Dymension through Chorus Ventures.
Dymension makes it easy for anyone to create and deploy their own blockchain, while providing its users the infrastructure and flexibility to scale and compete with other modern-day blockchain implementations.
In this guide, we'll cover what Dymension is and how it's pushing the boundaries of blockchain capabilities.
Unlike traditional blockchains that integrate data availability, consensus, settlement, and execution into a single layer, Dymension adopts a modular approach. This innovative method allows delegating one or more of these components to external chains, significantly enhancing performance, scalability, and efficiency.
Dymension aims to improve upon the current reliance on shared bandwidth systems used by many popular blockchains by using a multi-layer blockchain protocol. Consisting of a network of modular blockchains, known as "RollApps", these blockchains are powered by the Dymension Hub which is responsible for both consensus and settlement.
While initially the Dymension team will oversee RollApp approvals, the network aims to evolve into a permissionless ecosystem with the ultimate goal of serving as a decentralization router that connects RollApps to the crypto economy. In the long run, this will allow Dymension to be a "Internet Service Provider" for crypto and blockchain technologies.
To further detail its architecture, Dymension utilizes the Cosmos SDK for interoperability across blockchains, enabling RollApps to efficiently communicate and transact. The use of Tendermint Core for consensus ensures high security and fast transactions across the network. This technical foundation allows Dymension to support a wide range of applications, from finance to gaming, by providing developers with the tools to create highly scalable and customizable solutions.
As Dymension evolves, its architecture is designed to support a growing ecosystem of decentralized applications, ultimately facilitating a seamless connection between users and blockchain services on a global scale.
Dymension's unique proposition lies in its sophisticated modular architecture, designed to decentralize and optimize the components of blockchain functionality. By enabling external chains to handle aspects like data availability, consensus, and execution separately, it aims to not only significantly boost performance but also provide improved scalability and efficiency for all.
Here's how the Dymension team explains the ecosystem:
Dymension is similar to a full-stack web application where users interact with RollApps (front-end), Dymension (back-end) acts as the coordinator for the ecosystem, and the data availability networks (database) provide a place to publicize data.
Using the Cosmos SDK, Dymension incorporates a staking mechanism that enables participants to stake or unstake tokens with validators. This feature is central to maintaining the security and integrity of the network, allowing stakeholders to contribute to the ecosystem actively.
To kick off Genesis Rolldrop Season 1, Dymension is working to incentivize its users and builders by providing a significant allocation of tokens to pay tribute to three verticals within crypto, culture, money, and tech.
The tokenomics ($DYM) as of Feb 6th is as follows:
Total Supply: 1,000,000,000
Chorus One Valoper address: dymvaloper1ema6flggqeakw3795cawttxfjspa48l4x0e2mh
The Inter-Blockchain Communication Protocol is an important aspect of Dymension. IBC is a battle-tested bridging protocol that allows secure communication between different chains. RollApps connect to the IBC economy via Dymension Hub, similar to how a server connects to the internet via an internet service provider.
Dymension is working to reduce the reliance on centralized and commonly used multi-sig bridges prevalent in Ethereum and L2 ecosystems with IBC-connected rollups. By utilizing IBC for rollups, Dymension validates that all funds deposited into a RollApp are as secure as the Dymension Hub itself.
We firmly believe Dymension stands at the forefront of the next generation of blockchain technology, with its modular architecture promising to improve upon scalability and efficiency challenges faced by traditional blockchains. As supporters and collaborators, we continue to advise the team to best position themselves for a successful mainnet launch and beyond.
We are excited about the potential of Dymension to revolutionize the blockchain ecosystem, reinforcing our commitment to innovation and the growth of blockchain technology.
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.
