We're proud to announce our latest partnership with BitGo, an industry-leading digital asset custodian, to provide institutional-grade staking for ZetaChain. In this article, we provide an overview of everything you need to know about ZetaChain and how it works. To start staking ZETA seamlessly with Chorus One, simply reach out to us at staking@chorus.one!
Facing the decision of which blockchain to build on is among the most challenging dilemmas for developers. Various factors, including the security of the underlying chain, cost, and its throughput, play a crucial role in influencing this decision. With the proliferation of blockchains, it has become evident that no single chain can dominate them all. Thus, the notion of interoperability has gained significance. Interoperability entails the capacity for users to engage in transactions across multiple chains, resulting in increased liquidity, enhanced capitalization, a larger user base, and greater innovation in use cases overall. Numerous mechanisms have endeavored to address this challenge through means such as bridges (e.g., Wormhole, Allbridge), and interoperability standards (IBC). However, these initiatives still grapple with problems like centralization, diminished user experience, the necessity for protocols to conform to specific standards, and vulnerability to exploits. Achieving genuine interoperability remains elusive at present. This is precisely where ZetaChain steps in.
ZetaChain is a Proof-of-Stake blockchain built on Cosmos SDK and Tendermint PBFT (Practical Byzantine Fault Tolerance) consensus engine. As a result, ZetaChain enjoys fast block time and instant finality. Smart contracts on ZetaChain support arbitrary logic that executes conditionally on external chain events, and can directly update external chain states via its TSS (Threshold Signature Scheme) signed transactions. ZetaChain thereby enables omnichain dApps that interact with different blockchains natively and directly without wrapping or bridging any assets. Unlike Ethereum where a smart contract can be trusted to manage assets according to predetermined rules, except on ZetaChain, a smart contract can leverage and manage assets on any connected blockchain.
If you've ever explored bridging or engaging in cross-chain transactions, you've probably encountered the challenge of true interoperability. Blockchains usually operate as closed systems, limiting transactions to the state of their respective blockchain. External information integration into the blockchain without a trusted third party, like an oracle, is not reliably achievable. For transactions that span multiple blockchains, reliance on a trusted intermediary, often a CEX (centralized exchange), is currently necessary. Consequently, there's a lack of a decentralized, permissionless, and public service enabling generic atomic transactions involving multiple blockchains. Even platforms like Cosmos, while enabling the creation of interoperable blockchains, require additional bridging mechanisms to connect with chains beyond the IBC ecosystem.
ZetaChain aims to solves this problem of partial interoperability.
In this section, we break down the different architectural elements of ZetaChain and its roles.
Validators : ZetaChain uses the Tendermint consensus engine, each validator node can vote on block proposals with voting power proportional to the staking coins (ZETA) bonded. We cover more about the ZETA coin below. Just like other chains, validators need to be online all the time, ready to participate in the constantly growing block production. In exchange for their service, validators will receive block rewards, and potentially other rewards such as gas fees or processing fees, proportional to their bonded staking coins. Contained within each validator is the ZetaCore and ZetaClient. ZetaCore is responsible for producing the blockchain and maintaining the replicated state machine. ZetaClient is responsible for observing events on external chains and signing outbound transactions. ZetaCore and ZetaClient are bundled together and run by node operators. Anyone can become a node operator to participate in validation provided that enough ZETA are staked. Chorus One is one of the node operators and you can stake your ZETA with us to ensure high rewards backed by robust security.
Observers: Observers are tasked with monitoring external chains for relevant transactions. This observer system is segmented into two key roles: sequencers and verifiers. The sequencer's responsibility is to identify relevant external transactions, events, and states, reporting them to the verifiers. The verifiers verify and vote on ZetaChain to reach consensus. The sequencer does not need to be trusted, but at least one honest sequencer is needed for liveness.
Signers: ZetaChain possesses a set of standard ECDSA/EdDSA keys that facilitate authenticated interactions with external chains. To prevent any single entity or a small fraction of nodes from having the ability to sign messages on behalf of ZetaChain on external chains, these keys are distributed across various signers to ensure that only a supermajority of them can sign on behalf of ZetaChain and it employs bonded stakes and a system of positive and negative incentives to ensure economic safety.
In practice, all above roles (except sequencer) are collocated in the same computer node, sharing software and credentials such as validator keys and bonded stakes and the associated rewards/slashing.
ZETA token is a multi-chain utility token that play various roles like:
Total initial supply: 2,100,000,000 (two billion, one hundred million)
Inflation: 10% of the total supply (210m ZETA) is allocated to the initial emissions pool on ZetaChain. This pool allows for block rewards targeted to sustain and secure the network over the first 4 years of network growth. After this pool is depleted, the protocol will introduce a planned 2.5% inflation through validator rewards, separate from the emission curve. More information here.
As we’ve seen above, ZetaChain promotes true interoperability between different blockchains and has a unique mechanism to facilitate that. There’s no disagreement over the fact that we’ll have dozens of chains with their own use-cases and the current interoperability solutions do not provide a great user experience or efficient capital flow. We’re proud to be steadfast supporters of ZetaChain and the Cosmos ecosystem in general and look forward to the variety of applications that ZetaChain can enable. From multi-chain NFTs to omnichain DeFi, the possibilities are endless.
Ready to stake $ZETA? Simply reach out to us at staking@chorus.one, and we'll get you set up in no time!
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.
In an era of rapid technological evolution, Soarchain emerges as a vanguard in the automotive industry, redefining the landscape of vehicle-based applications and services. By harnessing the power of blockchain and hardware, Soarchain simplifies the complexities of vehicular connectivity, offering a platform for applications ranging from real-time insurance adjustments to AI-driven diagnostics and safety enhancements. With its Layer-1 Decentralized Physical Infrastructure Network (DePIN) built on the Cosmos SDK, Soarchain is set to transform the mobility sector, offering a more inclusive, transparent, and scalable alternative to the proprietary networks dominating today's market.
In this article, we explore how Soarchain unlocks dePIN’s full potential.
Quick pit stop to share that we at Chorus One are on the journey with Soarchain as proud investors.
However, please note that our support and enthusiasm for this venture should not be interpreted as financial advice. While we're keen to explore the blockchain landscape with Soarchain, we advise you to make investment decisions based on your own research and judgment. Consider us as companions sharing insights, not as guides for your financial journey.
In a gist, DePIN refers to decentralized networks that employ the use of hardware to enhance data collection for specific use cases. For a wider view of the entire ecosystem, please refer to Mesari’s 2023 report.
Traditional Verification Methods and Conflicts of Interest:
Unwanted Permission Layers and Security Vulnerabilities:
Scalability Constraints and Oracle Problem:
Specific Network Challenges:
Verification in DePIN Projects:
Incentive Challenges:
Soarchain tackles these through decentralized sequencers, governance frameworks, and a layered approach to network architecture, enhancing scalability and privacy.
Soarchain introduces a robust architecture for onboarding new factory manufacturers and hardware providers in a secure and scalable manner.
Manufacturers can generate a Certificate Signing Request (CSR) using the on-chain Root Certificate through governance proposals. Soarchain aims to incorporate tier-1 manufacturers. This specifically targets those incorporating secure elements in their Electronic Control Units (ECUs) or modules, a growing trend for enhanced security in automotive electronics. This integration will unlock new possibilities on Soarchain, like supply chain management, manufacturing process optimization, and trustless Over-the-Air updates for ECU firmware/software, a long standing costly challenge.
The system allows factories to submit governance proposals for inclusion, followed by proposals to issue a certain number of certificates. A key concern is that issuing non-time-bound or non-quantity-bound certificates grants manufacturers indefinite production rights. This could lead to a lack of accountability for their manufacturing processes and the products they produce. This innovative approach leverages Cosmos SDK and democratizes the onboarding of new manufacturers. It ensures that every level of the manufacturing and device integration process is secure, flexible, transparent and scalable.
Scaling with the Runner Network - The Celestia of DePIN
To address scalability, Soarchain implements a layer-2 solution with runner nodes that handle the bulk of data processing. This significantly reduces the load on the main blockchain and enhances the network's capacity to handle large data transactions. Runner nodes in Soarchain parallel the function of sequencers in the Celestia network. They manage data flow, gather public keys, create Merkle trees, and submit these summaries to the blockchain. From the Layer 1 perspective, the addition of thousands of vehicles and hundreds of thousands of new messages translates to only a moderate increase in network transactions.
Soarchain employs a Verifiable Random Function (VRF) within its core layer-1 virtual machine to dynamically select a consensus group from the pool of runners, preventing data validation centralization and potential collusion, operating like a decentralized sequencer. Runners in the consensus group are tasked with receiving, ordering, and verifying messages from vehicles, using these to create Merkle trees. They then generate and submit claims about these trees to validate their honesty and correctness. The system involves a distributed key generation process (Shamir Secret sharing algorithm) and threshold public key encryption to ensure that the content each runner submits is identical, maintaining the integrity of the verification process.
Users can operate a 'runner' via the Motus Connect and Drive mobile app. This setup allows users to earn extra network rewards. Runners are akin to Celestia's light clients but with an added responsibility: they sequence messages and verify their authenticity, ensuring the content is original, unaltered, and plausible. Similarly, more runners in Soarchain increase the number of supported vehicles, thereby expanding the network's message broadcasting capacity (as long as a certain percentage of full / validator nodes operate as runners).
Runners are also required to delegate a minimum amount of tokens to a validator. This serves two purposes:
Just like that, Soarchain presents the first ever mobile / app based shared sequencer to operate light clients.
Soarchain has integrated zk-SNARKs, particularly through the Groth16 scheme, to ensure robust data verification while maintaining confidentiality. This technology allows vehicles to generate cryptographic proofs of data authenticity and integrity without revealing the underlying data, thereby preserving privacy.
The use of zk-SNARKs, particularly through the Groth16 scheme, allows for efficient management of multiple proofs for similar types of PID data, crucial in Soarchain's network. Soarchain employs a unique method to verify the plausibility of PIDs (Parameter IDs) through two approaches: individual analysis of each PID and joint analysis of PIDs with known high correlations. Each Performance Indicator Data (PID), like fuel pressure or engine temperature, is validated meticulously, ensuring the accuracy and reliability of data transmitted via distributed MQTT brokers. This process ensures user privacy, as it doesn't require decrypting plaintext data on the public blockchain. Instead, plausibility checks are conducted while preserving privacy. This is made possible through specially designed arithmetic circuits, verified using zero-knowledge methods, ensuring that no sensitive data is exposed during the verification process.
The oracle problem, particularly in the context of Soarchain, refers to the challenge blockchains face in accurately interacting with external, real-world data. For Soarchain, this data is physical, real-time mobility information generated by sensors, cameras, and actuators on vehicles and road users. The key issue is ensuring the data's authenticity and that the data sources are honest. To address this, Soarchain uses hardware equipped with a secure element, ensuring that a) the hardware runs the intended firmware, preserving the operational integrity, and b) private keys corresponding to public keys and certificates are securely stored, safeguarding the security, integrity, and authenticity of the data.
Once these pre-verification checks are completed, the data is transformed into "messages" akin to transactions and sent to Soarchain's verification layer. This layer constructs Merkle trees using these messages and generates a proof once a certain number of messages are aggregated. The proof is then submitted to the chain, and the metadata of the data is immutably recorded on the blockchain. This process enables any entity on the chain to interact with a reference to the proven and verified data originating from real-life sources.
To overcome the oracle problem's scalability constraints and complexities, Soarchain combines decentralized oracle systems with hardware-accelerated and proof-based mechanisms. While centralized oracle solutions pose a risk of single-point failure and require significant trust, decentralized oracles, though more secure, often lack a hardware-accelerated, proof-based system. Soarchain's runner architecture not only serves as an incentivized, trust-minimized oracle network, but it also acts as a scaling layer. This allows for the aggregation and proof of pre-verified data messages without needing to submit each message in full to the blockchain. This method significantly reduces the burden on the blockchain while maintaining the integrity and trustworthiness of the data being processed.
In conclusion, Soarchain stands at the forefront of revolutionizing decentralized mobility and related applications. Its robust Layer 1 blockchain technology enables a myriad of real-world applications, from decentralized ride-sharing platforms, offering a more equitable and transparent system, to smart parking solutions that ensure secure, fraud-resistant transactions. Additionally, Soarchain plays a pivotal role in the coordination of autonomous vehicles, promoting safety and efficiency through real-time communication and decentralized consensus.
Soarchain represents a significant leap forward in the world of decentralized networks. Its innovative governance framework, the integration of zk-SNARKs for data verification, and the unique approach of using runner nodes and a decentralized sequencer collectively forge a path towards a more secure, scalable, and trustable digital future. With these technologies, Soarchain is not just solving the present challenges of dePINs but also paving the way for the untapped potential of hardware based decentralized networks.
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.
The Cosmos ecosystem is one of the most diverse in crypto as it allows for experimentation and simple bootstrapping of new ideas, due to the accessibility of the Cosmos SDK stack. The result is the launch of multiple chains on a monthly basis, each one targeting specific issues or innovative solutions. As a recent highlight, the Cosmos Hub is on the forefront, with the implementation of ICS v1 (“replicated security”), becoming the first shared security solution in production.
The previous edition of our Quarterly Insights report covered the basic concepts and related projects pushing the boundaries for innovative solutions in staking. You can download it here.
This article starts a series of reviews of well known projects, aiming to uncover the present state of these “long lived” protocols. This edition focuses on Injective, a fast and cheap blockchain built for finance, featuring 0.9s block times and less than $0.01 fee per transaction. Injective provides infrastructure that is optimized for enterprises to build a diverse array of institutional grade financialapplications. An example of a high level contribution is the module that allows the implementation of an on-chain order book. The OpenDeFi Foundation is the non-profit organization behind the Injective protocol. Backers include high profile names, such as Binance, Jump, Pantera and Mark Cuban.
Injective is a Layer 1 (L1) blockchain built on top of the Cosmos SDKand the CometBFT Consensus protocol. The network is operated by60 validators at the time of writing. The number of validators may seem low when compared to other delegated PoS blockchains (e.g.Solana: 1900 validators), but it can still be considered similar to otherCometBFT based chains. The protocol is proof-of-stake based and has a limited validator set to optimize for throughput. The expected tendency is for the network to be secured also by social consensus,with delegators working on identifying more reliable and trustedvalidators to delegate to.
In the Injective case, the super-majority is formed by 4 validators that hold more than 33% of voting power at the time of writing.Aware of the risks imposed by centralization, and to incentivize contributions from other node operators to the development of the ecosystem, the Open DeFi Foundation recently announced theFoundation Delegation Program to increase the voting power controlled by relatively smaller validators.
From a validator's perspective, Injective can be a demanding network to run due to its short block times and, consequently, higher chance of failing to sign blocks. This characteristic is reflected in the validator “uptime”, which varies from 80% to 99% on Injective amongst all validators, while for other networks the uptime is on average closer to 100%. The update process has consistently been well-managed and smooth. Overall, we have a positive impression of the network's technical architecture.
The most popular dApp on Injective is Helix, a decentralized exchange that allows for spot and derivatives trading of cross chain assets. More than $10B have been traded since the launch in November 2021, with derivatives being responsible for $9.3B. The total value locked in pools (TVL) is $11.5M and the most active perpetual markets are BTC/USDT and ETH/USDT. INJ/USDT is the most liquid spot market.
Helix creates a seamless trading experience, with a user interface comparable to a centralized exchange, low costs and advanced features, such as order types, graphical indicators and liquidity analysis. To start using Helix, users can connect from a Metamask, Keplr, Ledger, Cosmostation, Leap, or Trezor wallet.
The Open Liquidity Program (“OLP”) is an initiative recently announced to foment on-chain liquidity: beginning June 13, 2023,60,000 INJ can be earned during each epoch by those executing trades through the API or on decentralized exchanges built onInjective. The program prioritizes deep, long lasting liquidity, by using the following metrics to measure the quality of the activity: dual sidemarket making, uptime, volume and spread. All information on the reward calculations and API can be found in the OLP docs here.
Additionally, the first Injective Hackathon recently concluded, with the submission of 300 projects, and 357 builders, attracting developers, entrepreneurs, and blockchain enthusiasts, the four week online event fostered new innovations across Web3. Highlights from submissions involve options trading, asset management tools, money marketing platforms and NFT marketplaces. Additionally, the Injective Ecosystem Venture Group is a group of prominent institutions and venture funds that have come together to back the future of the protocol with a $150 million initiative. The focus is to support promising projects building within a diverse array of sectors including interoperability, DeFi, trading, PoS infrastructure, rollups and scalability solutions. Visit the official page to be informed on criteria and the process to apply.
Given Wormhole integration and IBC compatibility, from the userperspective, it is fairly easy and cheap to interact with multiple blockchains from- and to- Injective. According to the Map of Zones, Injective communicates with 19 different Cosmos chains. The biggest flow of assets happens between Injective and the CosmosHub.
In May 2022, the protocol started working with the Wormhole bridge, making it easier for users and developers to interact with other blockchains. The most common asset bridged to Injective isUSDT, with more than 11 million of USDT at the time of writing. Other bridged assets include wETH, USDC, SOL, wMATIC and LINK.
Also, in March 2023, Cascade was launched - a layer-2 testnet that utilizes the Solana’s Sea Level Virtual Machine (SVM) provided byEclipse. This means that Solana developers can test their apps for use in the Cosmos without needing to change the programming language or tooling used. More information can be found here. April 2023 was the time for Injective to start communicating with Polkadot. The integration happens through the Celer Bridge, and allows users to transfer INJ, ATOM, ASTR and DOT between the Injective blockchain and the Astar parachain. More information can be found here.
Injective mainnet is live since November 2021. INJ, its native token,has multiple purposes in the ecosystem, as it is used:
I. to secure the PoS chain;
II. to participate in the on-chain governance;
III. to pay for exchange fees, and in the buy back and burn model;
IV. as margin and collateral backing derivatives positions. The current supply of INJ is 600m tokens and it increases over time through block rewards - incentives to token holders when locking INJ to help secure the Proof of Stake (“PoS”) network (“staking rewards”).
The emission rate (“inflation”) at the time of writing is 10% per year, and 62.5% of INJ total supply is currently locked in staking, resulting in 15% yearly yield. INJ is being traded at $7.94 and the fully diluted market cap is $794million. INJ price has been showing resilience throughout this bearmarket, as it was able to recover a good part of its value, despitemost of the market still struggling with low prices in the same period.
According to IntoTheBlock, Injective has a 94% concentration bylarge holders, i.e. whales - addresses with more than 1%; and investors - addresses with more than 0.1% of circulating supply.
The protocol suggests a global minimum fee structure, meant tofavor those adding liquidity to markets, also known as “marketmakers''. Maker fee is 0.01% of the total amount of the order, whilemarket taker orders - those trading against the orderbook, pay0.02% of the trading amount. Although the maker/taker model iscommon on centralized exchanges, Injective fees are half of what auser would pay when trading on Binance, for example. For a more indepth analysis of fee models in different exchanges, we recommend this article by Deribit.
Additionally, as a way to support the applications, the protocol transfers 40% of trading fees back to the dApp. This value can be used to source the trading activity on the exchange, offering fee rebates and other incentives to increase financial yield to users. The other 60% are kept by the protocol and periodically auctioned in exchange for INJ. The INJ proceeds of this auction are then burned, thus creating a potential deflating mechanism in the total INJ supply. Each application built on top of Injective may implement fees and incentives in a slightly different way. For example, Helix adds discounts to the taker fees, depending on the amount of INJ staked by the user and the amount traded in the last 28 days. Discounts start at 7.5%, when staking 25 INJ and trading volume $100,000. It can get to 80% for users staking at least 75,000 INJ and $100m trading volume.
Injective has been actively working on growing its ecosystem, tackling the different aspects to promote the activity and adoption of the network. On the TVL level, Injective is the 52nd chain on the DeFiLlama ranking. There are relatively few spot and derivative markets with significant liquidity levels - greater than $10,000 on the top of the book, and trading volumes are still low compared to otherdecentralized exchanges. On the other hand, Injective provides a fully on-chain experience, in contrast with most decentralized exchanges, through its order book and seamless trading experience, including advanced order types and technical analysis tools, that are partially unique in the crypto space, and we consider to be good differentials for the protocol.
Centralization of stake in a small number of validators is another concern for this network. Both points are subjects of the initiatives created by the Foundation and presented in detail in the previous sections.
When looking at tokenomics, the INJ token is one of the most valuable assets in the Cosmos, second only to the $ATOM token according to Mintscan. It also has multiple use cases, from staking to buy back and burn auction, which tend to power the demand and keep its value in the future. In terms of price, it has shown resilience compared to most assets in the Cosmos ecosystem during the recent tumultuous times crypto and global markets went through. The staking yield of around 15% annually is also aligned with other high value Cosmos chains.
As our final impressions, Injective seems to be taking the right steps to address its short comings while pushing ahead with its coremission. Chorus One is an Injective validator. You can find more information on how to stake INJ tokens on https://chorus.one/crypto-stakingnetworks/injective or reach out to us: staking@chorus.one.
To stay up to date with Injective
Blog: https://blog.injective.com/
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.
In 2023, we're proud to have added staking support for nearly 20 new networks. This edition of Reflections recaps all the networks we have added support for this year and how you can start staking with Chorus One. Dive in!
Mars is a multichain credit protocol enabling borrowing and lending primitives in the Cosmos. With Mars v2, the protocol introduced "Rover credit accounts" to Osmosis. Much like Binance subaccounts, credit accounts act as transferrable NFT containers where users can deposit assets, and use them as collateral for borrowing, spot or margin trading, leveraged yield farming, and hedging — all with a single liquidation point.
Learn more: https://chorus.one/articles/chorus-one-announces-staking-support-for-mars
Stake MARS: https://chorus.one/crypto-staking-networks/mars
Gnosis Chain is EVM-based and secured by over 100k validators around the world. It hosts a very diverse validator set and it is propped up by the community governance of GnosisDAO to ensure it remains credibly neutral at a much lower price point than Ethereum mainnet. It powers an ecosystem of DApps including POAP (Proof of Attendance Protocol, the original NFT protocol), Dark Forest (a fully decentralized strategy game, built with zkSNARK technology), Giveth (public goods, peer-to-peer direct funding platform), and much more.
Learn more: https://chorus.one/articles/chorus-one-announces-staking-for-gnosis-chain
Stake GNO: https://chorus.one/crypto-staking-networks/gnosis
Quicksilver is a permissionless and sovereign Cosmos liquid staking protocol that provides liquid staking to all networks in the Cosmos Ecosystem. The Quicksilver protocol is one of the first blockchains to participate in Interchain Security, and will become a Consumer Chain of the Cosmos Hub. By staking your tokens with Quicksilver, you receive a representative token (qTOKEN) that can be used later on in DeFi.
Learn more: https://quicksilver.zone
Stake QCK: https://chorus.one/crypto-staking-networks/quicksilver
Kyve is a PoS blockchain built with the Cosmos SDK. It has two layers: the Chain Layer and the Protocol Layer, each with its own node infrastructure.
Kyve aims to revolutionize customized access to on- and off-chain data by providing fast and easy tooling for decentralized data validation, immutability, and retrieval. With these tools, developers, data engineers, and others can easily and reliably access the trustless data they need in order to continue building the future of Web3.
Learn more: https://chorus.one/articles/chorus-one-announces-staking-support-for-kyve
Stake KYVE: https://chorus.one/crypto-staking-networks/kyve
Noble is a Cosmos application-specific blockchain purpose-built for native asset issuance. Noble brings the efficiency and interoperability of native assets to the wider Cosmos ecosystem, starting with USDC. Noble’s vision is to be the world’s premier issuance hub for digital assets that connect to other blockchains seamlessly. Noble leverages the Cosmos-SDK – a flexible toolkit that allows developers to leverage existing modules, and to seamlessly integrate custom modules that add virtually unlimited functionality for asset issuers onthe Noble blockchain.
Learn more: https://nobleassets.xyz
The Onomy Network is a Proof-of-Stake blockchain constructed using the Cosmos SDK framework, which enables it to achieve scalability by leveraging the infrastructure supported by a network of institutional validators, like Chorus One.
With a block time of just five seconds, and its high throughput, low latency, and low fees features, the Onomy network is made to be ideal for financial transactions.
Learn more: https://chorus.one/articles/chorus-one-announces-staking-support-for-onomy
Stake NOM: https://chorus.one/crypto-staking-networks/onomy
Aptos is a high-performance layer 1 proof-of-stake protocol that aims to be one of the safest and most scalable protocols, with a core focus on user experience. It was initiated by Aptos Labs, a venture founded by former engineers and scientists from Diem (formerly Facebook), with a vision to build their own, permissionless blockchain. Aptos is built using the Move programming language along with the Move Virtual Machine for dApp development. The team behind Aptos was actively involved in the development of Move, with a focus on flexibility, customizable transaction logic, and provability to enhance the safety of writing smart contracts.
Learn more: https://chorus.one/articles/chorus-one-announces-staking-support-for-aptos-network
Stake APT: https://chorus.one/crypto-staking-networks/aptos-2
Sui Network is a permissionless Layer-1 blockchain and smart contract designed from the ground up to make digital assets ownership fast, secure, and accessible to the next generation of Web3 users. Its pioneering architecture is implemented to create a world-class developer experience, in addition to vastly improving performance and user experience of L1 blockchains.
Learn more: https://chorus.one/articles/chorus-one-announces-staking-support-for-sui-network
Stake SUI: https://chorus.one/crypto-staking-networks/sui-2
Neutron is a blockchain network that brings Smart Contracts into the Cosmos-family blockchains using CosmWasm. Neutron works with networks using the IBC protocol. Neutron security (block validation) is provided by the Cosmos Hub network using Interchain Security.
Learn more: https://www.neutron.org
Archway Network is a testament to visionary architecture. By leveraging the Cosmos SDK, Tendermint, and CosmWasm, the Archway team have built an infrastructure that excels in speed, scalability, and security. What truly sets Archway apart is its seamless interoperability through the Inter-Blockchain Communication (IBC) protocol, which fosters a cohesive ecosystem where data and value can flow freely between different blockchains.
Unlike L1 blockchains that primarily focus on token distribution to early participants, Archway takes a different approach. It recognizes the value and impact of developers and builders by incentivizing them based on their contributions to the network. This unique model aims to level the playing field among developers, providing equal access to capital and support, regardless of their connections or associations.
Learn more: https://chorus.one/articles/network-101-archway-the-blockchain-built-for-developers
Stake ARCH: https://chorus.one/crypto-staking-networks/archway
GoGoPool is the first permissionless staking protocol built for Avalanche Subnets, allowing node operators to launch validators cheaper and faster using the GGP token. Currently, we cater to node operators and liquid stakers.
Learn more: https://www.gogopool.com
Stake GGP: https://chorus.one/crypto-staking-networks/avalanche
PLAYA3ULL is a Gaming Publisher that merges PC-based games with crypto. The project uses the 3ULL token in the games and produce that token from Nodes.
Learn more: https://playa3ull.games
Stride is a multichain liquid staking zone (appchain) on the Cosmos Blockchain. Stride allows users to stake any IBC-compatible tokens, and receive stTokens in return, which are redeemable for the original token at a 1:1 ratio. By staking their tokens using Stride, users will be able to earn staking rewards, while also retaining liquidity in the form of stTokens, which will allow them to take advantage of Cosmos DeFi and pursue more yields there.
Learn more: https://www.stride.zone
Sei has positioned itself as the fastest Layer 1 blockchain with a lower bound of 300ms and an upper bound of 20,000 OPS for processing. Designed specifically for trading, Sei has meticulously optimized every layer of its infrastructure to provide unmatched speed and efficiency, targeting exchanges and various trading applications. One standout feature is its native order-matching engine within Layer 1, enabling exchange apps to scale more effectively than on other Layer 1 blockchains.
Learn more: https://chorus.one/articles/network-101-sei-network
Stake SEI: https://chorus.one/crypto-staking-networks/sei
dYdX v4 is the latest iteration of dYdX, one of the most prominent decentralized exchanges and premier trading platform for cryptocurrency. The DEX initially launched as an Ethereum-based Layer 2 solution and has now made a significant move by transitioning to its dedicated blockchain, known as the dYdX Chain (or dYdX v4), built using the Cosmos SDK. We've compiled all the essential information about the chain, complete with an in-depth exploration of their move to Cosmos and Chorus One's ongoing involvement with dYdX since the very outset in a comprehensive guide. Check it out here.
Learn more: https://chorus.one/articles/network-101-a-comprehensive-guide-to-dydx-v4
Bridge and Stake DYDX: https://chorus.one/articles/how-to-bridge-your-dydx-tokens-from-ethereum-to-cosmos
Stake DYDX via Keplr: https://chorus.one/articles/how-to-stake-dydx-with-chorus-one-using-the-keplr-wallet
Celestia is a modular network that makes it easy for builders to launch their own blockchain by focusing solely on data availability. It allows developers to easily deploy blockchains on top of Celestia, much like deploying smart contracts. This accessibility empowers individuals to create their own unique rollups and blockchains, serving a multitude of purposes and ensuring scalability for a broader audience.
Learn more: https://chorus.one/articles/why-is-data-availability-important-and-how-is-celestia-addressing-this
Stake TIA: https://chorus.one/crypto-staking-networks/celestia
Chainflip is a cross-chain decentralized exchange based on a proof-of-stake validator network that offers users the simplest way to swap assets across different chains. Fully permissionless, it simplifies trading for users who can select the coins they want to trade and submit the transaction. No wrapped tokens, synthetic assets, KYC, P2P counterparties, or any other time-consuming complexities are requisite. Chainflip is designed to minimize slippage and offer great pricing for high-liquidity trading pairs.
Learn more: https://chorus.one/articles/network-101-a-concise-guide-to-chainflip-and-how-it-simplifies-cross-chain-swaps
About Chorus One
Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 45+ 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.
In March 2020, Vitalik Buterin expressed frustration over the lack of a trustless solution for swapping between BTC and ETH. Fast forward to November 2023, and Chainflip has finally arrived, transforming swaps with a straightforward and seamless process for exchanging digital assets. Chorus One is proud to support the network as one of the genesis validators!
Chainflip is a cross-chain decentralized exchange based on a proof-of-stake validator network that offers users the simplest way to swap assets across different chains. Fully permissionless, it simplifies trading for users who can select the coins they want to trade and submit the transaction. No wrapped tokens, synthetic assets, KYC, P2P counterparties, or any other time-consuming complexities are requisite. Chainflip is designed to minimize slippage and offer great pricing for high-liquidity trading pairs.
Contrary to traditional AMMs like Uniswap, where liquidity is maintained through smart contract-stored pools, Chainflip operates with up to 150 validators constructing multisig 'vaults' on all supported blockchains simultaneously, collateralised by Chainflip's token, FLIP. The assets used for trading are held in these Vaults on chains such as Ethereum, Bitcoin, and so on, creating a decentralized ‘settlement layer’. This is paired with the ‘accounting layer’, the Chainflip State Chain, which is a substrate-based application specific Blockchain. Instead of traditional on-chain pools, Chainflip virtually trades assets on the ‘State Chain’, balancing accounts and settling with the real assets stored securely in Vaults. The State Chain oversees all activities in the Chainflip protocol, including but not limited to recording, executing, or triggering protocol events. Think of it like a unified wallet system in centralized exchanges, simplifying the tracking of user balances.
Trading and tracking assets virtually on the State Chain simplifies the work needed to support individual chains, as rather than needing to write swapping logic in a range of smart contract and scripting languages on external blockchains, it is entirely contained within the Chainflip State Chain environment.
Validators achieve consensus on every transaction within the Chainflip State Chain. FLIP is automatically purchased and burned with each swap, funding emissions for validators and offering liquidity incentives.
Additionally, all of the swapping and trading logic happens on the State Chain, meaning it’s fast, cheap, and dedicated for this purpose. The user experience is incredibly simple, requiring only a destination address for a swap, without any setup: The user selects the coins they want to buy/sell and submit the transaction. No wrapped tokens, synthetic assets, KYC, P2P counterparties, or anything else complex and time consuming is needed.
The above animation by Chainflip demonstrates the path of a typical swap, where a hypothetical user swaps USDC (ERC20) for BTC (native), and Market Makers A & B compete to win the liquidity fee from the trade. Source: https://docs.chainflip.io
For a more detailed explanation of each step, visit https://docs.chainflip.io/concepts/swaps-amm/just-in-time-amm-protocol
Chainflip, a Proof of Stake network without support for native delegation, allows up to 150 validators in the protocol's authority set. Validators secure the network using collateralized FLIP as part of the active set. All Validators with sufficient $FLIP to outbid others in Auctions become part of the active set and similar to Ethereum, each authority member earns equal rewards per epoch. A fixed reward (much less than the Authority Set reward) is split between Backup Validators each Epoch. To be a Backup Validator, Validators must be Qualified and have one of the top 50 bids of non-Authorities.
We've collaborated closely with Chainflip since its inception, actively participating in the testnet.
While users can't delegate FLIP to public nodes, our institutional customers can get involved through Chorus One's whitelabel solution for Chainflip. We set up and maintain validator nodes on your behalf, allowing you to brand the node while we handle all the technicalities. To learn more about our whitelabel solution for FLIP, please reach out to us at staking@chorus.one.
Conversation with Simon Harman, founder of Chainflip on Epicenter Podcast -
Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 45+ 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 rigorous testing and numerous iterations, dYdX is soon making its transformational shift to the Cosmos ecosystem, unveiling its fourth and latest version as a standalone blockchain known as dYdX Chain, built using the Cosmos SDK. We’re proud to be joining the network as a genesis validator, enabling staking for dYdX's token, DYDX.
Since its inception, dYdX has been instrumental in facilitating over $1 billion in daily trading volume, achieving a remarkable milestone by surpassing $1 trillion in total trading volume through smart contracts on the Ethereum blockchain. Looking ahead, the exchange will implement a unique off-chain, in-memory order book trading system that will be overseen by a network of validators.
This article delves deeper into what this entails for stakers and offers insights into the workings of dYdX v4.
dYdX stands out as the leading decentralized exchange (DEX), specializing in the trading of derivative products known as "perpetuals." Perpetuals allow users to take leveraged long or short positions on crypto assets. In contrast to Uniswap and other DEXs, dYdX distinguishes itself by not relying on an automated market maker (AMM) to facilitate trading. Instead, it employs a traditional orderbook and matching model to cater to the needs and expectations of sophisticated traders and institutions. We've explored the key distinctions between AMMs and order book trading here.
In its initial launch in 2017, dYdX was introduced as an Ethereum Layer 1 application. However, the chain's limited scalability became evident, with users facing exorbitant gas fees for even simple trades.
To enhance scalability, dYdX transitioned to an Ethereum-based Layer 2 solution employing StarkX/StarkNet technology. This shift significantly reduced gas fees, vastly improving the user experience. Yet, it led to a higher degree of centralization within dYdX.
To address this centralization concern and advance decentralization, dYdX made the strategic choice to transition to its blockchain, built using the Cosmos SDK. This imminent transition, on the verge of completion and soon to go live, represents the DEX’s fourth and latest version, known as the dYdX Chain and will feature a decentralized, off-chain order book capable of seamlessly scaling with the platform’s growth.
As part of the Cosmos ecosystem, dYdX stands to gain the full advantage of decentralization, along with an array of unique features such as extensive customizability and scalability. We’ve delved into the specific reasons behind dYdX’s choice of Cosmos in the following section.
dYdX's decision to migrate from Ethereum to Cosmos stems from a strategic choice to utilize the unique capabilities of Cosmos technology, which offers a distinct advantage in building new layer-1 blockchains. Cosmos' Tendermint proof-of-stake consensus engine provides the foundation to develop a standalone, application specific blockchain with cross-chain capabilities, and makes it possible to fully customize how the chain functions.
Unlike Ethereum, where network congestion can be a concern, Cosmos’ app-specific chains function independently, and each Cosmos chain operates with its network of validators and token. This move permits blockchains to have faster transaction processing while maintaining decentralization, thus positioning Cosmos as the ideal choice for dYdX’s requirements, which demand high throughput - roughly, 10 operations per second and 1,000 orders/cancellations per second. Currently, Cosmos can process up to 10,000 transactions per second, or TPS, compared to Ethereum's 15-25 TPS.
A recent twitter thread by dYdX succinctly described the key separators between Layer 2s/Roll ups and standalone app-chains, and reiterated their decision to choose the latter. Read it here.
While on-chain orderbook DEXs offers a high level of transparency and decentralization, it comes at the cost of potentially higher transaction fees and slower transaction speeds. With each transaction requiring on-chain validation, the underlying network’s throughput can become a bottleneck, thus affecting the overall network efficiency.
In contrast, on dYdX v4, each validator will maintain an off-chain in-memory order book. When a new order is placed, it is initially routed to a validator that is randomly chosen. Subsequently, this validator disseminates the transaction to other validators to ensure the order book remains up to date. This alleviates the pressure on the network, allowing the chain to achieve significantly higher throughput for the order book while retaining decentralization.
The transaction flow roughly looks this -
Total supply: 1,000,000,000 DYDX tokens
50% of tokens go to the dYdX community which will comprise liquidity providers, traders, stakeholders, and users who complete trading milestones. A portion of this share goes to the community treasury.
27.73% of the tokens go to investors.
15.27% of tokens are allocated to the official team members of dYdX including founders, advisors, employees, and others.
7% of the tokens are reserved for consultants and employees who will join the platform in the future.
We’ve had extensive involvement with dydX v4 since inception as well as the Cosmos ecosystem in general. We received a grant from dYdX to write an in-depth research report (available here) that examines the implications of Maximum Extractable Value (MEV) within the context of dYdX v4 from a validator's perspective. Additionally, we were on all three testnets and actively contributed through debugging and sharing validator best practices.
dYdX occupies a unique position as a decentralized solution that directly competes with centralized exchanges in terms of its order book model, trading volume, and user experience aligns with our vision for the future of decentralized finance. Furthermore, we share dYdX's philosophy of prioritizing the creation of the best possible product, making our support for their forward-looking vision a natural choice.
Chorus One has been more than just a player in the Cosmos space. With our $30M venture arm, Chorus Ventures, we have actively invested in promising projects such as Celestia, Osmosis, Agoric and more, which keeps us well-connected to the ecosystem. We're also deeply engaged with the community, publish research reports, and extensively cover Cosmos in our blog.
Chorus One is the only node operator with a dedicated in-house quant team focussing on MEV. MEV refers to the maximum value that can be extracted from block production in excess of the standard block reward and gas fees by including, excluding, and changing the order of transactions in a block.
Because of our MEV expertise, we were provided a grant by dYdX to work on a research paper that goes into the territories of cross-chain arbitrage and also explores the subject of negating MEV externalities in a fully decentralized, validator-driven order book.
The report entails comprehensive insights on MEV’s impact on the new chain and trading, cross-chain MEV opportunities, user welfare, and centralization risks, ultimately providing practical solutions for mitigating validator-driven MEV risks. Read the report here.
Chorus One is the most active node operator on Cosmos where on-chain governance is enabled.
We have published a detailed research report last year on Cosmos’ governance, which elaborates on Cosmos’ validator participation, voting trends, controversial proposals, and why Chorus One is one of the most active node operators in the Cosmos ecosystem.
In the report, we conducted a governance performance comparison against the top 5 validators by stake on 13 chains from April 2022 to November 2022, which includes Akash, Axelar, Cosmos Hub, Evmos, injective, Juno, Kava, Osmosis, Persistence, Regen, Secret, Sommelier, Stargaze.
As illustrated in the chart below, our voting activity exceeded that of the average top 5 validators by 30%. However, it's crucial to note that the top 5 validators can vary significantly on each chain.
Out of the 13 networks studied, we achieved a 100% voting record in two networks, and in one network, Kava, we surpassed the average by approximately 90%, as demonstrated in the graph below. We consistently exceeded the average participation rates of the Top 5 validators on 11 out of 13 networks
*Since DYDX inflation goes to traders, dYdX stakers, in contrast, will receive 100% of the trading fees that are paid out in USDC.
To learn more about staking DYDX with Chorus One, don’t hesitate to reach out to us at staking@chorus.one. For any support queries, visit here.
About Chorus One
Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 45+ 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.
Web3 founders face a crucial decision when deciding to launch their product. If they want to avoid the layer 2 option due to concerns surrounding centralized sequencers and multisig bridges, they must choose between two main paths: developing their product as a smart contract and deploying it on an existing Layer 1 blockchain, or taking the ambitious route of creating their own blockchain from scratch. The former option comes with different advantages, notably removing the complexities of infrastructure management, ensuring a decentralized foundation, and leveraging the network effect inherent in the underlying blockchain.
Yet, opting for a smart contract deployment is not without tradeoffs. It leads to a competition for block space, resulting in a worse user experience characterized by inflated gas costs and transaction fees, coupled with an impact on transaction executions. The immutability of smart contracts can also be restrictive, offering little flexibility for the protocol in the case of critical bugs or hacks. The smart contract approach also lacks sovereignty, as the protocol will be subject to the rules of the hosting blockchain.
One solution that has gained popularity in the last two years to address the challenges of the smart contract approach is the appchain thesis, which was pioneered by Cosmos and followed by Polkadot. The idea behind this model is to build a dedicated blockchain for one application. Compared to the smart-contract solution, this model offers sovereignty and full customizability from the blockchain to the application. It also enhances performance and scalability since the application has its own blockspace. This leads to increased opportunities for the token to capture value, such as MEV, as Osmosis does, in addition to capturing other network fees.
Certainly, this solution involves several important factors to consider. It requires the management of the chain's infrastructure, ensuring its own security, attracting validators, and designing a tokenomics model that aligns the interests of validators, stakers, and app users.
What if we could easily launch an application, similar to deploying a smart contract, and gain the benefits of an appchain, all without any initial investment or extensive effort? This is exactly what Saga's value proposition is about.
The Saga protocol functions like application-specific blockchains as a service. In other words, Saga is a blockchain used to easily launch other blockchains, called “Chainlets” in the Saga ecosystem. Chainlets are secured by the Saga blockchain and its validators through a mechanism called Interchain Security, a well-known shared-security system in Cosmos.
Interchain security means that one blockchain, in this case Saga, acts as a provider of security for other blockchains, in this case the Chainlets. As a result, the Chainlets inherit the benefits of running a Cosmos SDK appchain but outsource their block validation and validator set to Saga.
Therefore, a Chainlet is a sovereign blockchain that has the same level of security and decentralization as Saga.
Saga introduces an easy, decentralized, and secure approach to deploying application-specific blockchains. This solution also grants developers the autonomy to choose their preferred Virtual Machine (VM), with initial support for the Ethereum Virtual Machine (EVM).
In the long run, Chainlets aims to be VM agnostic, which means that developers would have the flexibility to choose from a variety of virtual machines, including the EVM, CosmWasm, or the Javascript VM for example.
The way Chainlets are created differs slightly from what we can observe on the Cosmos Hub when launching consumer chains with Replicated Security. In contrast to the Cosmos Hub, the launch of a Chainlet with Saga is entirely permissionless.
Developers only need to have SAGA tokens to pay for setting up and maintaining their Chainlet. This is similar to services offered by Amazon Web Services and other SaaS platforms, except that here the subscription fee is paid in SAGA tokens to create and maintain a Chainlet.
This means that once the fee is paid, the role of Saga validators is to set up and run the infrastructure for a Chainlet, similar to how Cosmos Hub validators also operate the infrastructure of the consumer chains.
To launch a Chainlet, a developer is required to allocate funds to an escrow account using SAGA tokens. This escrow account can be pre-funded to any desired amount and works like a prepaid service to cover the costs associated with the Chainlet. If the deposited fee is depleted, the Chainlet goes offline until the developer deposits more SAGA in the account. The fee is determined per epoch, where one epoch lasts approximately one day.
Diverse methods could be used for funding the escrow account with SAGA tokens:
This subscription fee is determined by the Saga validator set. Before the start of a new epoch, each Saga validator submits the fee they would like to receive for running a Chainlet. These bids are then locked before the start of the next epoch, and a Musical Chair Auction begins.
The Musical Chair Auction is a process that aims to establish a universal price for running a Chainlet. In this context, each validator presents their bid, and only the w validators with the lowest prices are included in the 'Winning Set'. The remaining validators with higher bids constitute the 'Losing Set'.
The final cost of running a Chainlet is determined by the highest bid within the Winning Set. This implies that the validator with the highest bid in the Winning Set gets its desired price, while other validators within the Winning Set not only secure their desired price but also receive an additional margin on their bid.
The price that developers will have to pay for Saga validators to run a Chainlet is:
Pricerun chainlet = max(BidWinning Set )Number ValidatorsSaga
To prevent collusion or Sybil attacks related to the Winning and Losing Set, the count of validators within this set must be large enough to make controlling the Winning Set challenging. According to the Saga team, this number should range between 75% and 85% of the participants in the Musical Chair Auction.
However, the Musical Chair Auction is not riskless for a validator. In fact, the mechanism is designed to incentivize validators to submit bids as low as possible, rewarding validators within the Winning Set, while penalizing those in the Losing Set.
A possible way for the team to handle punishment is to treat it like validator downtime: validators who are down for a certain period get a minor slash and are jailed (removed from the active set). Validators who lose the auction too often in a given period could also be minorly slashed and jailed.
Hence, the SAGA token has multiple use cases: it is used as a subscription fee to keep the Chainlet alive and to reward the validators for running the infrastructure. In this case, there is a 1:1 relationship between costs and revenues with the auction system. We can also think about having pools of validators that share the cost, with validators only running some Chainlets and not others, to improve scalability.
Saga and its Chainlets introduce an interesting token structure, as gas fees are not explicitly collected from end users. Within a Chainlet, gas fees can be paid using Saga, the developer’s own Chainlet token, no tokens at all (gasless transactions), or even other tokens such as ETH or USDC.
It's worth noting that gas fees generated within a specific Chainlet are directed to a wallet managed by the developer. This confers a high degree of flexibility to the Chainlet and its team in determining their preferred monetization approach.
Consequently, with Chainlets, developers benefit from predictable and low costs, an easy process for deploying their blockchains, and the capacity to horizontally scale applications. While Chainlets inherit security from Saga, there exists a method for a Chainlet to also leverage and inherit Ethereum's security using the Saga stack. Let’s delve into this aspect in the following section.
Saga Ethlet is a new Ethereum scaling solution that combines the best attributes from appchains, rollups, and validiums into a single product. Launching an Ethlet will be as easy as launching a Chainlet: with one click, an Ethlet can be created and inherit Ethereum's security.
How does this mechanism work? Ethlets work with three essential components: Data Availability, State Hash Commitment, and Fraud Proof.
At the end of each epoch (~ 1 day), blocks produced during that time frame are batched, forming the 'batched epoch'. A new epoch referred to as the 'challenge period' then begins. During this challenge period, Saga’s validators can use a fraud-proof mechanism (optimistic ZK or interactive) that enables the identification of any fraudulent transactions or state transitions that might occur within the blocks from the batched epoch. If, by the end of the challenge period, no fraud-proof has been presented, the state hash of the previous batched epoch is committed to Ethereum, and therefore, this committed state inherits the security of Ethereum.
This implies that there is a one-epoch delay for a state hash to be committed to Ethereum and inherit its security. However, it's important to note that blocks inherit Saga’s security even before being committed to Ethereum.
Finally, Saga will be used as a Data Availability layer, similar to a validium, to avoid the high Data Availability costs of Ethereum. An Ethlet thus achieves fast finality through Tendermint, facilitates rapid bridging, and leverages the advantages of IBC. This approach ensures cost-effectiveness while also inheriting Ethereum's security.
Saga offers any developer the ability to easily launch their application as a Chainlet and inherit Saga’s mainnet level of security and decentralization from the start. By choosing this option, the application will benefit from its dedicated blockspace, and the team will gain more control over the blockchain and the application layers compared to launching as a smart contract. If the developer choses, they can upgrade a Chainlet into an Ethlet and gain the benefits of Ethereum Security.
Saga is initially focused on gaming and entertainment chains, as we can notice from their partnerships. Gaming applications are one of the fastest-growing sectors in web3, and a gaming project, such as a video game, needs its own dedicated scalable blockchain capable of supporting high transaction volumes – exactly what Saga is offering and what Chainlets based on the Cosmos SDK can provide. As web3 gaming and entertainment continue to grow and the demand for scalable architecture for users increases, Saga presents itself as the solution to provide the necessary architecture and is confident in onboarding the next 1000 chains in the Multiverse.
About Chorus One
Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 40+ Proof-of-Stake networks including Ethereum, Cosmos, Solana, Avalanche, and Near amongst others. Since 2018, we have been at the forefront of the PoS industry and now offer easy enterprise-grade staking solutions, industry-leading research, and also invest in some of the most cutting-edge protocols through Chorus Ventures.
In an eagerly anticipated milestone, Sei Network has successfully launched its mainnet, and Chorus One is honored to be a part of this journey as one of the network's genesis validators. As we step into this new phase, we're excited to explore the novel attributes that set Sei apart—specifically, its approach to solving one of the most intricate challenges in the blockchain landscape: the exchange trilemma.
The exchange trilemma is a puzzle that has long perplexed the blockchain community. It represents a delicate equilibrium where decentralization, scalability, and capital efficiency often seem to be at odds with each other. Achieving progress in one dimension often comes at the expense of the others, creating a complex balance that many blockchain platforms grapple with—especially when it comes to exchange platforms.
Sei Network: A Solution to the Exchange Trilemma
The history of blockchain has been marked by attempts to reconcile these seemingly conflicting goals. Striving to optimize one aspect can inadvertently hinder the advancement of others. This intricate interplay of decentralization, scalability, and capital efficiency has posed a formidable challenge, particularly in the context of building platforms for digital asset exchange.
This is where Sei Network enters the scene as a transformative contender poised to tackle the complexities of the exchange trilemma head-on. Through a strategic blend of innovation and architectural ingenuity, Sei aims to harmonize these seemingly divergent objectives.
Sei Network introduces a series of pioneering innovations that collectively challenge the trilemma:
In essence, Sei Network defies the constraints of the exchange trilemma by offering a comprehensive solution that enhances decentralization, scalability, and capital efficiency. Its monolithic architecture, innovative consensus mechanism, and pioneering features underscore its commitment to shaping the future of Layer 1 blockchains.
In the months leading up to its mainnet launch, Sei Network achieved significant milestones. A noteworthy accomplishment was the launch pool initiation for the Sei Network on Binance, announced on August 1, 2023. This marked the prelude to the mainnet launch, solidifying Sei's presence in the blockchain ecosystem. Furthermore, the official listing of SEI, Sei Network's proprietary token, on Binance on August 15th added to the momentum.
Notably, Sei Labs secured $30 million in strategic funding across two influential investment rounds, supported by prominent backers including Jump, Distributed Global, Multicoin Capital, and more.
Sei Network's journey continues to unfold, marked by advancements and partnerships that reinforce its standing in the blockchain landscape. As a monolithic blockchain geared towards solving the exchange trilemma, Sei Network is carving its niche by defying traditional limitations and offering a promising future for decentralized trading.
Staking $SEI with Chorus One
SEI can be delegated to the Chorus One via the Sei App
Current Staking APR: 8.33%
For any other questions, reach out to staking@chorus.one
About Chorus One
Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 40+ Proof-of-Stake networks including Ethereum, Cosmos, Solana, Avalanche, and Near amongst others. Since 2018, we have been at the forefront of the PoS industry and now offer easy enterprise-grade staking solutions, industry-leading research, and also invest in some of the most cutting-edge protocols through Chorus Ventures.
