Today, we are excited to announce that we are airdropping 3600 NFTs to all of our Solana delegators that stake more than 0.1 SOL with us. We have teamed up with CoherenceNFT to work on Chorus One’s first-ever venture into NFTs. Solana addresses that are eligible for the airdrop can be found here. We took a snapshot of all delegators that stake more than 0.1 SOL with us on 08-Dec-2021 at 10:58:37 AM UTC.
To the best of our knowledge, ‘Reaction’ is the first-ever large-scale validator NFT drop. We thought surprising our Solana delegators with a gift in the form of NFTs would be the perfect start to the new year.
We decided to drop Chorus One NFTs to reward different clusters of delegators that have chosen to stake with us since the inception of Solana Mainnet-Beta. These NFTs will be used to give their holders an on-chain identity. In 2022, we will use these identities to personalise our validator services via a variety of reward tiers. We will be giving our delegator community exclusive utility related to Chorus One’s services and beyond. In future, we will have another post outlining how NFT rarities were determined and the impact rarities have on utility.
For those who are reading this and wondering why we’re only rewarding our Solana delegators - don’t worry as our NFT strategy will be multi-chain! We have decided to reward our delegator community on Solana first because it is our most important network that also happens to be the home of a vibrant NFT community. However, we have active plans to reward delegators on other networks with NFTs in the near future as we want to ensure as many of our delegators as possible are rewarded for choosing to stake their assets with us. It is also not too late to stake SOL with us on Solana, as it’s likely that we will continue future NFT drops for our Solana delegators — we want to reward newcomers too!
The drop of ‘Reaction’ is just the beginning of our web3 strategy. We are looking forward to experimenting with web3 and NFTs by making use of on-chain data in ways never done before by a staking provider. For example, we have just announced a collaboration with Portals, a metaverse in the Solana ecosystem. Initiatives like this will play an integral part in supporting our mission to advance the Proof-of-Stake ecosystem by helping to get people interested in securing decentralized networks such as Solana.
Vega is a protocol that lets users create and trade derivative financial products. The goal of Vega is to spawn new markets with innovative financial products created by users. Currently, the creation and consumption of derivatives is limited to very few users in certain markets, but Vega aims to expand the access of these products to underbanked users who would otherwise be excluded from these markets. Vega aims to do this by providing a comprehensive and decentralized financial suite where users can build out these derivatives in permissionless and non-custodial manner.
This brings forward two questions: How do people create markets on Vega? And what sets Vega apart from other blockchain based derivative trading platforms?
To answer the first question, Vega offers a custom made smart product language which provides a simple toolkit with economic primitives for users to create their markets. There is also a risk model that comes with this toolkit that manages and quantifies risk for leveraged trades and markets, this brings financial security to permissionless market creation. Stakers of Vega will have to approve every market that goes out through governance before it is launched.
Apart from straightforward market creation, Vega sets itself apart by having a wide range of collateral assets from all major blockchain ecosystems; and having innovative liquidity incentives for market creation. For every market created, there has to be market makers providing liquidity. Vega has a dynamic model for fees on each market based on the amount of liquidity of the market, thus incentivizing market makers to provide liquidity to under-provided markets.
Validating Rights: The weight of validators is determined by the amount of staking tokens (VEGA) bonded as collateral. There is a reward cap in place that lowers rewards for validators controlling more than 20% of the network’s stake.
Reward Rate: Rewards from staking VEGA will vary depending on the amount of VEGA tokens distributed as rewards and total amount of tokens that are staked at a given time.
Chorus Commission: 11.7% (initial network-wide Vega commission)
Withdrawal Delay: After withdrawing, your staked funds will only become accessible in the following epoch (targeted to be 24h on Vega). When starting to stake, your stake will become active in the upcoming epoch, i.e. up to 24h after your transaction went through.
Slashing: In the immediate term, there are no plans to implement slashing on Vega.
Re-Staking: Rewards in VEGA are being distributed every 3 epochs (days). You will need to re-stake rewards with some frequency if you want to make use of compounding returns.
Vega Explorer:
https://token.vega.xyz/staking
Vega Restricted Mainnet Announcement: https://blog.vega.xyz/what-to-expect-from-restricted-mainnet-616086d9fdaf
Vega Staking Guide:
https://blog.vega.xyz/staking-on-vega-17f22113e3df
‘Akash’ translating to sky/open space in Sanskrit is just that: a decentralized, open source, cloud platform that aims to challenge the oligopoly of Microsoft Azure, AWS and Google Cloud Platform (GCP) in the $286 billion cloud computing market. It does this by creating a marketplace, where cloud providers (providers) can lease their computing power to users (tenants). Akash refers to this marketplace as the ‘Airbnb of server hosting’.
The Akash marketplace functions by conducting reverse auctions wherein the tenant creates orders for computing power, and providers bid on these orders. When the tenant chooses a provider, they create a lease. After this, the user deploys a Docker container on the Akash Container Platform, which is a deployment platform for hosting and managing containers. Here, users can run any cloud native application and access a range of cloud management services like Kubernetes. The Akash token is used as the standard for payment of these leases.
The selling point and what we think makes Akash a serious candidate for disruption in the gargantuan cloud computing industry is its cost. Currently, hosting on Akash costs a third of what it does to do so on AWS, Azure and GCP. The reason for this is that Akash sources their computing power from unutilized capacity of data centres, that would otherwise sit idle. The reverse auction mechanism also helps in lowering prices. This tool compares the current price of the big three to Akash.
If Akash can keep its costs low and gain traction it has the potential to compete with some of the biggest cloud providers and even a small market share gain would mean dramatic usage for the network. Akash also presents an opportunity for Web 3 and 2 applications alike to decentralize a huge point of centralization, which is cloud storage.
Validating Rights: The weight of validators is determined by the amount of staking tokens (AKT) bonded as collateral.
AKT Inflation: 54% at genesis. Inflation rate reduces everyday and halves every 3.75 years.
Reward Rate: Rewards from staking AKT will vary depending on the inflation and total amount of tokens that are staked at a given time. Learn more about the details of staking reward rates for chains built using Cosmos SDK here.
Chorus Commission: 8%
Withdrawal Delay: After withdrawing, your staked funds will only become accessible after the unbonding period (usually 21 days) has passed.
Slashing: You can get slashed (loss funds) in case the validator you are delegated to commits an offense. Make sure to do due diligence to minimize this risk.
Re-Staking: You need to withdraw rewards and re-stake them with some frequency if you want to make use of compounding returns.
Today we are pleased to announce our new Delegator Protection Pool (DPP), a pool that holds $250,000 at the start of each quarter to reimburse any losses that delegators might endure as a result of Chorus One’s operations in the forthcoming quarter. We have decided to introduce our DPP to minimise the inconveniences of reward-monitoring for our delegators by assuring more optimal and reliable staking rewards for them in pursuit of enhancing their staking journey.
The Delegator Protection Pool will be activated immediately and is available for any user who has delegated assets to any of Chorus One’s nodes. The Delegator Protection Pool is a pool that holds US $250,000 at the start of every quarter. The Delegator Protection Pool will be used to reimburse delegators if they have missed any staking rewards that could be directly attributed to a disruption in Chorus One’s node operations (e.g. downtime, double-signing or other network-imposed penalties). For the Delegator Protection Pool to trigger, the sum of staking rewards missed out on by all delegators on a network per incident must be greater than US $25,000. The Delegator Protection Pool will reset to US $250,000 on the first day of every quarter. For example, if $100,000 is used to reimburse delegators in Q3 2021, the pool would have decreased to $150,000. On October 1st 2021, the first day of Q4 in this example, the Delegator Protection Pool would reset to the maximum US $250,000, which would be then used to cover delegators for any incidents that might occur in that quarter (Q4). Delegators will be able to find out details about any Chorus One operational incident that has triggered the Delegator Protection Pool in a fully transparent sheet that will be continuously updated and shared with the community. The sheet will include a list of addresses that have been impacted by an arbitrary incident and show the amount of funds each address can expect to be reimbursed that would have otherwise been missed out on by affected delegators. Delegators can expect to receive reimbursement if they qualify for it within 7 days of an incident occurring and will be paid back in the native token of the network in which the incident occurred.
We have created our Delegation Protection Pool because we want to minimise inconveniences for delegators. Delegators should be able to receive reliable rewards without having to police their validator’s performance. Delegators deserve to receive straightforward, reliable rewards for securing networks of their choosing. The networks that our infrastructure secures are complex. It is our responsibility to understand complex decentralised networks and ensure our delegators receive the maximum amount of rewards they should earn for securing a given network. We value our delegator’s time and understand that delegators do not want to constantly monitor their validator’s performance. We take full ownership of our performance and want to relay assurance of our performance onto delegators to guarantee them of their staking rewards. Staking rewards on a given network can be volatile due to a number of parameters that affect the variable rate of rewards. Validator performance on a network can also impact delegator reward volatility. Our Delegator Protection Pool aims to eliminate the validator performance reward volatility to give our delegators optimal and reliable rewards. In doing so, we aim to improve our provision of staking services by saving our delegators time that otherwise might have been spent inconveniently monitoring our validator’s performance.
We place a high importance on providing the best staking service possible for our delegators via 24/7 support, accountability, transparency and community. Our Delegator Protection Pool is a welcome addition to our already considerable list of customer service offerings. Other such customer service offerings include technical staff being available 24/7 to respond quickly to any delegator support tickets and an active Chorus One community on Telegram that anyone can join to discuss important network updates and upgrades. Transparency is also a core value for Chorus One. In a world where it is quite often difficult to understand how validator operations might impact delegator staking rewards, we are making it our duty to fully communicate whenever our operations have caused our delegators to miss out on staking rewards. No business is perfect and sometimes operational mishaps can occur due to unforeseen circumstances. We are accountable to our delegators who have entrusted us with their assets. We will have an announcement for every operational incident that we endure, which affects delegator rewards that describes exact details of the incident including what happened, what the penalty was, which delegator addresses were affected and what we will do to avoid the penalty again.
We value our community of delegators that choose to stake with Chorus One and we are constantly thinking of ways to improve our staking service and experience. The introduction of our Delegator Protection Pool aspires to give our delegators peace of mind that they will earn the full staking rewards they deserve without the hassle of having to monitor our validator’s performance. You don’t need to delegate assets to our nodes to get involved in the Chorus One community. We encourage anyone to join our Telegram or follow us on social media to share their thoughts about Chorus One’s activities or events happening on other decentralised networks.
Chorus One provides staking and interoperability solutions on over 45 decentralized networks.
Website: https://chorus.one
Twitter: https://twitter.com/chorusone
Telegram: https://t.me/chorusone
Newsletter: https://substack.chorusone.com
