The rise of TON (The Open Network) has been spectacular, driven by its seamless integration with Telegram and remarkable price performance, reaching new all-time highs in June 2024. Its native token, Toncoin ($TON), has achieved a market cap of $17 billion and a total value locked (TVL) of over 660 million at the time of writing.
This year, the network has gained tremendous traction, becoming the preferred solution for Web3 integration with Telegram, which reportedly has over 900 million users worldwide.
Key developments fueling TON's rapid adoption include the global launch of TON Space, a self-hosted digital wallet (Telegram Wallet), a strategic partnership with Tencent to create a ‘Super App Eco-platform,’ and the launch of native stablecoin payments. Major investors like Pantera Capital have also highlighted TON’s scalability and extensive user base, comparing its potential to that of Solana or Ethereum and claiming TON as one of the most exciting and unique blockchains in existence today.
Below, we explore some of the most unique innovations within the TON ecosystem. 👇
The Telegram Wallet, introduced in the fall of 2023, is a versatile tool for managing digital currencies directly within the Telegram messaging app. It offers both custodial and non-custodial options, giving users the flexibility to choose between having Telegram manage their keys or maintaining full control themselves.
TON Space, a novel feature within the Telegram Wallet, serves as its non-custodial component. It allows users to store, send, receive, and exchange various cryptocurrencies, including Toncoin, Bitcoin, and stablecoins, all within the app. Users can back up their wallets using Telegram and their email, eliminating the need to remember a seed phrase. Additionally, users can track their portfolio in real-time and receive transaction notifications.
Why this matters:
The key advantage of TON Space is its seamless integration with Telegram, providing easy access to funds, quick transactions with contacts, as well as enhanced security and flexibility for experienced users. Its integration with Telegram bots and services allows for efficient market updates, trading actions, and service payments, all in one place.
TON Space simplifies digital asset management, making it accessible to a broader audience while offering advanced features for experienced users. By combining the convenience of a messaging app with the functionality of a comprehensive wallet, TON Space aims to drive mass adoption of cryptocurrency, potentially increasing the user base to 500 million by 2028.
To understand how to choose the right wallet for your TON assets here, visit: https://www.coingecko.com/learn/top-ton-wallets-jettons-crypto
TON capitalizes on the messaging app's extensive user base to create a network capable of supporting a wide range of applications. Its ecosystem comprises the TON Blockchain, TON Storage, TON DNS, and TON Services, all designed to work seamlessly together.
At the core of TON is its blockchain, built for high performance and scalability. Its dynamic sharding mechanism enables the network to process millions of transactions per second, scaling efficiently as the user base expands.
Dynamic sharding is TON's key feature for achieving high scalability. The ability to shard into individual chains (work chains and shard chains) allows TON to "distribute" transactions, effectively removing the bottleneck of processing transactions on a single blockchain. Learn more about how TON’s dynamic sharding works here.
Why this Matters:
TON’s multifaceted services extend beyond traditional blockchain functionality, aiming to establish a foundational Web3 platform. By integrating various decentralized services within a single ecosystem, TON provides the infrastructure necessary for a decentralized internet, positioning itself as a significant player in the evolution of digital infrastructure. Additionally, TON’s highly scalable blockchain offers an ideal platform for developers looking to deploy applications for a large audience without compromising on speed or security.
Over 360 million users engage monthly with Telegram's “Mini Apps,” including chatbots and mini-games which are easily accessible via the TON Space. These TON-based applications leverage TON’s innovative support for payment channel technology (or Lightning Network) designed for fast off-chain transactions, efficiently handling microtransactions and high-frequency trading.
Why this Matters:
TON’s native support for off-chain scaling and the lightning network design addresses the scalability trilemma more effectively than bolt-on solutions. It allows the blockchain to handle high-frequency, low-value transactions, which are essential for the mainstream adoption of blockchain technology.
Currently, there are over 300 projects on TON, with most building mini-apps accessible via the Telegram Apps Center. Earlier this year, memecoin trading tools like BonkBot leveraging this technology generated millions of dollars in revenue through Telegram’s interface. TON-based applications such as StormTrade now enable users to trade perpetuals, cryptocurrencies, stocks, and equities using the same platform. With StormTrade facilitating over $10 million in daily trading volume, similar TON-native Telegram bots are poised to become the preferred user experience for many traders.
On April 19th, 2024, Tether announced the deployment of a stablecoin, USDt, on the TON blockchain and in Wallet in Telegram. This development represents a significant advancement for the industry, allowing hundreds of millions of users to seamlessly send and receive stablecoins through the Telegram platform, making payments as easy as using Venmo or Apple Cash.
Additionally, as part of the TON network’s scalability plan, straight from Telegram Wallet, users can transfer USDt to i) contacts or other Telegram users; and ii) their own or others’ addresses in the TON blockchain for a very low fee (currently ~0.005 TON), making it a very convenient and competitive platform for small businesses and services.
Why this Matters:
For the TON community, integrating USDt into Wallet in Telegram significantly improves the transaction experience. Users benefit from free transfers within Telegram and only pay network fees when transacting on-chain, using TON space or other self-custodial wallets. USDt on TON also provides an accessible entry point for newcomers to cryptocurrencies, combining the advantages of digital currencies with the stability of traditional fiat currencies.
In fact, the supply of USDT stablecoin on the TON network crossed 500 million after two months of rollout, reflecting a high demand for this use-case.
Even when transacting on-chain, the TON blockchain is relatively cheap. Employing a gas based model, simple transactions’ fee currently averages 0.005 TON, or $0.04 at the time of writing when $TON was priced at $8. At this level, TON positions itself as a potential competitor to Solana - although TON’s scalability has not yet been tested as extensively.
Inflation rate in the protocol is 0.5% per year - considerably small compared to other blockchains. To compensate for that, all network participants are rewarded from both transaction fees and block rewards. As a consequence, users are incentivized to stake their TONcoin to secure the network and directly benefit from network adoption. The biggest advantage lies in keeping assets staked on-chain rather than with external parties offering a fixed APY, e.g. centralized exchanges. As part of a deflationary mechanism, 50% of all TONcoin collected in fees is burnt.
TON relies on the DPoS consensus mechanism with a set of validators who propose and validate new blocks. The validator set is determined by the Elector governance smart contract, which allocates new rounds based on each validator's weight, represented by the amount of tokens delegated to them.
Staking is one of the safest and most predictable ways to earn rewards in the crypto space, as the value originates from the blockchain’s native currency inflation, making it forecastable.
By staking your TON, you help secure the network and earn rewards. Chorus One is the leading enterprise-grade staking platform, enabling institutional customers to stake TON and integrate TON staking functionality into their offerings. We are ready to closely collaborate and contribute to the success of the TON ecosystem, and provide the best staking experience possible.
Reach out to us if you are an institution looking to stake TON with Chorus One.
About Chorus One
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 are a team of over 50 passionate individuals spread throughout the globe who believe in the transformative power of blockchain technology.
Restaking Summer has arrived.
The staking revolution on Ethereum and other proof-of-stake blockchains has been one of the biggest developments in crypto over the past few years. First came staking pools and services that allowed users to earn rewards by contributing their crypto assets to help secure these networks. Then liquid staking derivatives like stETH unlocked composability and liquidity - holders could put their staked assets to work earning yield in DeFi while still earning staking rewards.
The first half of 2024 has seen the rise of restaking - protocols that allow staked assets like stETH, wETH, osETH and more to be recursively staked to earn compounding rewards. EigenLayer took restaking mainstream, locking nearly $20B in TVL (at the time of writing) as users flocked to maximize their yields. But restaking has been limited to a single asset like ETH so far.
Now, a new protocol called Symbiotic is aiming to push restaking into its next phase - a permissionless, asset-agnostic restaking layer for all of crypto.
Symbiotic is a generalized shared security protocol that serves as a thin coordination layer. It empowers network builders to source operators and scale economic security for their decentralized network.
At its core, Symbiotic separates the concepts of staking capital ("collateral") and validator infrastructure. This allows networks to tap into pools of staked assets as economic bandwidth, while giving stakeholders full flexibility in delegating to the operators of their choice.
The Symbiotic protocol has a modular design with five core components that work together to provide a flexible and efficient ecosystem for decentralized networks.
Symbiotic leverages a flexible model with specific characteristics that offer distinct advantages to each stakeholder:
For Operators:
For Restakers:
For Networks:
The protocol opened for deposits on June 11th, and it was met with much fanfare and demand: within a mere 5 hours of going live, a whopping 41,000 staked wETH had already been deposited into the protocol - smashing through the initial cap! New crypto assets and higher caps will be added as the protocol onboards more networks and operators.
Symbiotic sets itself apart with a permissionless and modular framework, providing enhanced flexibility and control. Key features include:
EigenLayer employs a more managed and centralized strategy, concentrating on utilizing the security provided by ETH stakers to back various decentralized applications (AVSs):
Symbiotic has collaborated extensively with Mellow Protocol, its "native flagship" liquid restaking solution. This partnership empowers node operators and other curators to create their own composable LRTs, allowing them to manage risks by choosing networks that align with their specific requirements, rather than having these decisions imposed by restaking protocols.
Mellow provides the ability for anyone, including hedge funds and node operators, to deploy a Liquid Restaking Token. This will likely lead to a significant increase in the number of LRTs, complicating their integration with DeFi protocols and affecting liquidity. Despite these challenges, Mellow offers several advantages:
We’re proud to share that we have integrated Symbiotic restaking into our staking dApp, OPUS Pool.
OPUS users can now seamlessly tap into Symbiotic's restaking capabilities with just a few clicks on our dApp. When the cap is relifted, simply deposit your assets to start earning Symbiotic points, which can soon be delegated to operators like Chorus One to earn rewards.
Not only is the process incredibly user-friendly, but it's fully secure and censorship-resistant - restaking as it was meant to be.
Start restaking today at: https://opus.chorus.one/pool/restake
Resources:
Symbiotic Website: https://symbiotic.fi/
Docs: https://docs.symbiotic.fi/
Twitter:https://x.com/symbioticfi
About Chorus One
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 are a team of over 50 passionate individuals spread throughout the globe who believe in the transformative power of blockchain technology.
In blockchains, reliability and accessibility are key factors for increased web3 adoption, addressing certain bottlenecks in existing layer-1 protocol implementations. In distributed systems such as blockchain, the process of carrying out a transaction differs from modifying the ledger's state and recording the outcomes.
Aptos is designed in a modular way, which enables quick development and facilitates faster release cycles. Unlike monolithic architectures that require extensive time for editing, auditing, and testing, this modular approach allows changes to be focused on specific modules. This offers a systematic way to expand validators beyond just one machine by granting them access to more computational power, network capabilities, and storage options.
Aptos is a Layer 1 Proof-of-Stake blockchain. It uses Move, a programming language developed from Meta’s Diem and Novi projects. Move is designed for safety and reliability, harnessing the power of Rust, a low-level programming language.
Aptos’ technological stack features many novel models, including the AptosBFTv4 consensus mechanism, the Quorum Store mempool protocol, the Block-STM parallel execution engine, and Move on Aptos. The transaction flow on Aptos is distinctly different from most competing networks, with every step of the process—from broadcasting transactions, ordering block metadata, to consolidating storage—happening concurrently in a modular fashion.
AptosBFT, originally named DiemBFT, is a consensus algorithm developed by Diem’s core blockchain developers, many of whom now contribute to Aptos through Aptos Labs. AptosBFT implements increased throughput and lower latency compared to existing PBFT through a round-by-round consensus and block chaining. AptosBFT v4 enhances transaction processing speed through linear communication and chaining, improving synchronization speed among validators via a 'Pacemaker' and 'Timeout' mechanism.
The Aptos Labs team also introduced Quorum Store, an implementation of Narwhal. Quorum improves consensus throughput by decoupling data dissemination from network consensus. Before Quorum Store, transaction processing involved two major phases: Mempool and Consensus. An intermediate phase, the Quorum phase, was added between them. The Mempool holds potential user transactions, Quorum Store pulls batches of these transactions, broadcasts them, and forms proofs of their availability. Consensus orders these proofs, and execution uses Quorum Store to map them back to the corresponding transaction batches, thereby solving the problem of transaction redundancy efficiently.
DPoS - Delegated Staking: This serves as an expansion of the staking protocol. It involves a delegation pool acting as an intermediary between the stake owner and the validator. This pool can gather stakes from delegators and include them in the native stake pool linked to the validator on their behalf. This system enables various entities to meet the criteria for a validator to join the set by pooling stakes. Delegators have the option to contribute to an inactive pool, but rewards are only earned once it becomes active. The minimum stake is 11 APT, with the option to unstake at any time, but funds are not available until the next validator unlock date. Delegators are paid 8% of the service fees.
Move: Aptos blockchain seamlessly incorporates and utilizes the Move programming language for rapid and reliable transaction processing. The Move Prover, a formal validator for smart contracts written in Move, offers security against common errors, providing builders and developers tools to defend projects against attack vectors like double-spending.
Parallel Execution: Aptos handles transaction processing in parallel without requiring an upfront declaration of user-known dependencies, unlike other blockchains such as Solana and Sui. This approach facilitates more intricate transactions, reducing costs and latency for end users.
Transaction Flow: Aptos maximizes throughput and reduces complexity in transaction processing by dividing it into three stages: pipelining, batching, and parallel execution. These stages can be parallelized, enabling novel modes of validator-client interaction and enhancing development timelines by treating each phase as a separate entity. Transactions are organized into batches by each validator, merged into blocks through a consensus mechanism.
The native token of the Aptos ecosystem (APT token) serves multiple purposes:
As of October 2022, the total token supply of APT is 1 billion tokens, with a circulating supply of 130,000,000.
The Aptos ecosystem is growing thanks to continued efforts to improve UX through safety and performance.
Decentralized Finance (DeFi): Several DeFi projects are building DEX Aggregator, DeFi HyperApp, Liquidity engine, and perpetual DEX on Aptos.
Improved User Experience (UX): Platforms are building tools and products to simplify the process of building scalable applications on Aptos.
On-chain Gaming: Platforms are using Aptos SDK to build multi-platform applications by bringing decentralization to Unity developers.
Aptos is also facilitating interoperability by launching bridges like Wormhole on Aptos that allow native Ethereum and Solana users to move into the Aptos ecosystem.
Technical Improvements: Contributors to the Aptos protocol are committed to making the network more scalable, performant, and robust. The team at Aptos Labs developed a solution for deep testing called Previewnet that replicates what Aptos mainnet will look like in the coming months.
The team also unlocked a new record of >30k TPS (Transaction per seconds) in the Previewnet. Aptos is striving to expand scalability even more, aiming for >100k TPS as their next goal on the path to surpassing 1 million TPS. This bold target is in line with Aptos' goal of building a platform that can cater to billions of users, paving the way for widespread adoption of Web3 technologies.
Ecosystem Partnerships: Aptos collaborates with industry leaders like Google Cloud, Microsoft, and MoonPay, indicating potential for future growth and adoption.
Website: https://aptoslabs.com/
Developer Documentation: https://aptos.dev/
Twitter: https://twitter.com/Aptos
Telegram: https://github.com/aptos-labs
Github: https://github.com/aptos-labs
Discord: https://discord.gg/aptosnetwork
About Chorus One
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 are a team of over 50 passionate individuals spread throughout the globe who believe in the transformative power of blockchain technology.
Bitcoin's Layer 1, revered for its unparalleled security and decentralization, has faced scrutiny over its scalability, cost, and throughput limitations. These constraints catalyzed the emergence of alternative networks like Ethereum, designed with smart contracting capabilities at their core. However, the narrative is shifting. With the introduction of Layer 2 solutions that integrate DeFi functionalities to Bitcoin, it’s poised to expand its utility far beyond a store of value.
In this article, we delve into the intricacies of Bitcoin Layers, and explore some of the projects in the space we’re most excited about.
As a team that is continually researching new technologies and exploring promising narratives, we’re thrilled to expand our expertise in the Bitcoin economy and collaborate with key players building in this ecosystem.
Before delving into the nuances of Bitcoin Layer 2 solutions, let's take a step back and understand the core concept of Layer 2s. A Layer 2 is built on top of the base chain (Layer 1) to improve scalability and transaction throughput.
Bitcoin and Ethereum are Layer 1 protocols, serving as the settlement layer for all transactions on their respective networks. Layer 2 solutions offer a way to increase transaction speeds and scale the network while benefiting from the security of the main chain.
While numerous Layer 2 solutions, such as rollups, side chains, and channels, are already building on Ethereum, and Bitcoin Layer 2s have been in development for some time, several projects are now closer to launching and expanding Bitcoin's utility. However, scaling Bitcoin presents unique intricacies that need to be addressed.
The most crucial requirement for a Bitcoin Layer 2 solution lies in deriving its security from Bitcoin's own security model, a task that proves challenging in practice. To effectively secure a Layer 2, Bitcoin must possess the computational capability to validate the behavior of the Layer 2. However, Bitcoin's current computational capacity falls short compared to Ethereum's Layer 2 solutions.
For instance, Ethereum rollups derive their security from the Layer 1 by either verifying a zero-knowledge proof (zk-rollup) or confirming a fraud proof (optimistic rollup). Nevertheless, there are ongoing proposals aimed at enhancing Bitcoin's functionality to enable the base layer to validate zk-Proofs submitted by rollups. Additionally, initiatives like BitVM strive to implement fraud proofs without necessitating alterations to the base layer.
While solutions are emerging to address this challenge, they bring their own set of architectural choices and leverage novel technologies to find viable solutions. As the development of Bitcoin Layer 2s progresses, the ecosystem will need to carefully evaluate the trade-offs and implications of each approach.
Bitcoin's Layer 2 solutions face unique challenges in trying to improve upon the base layer. These challenges revolve around three main goals: handling more transactions, maintaining robust security, and ensuring that the system remains decentralized. Here's a simpler look at each goal:
By focusing on these three areas, Bitcoin's Layer 2 aims to enhance the base layer's capabilities while adhering to the principles of scalability, security, and decentralization. This approach ensures that the network can grow and adapt to new demands without compromising on its core values.
In this section, we explore a few Bitcoin L2s that we’re excited about, and provide a quick overview of the project.
Overview: Stacks brings smart contracts and decentralized apps to Bitcoin using a unique Proof-of-Transfer (PoX) mechanism. Key Features:
Overview: Designed for fast and cost-effective micropayments on Bitcoin.
Key Features:
Overview: Introduces Ethereum-compatible smart contracts to Bitcoin.
Key Features:
Overview: Builds on BTC to EVM bridging technologies, offering a novel dual-token staking model via $HODL.
Key Features:
Overview: The first implementation using BitVM, focusing on scalable and efficient transaction processing.
Key Features:
Overview: Merges Proof-of-Stake with Bitcoin’s robustness, focusing on cross-chain functionalities to offer Bitcoin restaking.
Key Features:
Overview: Offers private and scalable off-chain Bitcoin payments.
Key Features:
Overview: Implements a zk-rollup model to improve transaction efficiency and security on Bitcoin.
Key Features:
Overview: An Ethereum-based Proof-of-Stake Layer 2 that uses Bitcoin as its core asset for staking and governance.
Key Features:
Overview: A zk-rollup solution that stores proofs and transaction data directly on Bitcoin's blockchain.
Key Features:
Overview: BOB is an Ethereum-based Layer 2 solution designed to integrate closely with Bitcoin, maintaining alignment with Bitcoin's principles.
Key Features:
Overview: Twilight offers a platform for deploying privacy-focused decentralized exchanges and other applications, using advanced cryptographic methods to ensure security and privacy.
Key Features:
…and more! Stay tuned for Part 2, where we'll delve into even more exciting projects emerging within the ecosystem.
As a forward-thinking infrastructure provider, Chorus One is thrilled about the immense potential of integrating DeFi functionalities into Bitcoin and witnessing its evolution beyond being a store of value. Engaging in in-depth research into promising new technologies and projects, we're excited to explore a new landscape beyond Proof of Stake-based networks.
We're actively collaborating with L2s to delve deeper into the ecosystem. If you're interested in learning more or getting involved with some of the projects we're working with, please reach out to us at staking@chorus.one. We'd be delighted to connect with you.
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 are a team of over 50 passionate individuals spread throughout the globe who believe in the transformative power of blockchain technology.
[Update: This article was written prior to Lava's Public Mainnet, which is now live. Please also refer to our staking support announcement here: https://chorus.one/articles/chorus-one-announces-staking-support-for-lava-network ]
Lava network is a protocol that serves as a gateway for applications to access trustworthy, secure, and swift RPC services. Unlike conventional methods that hinge on centralized or public RPC endpoints, Lava leverages a decentralized array of premier service providers.
At the cutting edge of blockchain accessibility, Lava provides a user-friendly and scalable solution to tackle the crucial requirement for an Access layer in the blockchain infrastructure. The network makes it very easy for blockchains and rollups to bootstrap a set of infrastructure providers, so users and developers can onboard smoothly.
Lava is an application-specific marketplace for decentralized blockchain Remote Procedure Calls (RPC) and APIs based on CosmosSDK. Lava is designed to enhance access scalability to various blockchains. This network has the ability to accommodate any RPC and API in a flexible manner,. Lava boasts of a lightning-fast network that is hyper-scalable, and permissionless with nearly 100% uptime.
A Remote Procedure Call, or RPC, is a lightweight software communication protocol, that allows for developers to run code that can be executed on servers remotely.
On Lava, blockchain and rollup developers can quickly bootstrap a network of infrastructure providers, without waiting for major providers to add support. The protocol's initial focus is directed towards RPC infrastructure, a service that aids developers to access over 30 diverse chains, from EVM to Cosmos.
In this section, we break down the different architectural elements of the Lava Network:
Specs - Specs, otherwise called Specifications, are the foundational blueprints for Lava's multichain support, outlined in JSON format. These specifications delineate the minimum requirements necessary for an API to function on Lava effectively. Through these specs, Lava identifies the supported chains and methods while also setting up the associated costs, prerequisites, and validations. Each time the ecosystem requires a fresh API, a new specification is seamlessly integrated. This flexible method seamlessly weaves modularity into the protocol, guaranteeing that Lava stays up-to-date and flexible.
Peer-to-Peer Lava SDK - The Lava SDK is a decentralized, peer-to-peer blockchain RPC for developers who are exploring the cross-chain functionality the ecosystem is offering. It offers a simplified setup for multi-chain RPC, where adding a new chain can be done with a few lines of code. The Lava-SDK is a JavaScript/TypeScript library that was built to provide decentralized access to all chains supported by the Lava ecosystem. It further provides necessary tools for server and online environments, simplifying the process of building decentralized applications and interacting with multiple blockchains.
Gateway - Lava Gateway is a user-friendly web platform for developers that provides instant access to blockchain data. The Gateway makes use of the Lava Server Kit to offer a hosted entry point for developers seeking RPC via the Lava Network. This setup enables users to handle and set up Web3 APIs using user-friendly controls right from their browser. While the Lava Server Kit and SDK offer enhanced control and permissionless features, the Lava Gateway grants similar entry to our base network along with extra conveniences like project management utilities and user accounts.
The LAVA token is central to the Lava Network, serving multiple functions within the ecosystem.
Token details for LAVA stakers:
• LAVA is used to reward infrastructure providers on Lava
• Providers can earn native tokens from chains/rollups supported by the network
• LAVA can be restaked to earn additional yield and lower security fees
• LAVA has a capped supply with deflationary mechanisms
For more details, please refer to the official tokenomics documentation
Lava Network is a modular network that focuses on giving blockchains and rollups a performant and reliable access layer. RPC is the first supported use-case, but other services related to data access will be added soon e.g. indexing.
To read more about Lava Network, we recommend the official documentation available in docs.lavanet.xyz.
Staking Lava with Chorus One is easy. Follow these three simple steps:
For any other questions or to stake LAVA with Chorus One, reach out to staking@chorus.one or through this form.
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 are a team of over 50 passionate individuals spread throughout the globe who believe in the transformative power of blockchain technology.
Chorus One is proud to be a validator on Berachain, a high-performance modular EVM compatible blockchain powered by Proof-of-Liquidity. In this article, we provide an overview of everything you need to know about Berachain, how it works and use cases.
Berachain, currently in Testnet phase, is changing how DeFi users access liquidity, supercharging applications, and providing flexibility and adaptability to the thriving digital economy. It combines the capabilities of the Cosmos SDK and introduces its novel 'Proof of Liquidity' as well as their new modular implementation of the EVM called Polaris. This not only tackles current obstacles but also paves the way for fresh avenues of creativity and advancement within the DeFi industry.
Berachain is a DeFi-focused Layer 1 blockchain running on Proof of Liquidity consensus built on the Cosmos SDK. Berachain emphasizes modularity in its design approach. By incorporating Polaris, Berachain not only ensures EVM compatibility but also supports a modular framework that allows for easy separation of the EVM runtime layer and crafting stateful precompiles and unique modules enabling the creation of smarter and more effective contracts.
Berachain operates a tri-token system: BERA (native token of Berachain i.e gas), HONEY (stablecoin) and BGT (governance token). Berachain Blockchain also provides a user-friendly interface and a comprehensive array of tools for developers and builders to create and deploy their applications.
Proof of Liquidity is a concept introduced by the Berachain team that enables users to stake various tokens and delegate this stake to validators. Users can stake assets like BTC, ETH, L1 tokens wBTC, wAVAX, wETH, wADA, and stablecoins.
Proof of liquidity models seeks to address challenges in common decentralized systems like liquidity fragmentation and stake centralization. Though Proof of Liquidity builds on the concept of proof of stake, the token used for staking is no longer the same token used for many on-chain actions. Moreover, the sole way to acquire new governance tokens (BGT) is through providing liquidity into DeFi applications.
Image source: Berachain Documentation
The concept behind PoL implies that users stake different tokens to enhance the chain's liquidity and bolster the Layer 1 security at the same time. This setup enables users to earn fees by contributing liquidity through staking while also receiving block rewards. Moreover, users have the option to mint HONEY by providing assets as collateral and utilize them within the Berachain ecosystem without constraints.
Berachain's EVM compatibility is derived from the Berachain Polaris EVM library, which enhances the EVM experience compared to the traditional Ethereum setup. Polaris Ethereum not only provides the standard Ethereum features but also empowers developers with the ability to design stateful precompiles and custom modules for crafting smarter and more robust contracts.
Polaris can be easily integrated into any consensus engine or application, including Cosmos-SDK. This modular approach streamlines the EVM integration process and reduces the time and overhead cost for developers to implement their own EVM features.
For DeFi Users - Berachain BEX
BEX is Berachain’s decentralized exchange that allows users to add liquidity to an asset pool and receive trading fees and incentives.
BEX introduces the concept of House pools, which serve as the backbone of the exchange. These default pools hold significant importance as they generate BGT rewards, which could be staked later with validators to participate in governance.
BEX also introduces Metapools, a liquidity pool where LP tokens can then be used as part of an asset pair in another pool, helping to increase capital efficiency across the chain.
Berachain Bends allow users earn interest and rewards by supplying assets like (ETH, BTC, and USDC) and borrowing HONEY. On Bend users can deposit collaterals to contribute to the platform liquidity, earn BGT rewards by utilising and borrowing HONEY within the ecosystem.
Berps
Berps by Berachain (Perpetual Futures Contract Trading) provides users with endless trading opportunities with a wide array of asset access EVM and Cosmos. It is liquidity efficient, robust and easy to use.
Chorus One will be providing staking services and contributing extensive knowledge in infrastructure development to the network. Our role as validators in the Berachain community symbolizes a collaborative effort aimed at delving into new horizons and enhancing the potential within this ecosystem.
Users providing liquidity in the BEX liquidity pools will gradually accumulate BGT, and can be used to create and vote on governance proposals such as proposals that decide on which LP pools receive BGT emissions. BGT can also be burned 1:1 for BERA. This is a one-way function, BERA cannot be converted into BGT.
Reach out to staking@chorus.one to get started or to learn more.
To read more about Berachain, we recommend the official documentation available in docs.berachain.com.
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 are a team of over 50 passionate individuals spread throughout the globe who believe in the transformative power of blockchain technology.
Imagine a world where online interactions don't come at the cost of your privacy. Where you can participate, transact, and share data on your own terms, shrouded in a cloak of cryptography. This is the future envisioned by Aleo, a revolutionary blockchain project that throws open the doors to a privacy-centric internet. Let's delve into Aleo, exploring its technology, participants, and the diverse ecosystem it cultivates.
At its core, Aleo is a layer-1 blockchain that leverages zero-knowledge proofs (ZKPs) to unlock unprecedented possibilities for private applications. ZKPs allow users to prove the legitimacy of information without revealing the underlying data itself. This translates to applications where users can participate, interact, and share data confidently, with their privacy remaining more sacred.
Credit: A credit is the native asset of the network. It is used to pay for deployment and execution fees of zero-knowledge programs. Credits can also be staked on the network as a form of governance to protect the integrity and security of the protocol.
Microcredit: A microcredit is a subdivision of the native asset (credit). One credit can be further divided into smaller units, and a microcredit is one millionth of a credit.
Prover: A prover is a node on the network that computes zero-knowledge proofs. These proofs, which can be of two types (solutions and transactions), are crucial for validating and securing transactions and activities on the network.
Solutions: In the context of zero-knowledge proofs, a solution attests to the execution of a randomly-sampled Aleo program. When a prover successfully proves the execution, a reward is distributed to both the prover and the stakers on the network.
Transactions: Transactions attest to the execution of user-deployed Aleo programs. When a prover provides a valid transaction proof, a transaction fee is rewarded and distributed to the network.
Stakers: These individuals contribute to the network's security by locking up their Aleo credits (ALEO), earning rewards in return.
Validators: Similar to traditional blockchains, validators verify transactions and secure the network, ensuring its integrity and preventing fraud.
The robust architecture of Aleo rests on three key pillars:
AleoBFT is a DAG-based BFT protocol inspired by Narwhal and Bullshark. Validators propose batches of transmissions, await 2ƒ + 1 signatures, certify the batch, and advance rounds synchronously for an honest majority. In odd rounds, validators elect a leader for the previous even round, ensuring availability thresholds are met. This process ensures all validators advance together, assuming honesty.
Here’s how the Quorum for Block Production in Even Rounds is achieved:
The native token of the Aleo ecosystem, Aleo credits (ALEO), serve multiple purposes:
How Aleo Credits are distributed:
AleoBFT operates over a simple set of data structures - a committee, batch proposal, and block. Let’s understand these one-by-one:
Committee:
Batch Proposal: In each round, every committee member suggests a batch to certify, using batch proposals to communicate and maintain agreement on the DAG's status. Each batch proposal contains a Batch ID, Batch Header and a Batch Certificate.
Block: A block is created when the commit rule is activated in AleoBFT. It includes a block header, a sequence of batch certificates, ratifications, solutions, transactions, and a list of aborted transmission IDs.
The true mark of a successful blockchain lies in its ability to foster a vibrant community and diverse applications. Aleo boasts a rapidly growing ecosystem with projects already exploring its potential across various domains:
Talking about recent updates - Aleo is now considered as one of the top 5 fastest-growing ecosystems for overall developers. Also, Aleo has completed the security audits of snarkOS & snarkVM, which was performed by Trail of Bits.
Aleo worked hard to make the technical details of the project easier to understand. They've simplified and explained the main basics in a straightforward way. For example:
As a validator and staking infrastructure provider, Chorus One is deeply impressed by Aleo's groundbreaking approach to privacy in the blockchain space. The potential to unlock entirely new use cases and empower individuals with greater control over their data resonates deeply with our mission to build a more inclusive and accessible crypto ecosystem.
We're particularly excited about the unique technology stack, including snarkOS and snarkVM, which pave the way for scalable and efficient privacy-preserving applications. We believe Aleo has the potential to significantly impact various industries, from DeFi and healthcare to supply chain management, and Chorus One is proud to be a part of this journey. We are looking forward to actively contributing to the network's security and growth through staking infrastructure and look forward to witnessing Aleo's continued development and the exciting applications it enables.
Website: https://aleo.org/
Twitter: https://twitter.com/AleoHQ
Youtube: https://www.youtube.com/@AleoLabs/featured
Github: https://github.com/AleoHQ
Discord: https://discord.gg/aleo
About Chorus One
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.
Since its introduction in 2008, the Bitcoin whitepaper has marked the beginning of a transformative journey. Nations have embraced it as official currency, companies have added Bitcoin to their assets, and in 2024, Bitcoin ETFs are actively being traded. Despite these advancements, Bitcoin has struggled to shed the perception of being merely a store of value, akin to digital gold. While it's true that facilitating smart contracts was not Bitcoin's initial aim, the explosive growth of decentralized finance (DeFi) prompts a thought-provoking question: could the functionalities of DeFi be integrated into Bitcoin?
This is where Bitcoin Layer 2 solutions, or L2s, come into play. Below, we'll delve into one of the most thrilling projects in this realm - Stacks.
⚡️Chorus One is proud to join the latest team of signers on Stacks and further enhance the network’s security and decentralization. Learn more here.
It's widely acknowledged that Bitcoin stands as the most decentralized and secure blockchain. However, the high cost of its block space, low TPS, along with the need for additional computing resources among other factors, have made the development of smart contracts on its platform particularly challenging. This situation paved the way for the emergence of networks dedicated to smart contracting, such as Ethereum. Stacks, however, offers a solution to this issue.
Stacks is a novel layer built atop Bitcoin and it extends the utility of the most secure and decentralized blockchain by introducing smart contracts and dApps functionalities without altering Bitcoin's core protocol. This integration is facilitated through the Proof of Transfer (PoX) consensus mechanism, a pioneering approach that reuses Bitcoin’s Proof of Work (PoW) to secure the Stacks network, enabling smart contracts that directly interact with Bitcoin state and transactions. The goal of the Stacks layer is to grow the Bitcoin economy, by turning BTC into a productive rather than passive asset, and by enabling various decentralized applications. The Stacks layer has its own global ledger and execution environment, to support smart contracts and to not overwhelm the Bitcoin blockchain with additional transactions. It also provides mechanisms for higher performance, such as fast blocks, decentralized peg, and subnets.
The question of the necessity for a Bitcoin Layer 2 revolves around the potential of integrating fully-expressive smart contracts into Bitcoin. Successfully embedding such functionality could revolutionize Bitcoin's application, ushering in new use cases worth hundreds of billions, including stablecoins, NFTs, and Automated Market Makers (AMMs). This evolution would transform Bitcoin from a passive asset into a cornerstone of digital finance, significantly boosting its demand, value, and utility by enabling a wide array of yet-to-be-explored applications.
For blockchains with native smart contract capabilities, essential features include the ability for smart contracts to be fully secured by the network's security mechanisms, such as hash power in Proof of Work (PoW) systems or staked assets in Proof of Stake (PoS) systems. This ensures that smart contracts benefit from the same level of security as the underlying blockchain. The smart contracts not only need to have ‘read’ but also ‘write’ capabilities. As a layer on top of Bitcoin, Stacks plans to bring these features to Bitcoin through the following elements:
STX: STX, the native token of Stacks, plays a pivotal role in the PoX (Proof-of-Transfer) consensus mechanism, serving two main functions: (a) incentivizing miners to secure the Stacks global ledger, which operates independently of Bitcoin's Layer 1, and (b) ensuring the operational continuity of the sBTC peg by providing rewards to threshold signers involved in the peg mechanism. STX was distributed to the public through the first-ever SEC-qualified token offering in US history and currently enjoys a market capitalization of over $4B.
PoX: Proof of Transfer (PoX) is a unique consensus mechanism to the Stacks blockchain that is designed to leverage the security and robustness of Bitcoin, while allowing Stacks to introduce smart contracts and decentralized applications (dApps) on top of Bitcoin. In typical Proof-of-work (PoW) systems, miners must solve complex mathematical problems. In PoX, miners must transfer a base cryptocurrency (in this case Bitcoin) to join the mining process. This Bitcoin is transferred to STX holders that participate in the network by sta(c)king their STX STX tokens, thus securing the network. So in PoX, you’re bidding Bitcoin in the hopes of being selected to add the next block to the chain versus committing computation power in the case of PoW. Like other networks, the miners on Stacks get block rewards but in STX and not BTC. This dual mechanism integrates the economic incentives of both Bitcoin and Stacks.
Stacking: Stacking is not staking, but the fundamental concept is very similar. Staking involves locking up token X and getting rewards with staking yields in the same token X. Eg - Stake SOL and get rewarded in SOL. Stacking mandates depositing STX tokens to get rewarded in a different token (BTC). This synergy between BTC and STX is interesting and actually incentivizes BTC holders to participate in the STX ecosystem. STX holders on the other side are incentivized to stack their tokens to be rewarded in arguably the most decentralized and secure cryptocurrency token BTC.
Signing: Post the Nakamoto release, the role between Miners and Stackers has been segregated. Where previously, miners decided the contents of the block and also decided whether or not to include them in the Stacks chain, now they would only be deciding the contents of the block and the stackers would be taking on the role of deciding whether to include them in the block or not. Stackers validate and sign blocks through a distributed signing protocol, requiring a significant fraction of locked STX to agree on block inclusion, thus preventing forks and enhancing the chain's integrity. Chorus One is proud to join the team of signers on Stacks along with other industry leaders likeBlockdaemon, NEAR Foundation, DeSpread, Alum Labs, Kiln, Luganodes, Copper, and Figment.
sBTC: sBTC is a fungible token that is pegged 1:1 with Bitcoin to enable Bitcoin holders to participate in the Stacks ecosystem. Users who want to interact with BTC and developers who want to create apps with BTC programmability can both use sBTC, thereby extending BTC’s utility beyond Bitcoin. To deposit BTC into sBTC, a Bitcoin holder would create a deposit transaction on the Bitcoin chain. This deposit transaction informs the protocol of how much BTC the holder has deposited, and to which Stacks address the holder wishes to receive the sBTC. The sBTC system responds to the deposit transaction by minting sBTC to the given Stacks address. To withdraw BTC, a Bitcoin holder creates a withdrawal transaction on the Bitcoin chain. This withdrawal transaction informs the protocol of how much sBTC the holder wishes to withdraw, from which Stacks address the sBTC should be withdrawn, and which Bitcoin address should receive the withdrawn BTC. In response to this transaction, the sBTC system burns the requested amount of sBTC from the given Stacks address and fulfills the withdrawal by issuing a BTC payment to the given BTC address with the same amount.
Clarity: Stacks also has its native programming language called Clarity, crafted with a focus on safety and security. The inspiration for Clarity's development was drawn from analyzing and addressing vulnerabilities commonly found in Solidity. By integrating these lessons, Clarity was meticulously designed to offer a secure coding environment, prioritizing the prevention of exploits right from its core. You can read more about Clarity in the online book - Clarity of Mind.
Total supply: ~1.82B
APY: 6% (BTC)
We currently support infrastructure for over 50 networks, and we're thrilled to announce that Stacks will mark our inaugural support for a Bitcoin Layer 2 solution. This is a significant milestone for Chorus One, largely due to the exceptional team behind Stacks, whose expertise and dedication have been evident over many years of development.
If you have STX tokens and would like to stack them, feel free to reach out to one of our experts at staking@chorus.one.
To read more about Stacks, we recommend the official documentation available in docs.stacks.co.
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.
