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RollApps and beyond: A comprehensive guide to Dymension
Chorus One is proud to invest and provide insitutional-grade staking services for Dymension
February 7, 2024
5 min read

After what might have been the most anticipated launch so far, we're thrilled to be part of the continued innovation of blockchain technology by championing Dymension, as they work to pioneer the 'Internet of RollApps' with their unique modular features. Chorus One runs a public validator node and has also invested in Dymension through Chorus Ventures.

Dymension makes it easy for anyone to create and deploy their own blockchain, while providing its users the infrastructure and flexibility to scale and compete with other modern-day blockchain implementations.

In this guide, we'll cover what Dymension is and how it's pushing the boundaries of blockchain capabilities.

What is Dymension?

https://dymension.xyz/

Unlike traditional blockchains that integrate data availability, consensus, settlement, and execution into a single layer, Dymension adopts a modular approach. This innovative method allows delegating one or more of these components to external chains, significantly enhancing performance, scalability, and efficiency.

Dymension aims to improve upon the current reliance on shared bandwidth systems used by many popular blockchains by using a multi-layer blockchain protocol. Consisting of a network of modular blockchains, known as "RollApps", these blockchains are powered by the Dymension Hub which is responsible for both consensus and settlement.

While initially the Dymension team will oversee RollApp approvals, the network aims to evolve into a permissionless ecosystem with the ultimate goal of serving as a decentralization router that connects RollApps to the crypto economy. In the long run, this will allow Dymension to be a "Internet Service Provider" for crypto and blockchain technologies.  

To further detail its architecture, Dymension utilizes the Cosmos SDK for interoperability across blockchains, enabling RollApps to efficiently communicate and transact. The use of Tendermint Core for consensus ensures high security and fast transactions across the network. This technical foundation allows Dymension to support a wide range of applications, from finance to gaming, by providing developers with the tools to create highly scalable and customizable solutions.

As Dymension evolves, its architecture is designed to support a growing ecosystem of decentralized applications, ultimately facilitating a seamless connection between users and blockchain services on a global scale.

Dymension's unique proposition lies in its sophisticated modular architecture, designed to decentralize and optimize the components of blockchain functionality. By enabling external chains to handle aspects like data availability, consensus, and execution separately, it aims to not only significantly boost performance but also provide improved scalability and efficiency for all.

Here's how the Dymension team explains the ecosystem:

Dymension is similar to a full-stack web application where users interact with RollApps (front-end), Dymension (back-end) acts as the coordinator for the ecosystem, and the data availability networks (database) provide a place to publicize data.

https://twitter.com/yishayRL/status/1749696640477278702

Key features of Dymension
  • Modular blockchain network: Dymension is a network of modular blockchains called Rollapps offering a flexible alternative to traditional, monolithic blockchain structures like Ethereum.
  • RollApp ecosystem: The network is composed of RollApps, which are modular blockchains responsible for executing transactions within the network, which provides significant flexibility and enhanced performance.
  • Dymension Hub: This central element of the network is responsible for both consensus and settlement, streamlining these critical blockchain functions.
  • Liquidity: Dymension uses an embedded Automated Market Maker (AMM) designed to expose RollApps to efficient asset routing, price discovery, and most importantly shared liquidity for the entire ecosystem.
  • Data availability partnership: Dymension compliments external data availability providers such as Celestia, ensuring robust and efficient data management at scale.
  • IBC implementation: Dymension utilizes the Inter-Blockchain Communication Protocol (IBC), which is critical for facilitating seamless interaction between different blockchain networks.
  • User-friendly RollApp creation: The platform enables easy creation of RollApps, allowing developers to efficiently build and deploy execution layers.
  • Staking mechanics: Using the Cosmos SDK chain, Dymension allows participants to stake or unstake tokens with validators, contributing to the network's security and integrity.
  • Community and developer support: Dymension offers in-depth education, resources, and documentation and is supported by an active community on platforms like GitHub, Twitter, Discord, and Telegram.

https://portal.dymension.xyz/rollapps
Staking mechanics of Dymension

Using the Cosmos SDK, Dymension incorporates a staking mechanism that enables participants to stake or unstake tokens with validators. This feature is central to maintaining the security and integrity of the network, allowing stakeholders to contribute to the ecosystem actively.

To kick off Genesis Rolldrop Season 1, Dymension is working to incentivize its users and builders by providing a significant allocation of tokens to pay tribute to three verticals within crypto, culture, money, and tech.

The tokenomics ($DYM) as of Feb 6th is as follows:  

Total Supply: 1,000,000,000

Chorus One Valoper address: dymvaloper1ema6flggqeakw3795cawttxfjspa48l4x0e2mh

Security

The Inter-Blockchain Communication Protocol is an important aspect of Dymension. IBC is a battle-tested bridging protocol that allows secure communication between different chains. RollApps connect to the IBC economy via Dymension Hub, similar to how a server connects to the internet via an internet service provider.

Dymension is working to reduce the reliance on centralized and commonly used multi-sig bridges prevalent in Ethereum and L2 ecosystems with IBC-connected rollups. By utilizing IBC for rollups, Dymension validates that all funds deposited into a RollApp are as secure as the Dymension Hub itself.

Chorus One's involvement with Dymension

We firmly believe Dymension stands at the forefront of the next generation of blockchain technology, with its modular architecture promising to improve upon scalability and efficiency challenges faced by traditional blockchains. As supporters and collaborators, we continue to advise the team to best position themselves for a successful mainnet launch and beyond.  

We are excited about the potential of Dymension to revolutionize the blockchain ecosystem, reinforcing our commitment to innovation and the growth of blockchain technology.

Useful Links and Resources:

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.

News
Introducing the OPUS Pool: ETH staking for All
Stake any amount of ETH, mint osETH, and restake with EigenLayer in a single move.
February 6, 2024
5 min read

We’re thrilled to announce the launch of Chorus One's newest offering: the OPUS Pool. Until recently, a minimum threshold of 32 ETH was required for users to stake ETH on OPUS. But not anymore! Going forth, users may stake any amount of ETH directly via the OPUS Pool, mint osETH, and deposit into EigenLayer in one go.

Users have the extra benefit of depositing not only osETH, but any other accepted liquid staking tokens (currently, wbETH, rETH, cbETH, stETH, oETH , ankrETH , swETH, ETHx)  into EigenLayer through the OPUS Pool!

Additionally, Institutional clients can leverage the OPUS SDK to integrate ETH staking into their offerings, providing their customers with all the benefits of the OPUS Pool seamlessly.

Start using OPUS Pool to stake ETH. Visit https://opus.chorus.one/pool/stake/  

In this article, we’ll dive into why we launched the OPUS Pool, its benefits, how it’s different from existing liquid staking options, and how you can deposit various liquid staking tokens including osETH, wbETH, rETH, cbETH, stETH, oETH , ankrETH , swETH, ETHx into EigenLayer in a single move on the OPUS Pool.

Liquid Staking vs Traditional Staking

Liquid staking is a mechanism that enhances traditional staking by introducing liquidity to staked assets. Unlike traditional staking, which necessitates locking up cryptocurrency to support a network’s operations and security, liquid staking allows participants to retain the fluidity of their assets. Through liquid staking, users stake their crypto with a liquid staking protocol and receive a token in return—this token symbolizes the staked amount and any accrued rewards or penalties.

The critical distinction lies in the usability of these new tokens: they can be freely traded or utilized within the DeFi ecosystem, thus allowing stakers to earn additional yields or use them as collateral in various financial protocols. This creates a dual advantage by enabling participation in network validation and security processes, akin to traditional staking, while simultaneously providing liquidity and opportunities to compound rewards in the broader DeFi space.

The OPUS Pool democratizes access to staking rewards by removing barriers such as minimum staking requirements and the need for technical infrastructure, making it an attractive option for a wider range of investors.

The OPUS Pool: What is it, Benefits, and Use Cases

The OPUS platform, initially requiring a 32 ETH minimum for validator node operation, has evolved. Now, anyone can stake any amount of ETH (and even restake them) with Chorus One, using our OPUS Pool.

The OPUS Pool, powered by Stakewise smart contracts which have undergone rigorous auditing by esteemed security firms, not only facilitates greater participation in securing the network but also allows a wider range of Chorus One stakers to earn rewards and gain access to a suite of benefits, including top-tier MEV yields, low fees, and the assurance of enterprise-grade security, among others.

The Unique Benefits of OPUS Pool

  1. Stake any amount of ETH and mint osETH

As previously mentioned, the OPUS Pool enables any user to stake any amount of ETH and receive rewards instantly. Additionally, users have the ability to mint osETH, a liquid staking derivative, and use it in DeFi or deposit into EigenLayer to gain additional rewards directly on OPUS Pool in one go.

  1. Low Fees

The OPUS Pool sets itself apart from current liquid staking protocols by offering users the advantage of highly competitive staking fees. At just 5%, our fees are among the lowest in the industry, making it more accessible for a broader spectrum of users to stake their ETH and earn rewards.

  1. Top-Tier MEV Yields:

As pioneers in MEV research, our latest ace, Adagio, is an MEV-Boost client that changes how transactions are handled for increased MEV capture.

Adagio's design allows for more efficient interactions with Ethereum’s transaction supply chain, directly enhancing MEV rewards for stakers. Fully integrated with OPUS Pool validators, Adagio ensures that anyone staking on OPUS Pool can benefit from these increased MEV rewards.

Want to learn more about Adagio and its mechanics? Read all about it here.


  1. Restake osETH, wbETH, rETH, cbETH, stETH, oETH , ankrETH , swETH, ETHx  with EigenLayer in One Go.

OPUS Pool offers a unique feature: users can deposit not only osETH minted through OPUS Pool but also liquid staking derivatives like osETH, stETH, cbETH, and rETH minted on other platforms, directly into EigenLayer.

This flexibility allows users to either mint osETH with OPUS Pool and deposit it into EigenLayer, or bring in any accepted liquid staking derivatives and seamlessly deposit them into EigenLayer in a single step.

Before we delve into the specifics of starting your staking journey with OPUS Pool, let's first understand what restaking is and how it's executed through EigenLayer.

Restaking and EigenLayer in a Gist

Restaking in the context of Ethereum, as defined by Vitalik Buterin, is a process that allows Ethereum stakers to extend their staked assets' utility beyond the Ethereum network. It means that while your ETH remains staked on Ethereum, you can also leverage its staking power across other blockchain networks. This innovative approach enables new blockchain networks to utilize Ethereum's established validators and staked tokens for securing their trust systems.

Restaking offers stakers the flexibility to contribute to the security of multiple networks, potentially earning rewards, verifying trust, or engaging in blockchain events. It represents an evolution in blockchain participation, broadening the scope and impact of staked assets without requiring additional token allocation.

EigenLayer revolutionizes this concept by implementing smart contracts on Ethereum to facilitate restaking.

It creates a market-driven ecosystem where security is pooled and governed by supply and demand. Users that stake $ETH can opt-in to EigenLayer smart contracts to restake their $ETH and extend cryptoeconomic security to additional applications on the network. Part of EigenLayer’s potential, therefore, lies in its ability to aggregate and extend security through restaking and to validate new applications being built on top of Ethereum.

Actively Validated Services (AVS), essentially new projects or applications building on Ethereum, can tap into this pool, consuming security based on their needs while validators contribute at their discretion, weighing risks and rewards. This system negates the need for AVSs to establish their own validator networks, instead allowing them to utilize Ethereum’s existing security infrastructure.

For a more comprehensive overview of EigenLayer and how it addresses current challenges in Ethereum security, please read our latest blog.

How does the OPUS Pool Work?

Currently, there are two ways in which you can use the OPUS Pool. The first method involves minting your osETH through OPUS Pool and depositing it directly into EigenLayer, while the second method enables you to skip minting osETH and directly deposit any accept liquid staking tokens (osETH, cbETH, stETH, rETH) directly into EigenLayer on the OPUS Pool.

Both methods are made as simple as possible to enhance your staking experience, and can be completed in just 3 steps, as described below:

  1. Stake ETH, Mint osETH, Deposit osETH into EigenLayer on OPUS Pool in the same flow.

Step 1: Connect your wallet on the OPUS Pool page and deposit some ETH into the pool.

Step 2: Once deposited successfully, you can now mint your osETH in 1-click.

Step 3: Deposit your osETH into EigenLayer.

  1. Bring your liquid staking derivatives (osETH, cbETH, stETH, rETH) minted on any external platform and deposit them into EigenLayer through OPUS Pool.

Step 1: Go to the OPUS Pool page, select Restake and connect your wallet



Step 2: Select token of your choice (osETH/stETH/cbETH/rETH ) and enter amount to Restake

Step 3: Deposit your tokens into EigenLayer

The OPUS SDK

Our institutional customers may opt in to leverage the OPUS SDK to integrate ETH staking into their offerings, providing their customers with all the benefits of the OPUS Pool seamlessly.

This allows our institutional client’s customers to benefit from all the  features offered by the OPUS Pool, including no minimum ETH required to stake, top tier-MEV yields, high rewards, and direct restaking with EigenLayer.

Ready to Stake?

For a more detailed, step-by-step explanation of how you can stake your ETH and deposit into EigenLayer, please view our guide here.

To start staking on OPUS Pool, visit https://opus.chorus.one/pool/stake/

For institutions interested in learning more about the OPUS Pool SDK, please get in touch with our team at staking@chorus.one

Resources

A step-by-step guide to staking ETH on OPUS Pool

Restake with EigenLayer Seamlessly via Chorus One's OPUS Pool: A Detailed Guide

Learn more about Adagio, Chorus One’s pioneering Ethereum MEV-Boost client

MEV Max - Introducing Chorus One’s Liquid Staking Pool on Stakewise V3

Considerations on the Future of Ethereum Staking

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.

News
Chorus One Reflections #2: Product Highlights
Catch up on Chorus One's major product highlights from 2023
December 12, 2023
5 min read

For Chorus One, 2023 was the year of OPUS, our novel multi-chain staking solution.

Following months of dedicated development aimed at simplifying staking for investors, we proudly unveiled our flagship product, OPUS, at the wake of this year.

As the year unfolded, our commitment to perfecting OPUS remained steadfast. We fine-tuned various details, actively sought and incorporated customer feedback, and focused on continuous improvement to ensure that staking is as seamless and stress-free as possible. Below, we share the major highlights from OPUS's journey in 2023.

Dive in!

Major Milestones
  1. In April, we launched OPUS, Chorus One’s multi-chain staking solution

OPUS is the simplest staking solution for investors and institutions.

  • It simplifies high-reward staking for exchanges, custodians, institutions and investors by offering a non-custodial solution that is easy to use.
  • With OPUS, you have the option to self-stake or provide staking services for your customers.
  • You can start generating rewards right away and scale your staking indefinitely.

Resources:

All you need to know about OPUS: https://docsend.com/view/rye2auvy87hcx8vy

Start staking on OPUS: https://opus.chorus.one/portal/login

Learn more: https://chorus.one/staking-api-opus

  1. We simplified staking further by enabling staking up to 8000ETH in one, single transaction

When it comes to staking ETH, a recurring challenge arises - the requirement to sign multiple transitions for substantial deposits. This complexity has been especially a persistent hurdle in the path of institutional stakers. To combat this, we’ve devised a solution that streamlines institutional staking: the ability to seamlessly stake 8000ETH , or 250 validators in a SINGLE transaction.

Full details: https://chorus.one/articles/stake-8000eth-in-one-go-with-chorus-one

  1. We launched ‘MEV Max - our liquid staking pool on Stakewise V3’

We launched our liquid staking pool on Stakewise V3, enabling individuals to stake any amount of ETH and benefit from Chorus One’s enterprise-grade staking infrastructure and industry-leading MEV yields!  

Additionally, staking on Chorus One’s pool enables users to unstake at any time, or utilize their staked ETH capital throughout DeFi.

You can start staking on our vault here.

To learn more, check out the following resources:

  1. Announcing Chorus One’s MEV Max vault on Stakewise V3
  2. A comprehensive guide to Stakewise V3
  3. A step-by-step guide to staking ETH on StakeWise V3

4. We launched the first-ever ‘Bridge & Stake’ solution for DYDX

In tandem with our support for dYdX Chain, we also launched the first ‘Bridge and Stake’ solution for DYDX - enabling users to bridge and stake their tokens from Ethereum to Cosmos in one, single, seamless move.

Full details: https://chorus.one/articles/how-to-bridge-your-dydx-tokens-from-ethereum-to-cosmos

Bridge and Stake your DYDX here: https://opus.chorus.one/portal/dydx  

A refresher on OPUS features

Next, we review the substantial product updates implemented in 2023, driven by customer requests and feedback.

  1. Live Reward Reports

The OPUS dashboard makes it incredibly easy for you to access comprehensive details about your staking rewards, including separate reports that highlight your Execution level, Consensus level, and MEV rewards individually.

In fact, Chorus One stands out as the only node operator equipped with an in-house quant team exclusively focusing on MEV and exploring the intricacies of MEV extraction through evidence-based research. We consistently fine-tune our infrastructure, ensuring seamless integration with the Ethereum MEV pipeline.

Resources:

A sneak peek at validator side MEV optimization

MEV Matters: Decoding Chorus One’s winning MEV strategy

Hedging LP positions by staking

Exploring MEV implications and Cross-Domain dynamics on dYdX v4

Visit our MEV page to learn more: https://chorus.one/mev-maximum-extractable-value

  1. 360 degree overview of ETH stake position

As a user, you can get a comprehensive 360-degree perspective of your ETH stake position on the OPUS dashboard. Instantaneously view your total stake, all-time rewards earned, and validator performance within seconds.

  1. Improved Unstaking Capability

OPUS offers customers a seamless, non-custodial experience for staking, earning rewards, rewards reporting, and unstaking. Our most recent product update from November makes the process of unstaking ETH as smooth as possible.

  1. Custom withdrawal address

The OPUS dashboard gives you the freedom to personalize your withdrawal address with the wallet you prefer. Unlike conventional staking platforms, where your connected wallet automatically serves as your withdrawal address, OPUS allows you to set your own preferred withdrawal address.

  1. Guided Staking flows

The OPUS dashboard provides step-by-step guidance throughout the staking process, making it easier for you as the user to grasp and navigate the entire staking journey.

  1. Automated rewards payout

By 2024, OPUS customers will receive periodic automated rewards that will be adjusted for fees on-chain. Say goodbye to manual invoicing!

Reach out!

If you’d like to learn more about OPUS, speak with our team, or start staking with us, please reach out at staking@chorus.one. We look forward to hearing from you.

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.

News
Chorus One Reflections #1: A snapshot of Chorus One 2023
#1 of our Reflections series, which wraps up Chorus One's key milestones in 2023
December 8, 2023
5 min read

As another eventful year comes to a close, we're thrilled to present Reflections - a series that rounds up Chorus One's activities in 2023.

The first edition of Reflections takes a look at some of the major company headlines we released throughout the year. Dive in!

Company Initiatives
  1. We secured the ISO 27001:2022 Certification

Ensuring the security of our customers' assets and information has always been our foremost priority at Chorus One.

In October, we proudly announced a significant milestone in our ongoing commitment to establishing world-class security measures for our customers: the attainment of the ISO 27001:2022 certification - one of the very few node operators in the industry to do so.

Full details: https://chorus.one/articles/chorus-one-achieves-iso-27001-2022-certification-setting-a-major-security-milestone

Visit Chorus One’s security page: https://security.chorus.one/  

  1. Unveiled Red Horizon

We launched Red Horizon, a platform designed to streamline developers’ interaction with the Urbit server.

Learn more: https://chorus.one/articles/announcing-red-horizon

Visit the Red Horizon website: https://redhorizon.com

  1. We published MEV Matters: Decoding Chorus One’s winning MEV strategy

As an industry leader in MEV research, we shared our approach to MEV this year. In the article, also featured by Flashbots’ in their July newsletter edition, we delve into the MEV extraction process, highlight key players, and offer insights into our MEV strategy.

Check it out here: https://chorus.one/articles/mev-matters-decoding-chorus-ones-winning-mev-strategy

Key Partnerships
  1. Ledger Live x Chorus One

We announced our partnership with Ledger, the global security platform for digital assets and NFTs.

Ledger extended its compatibility with the Cosmos ecosystem in May, and Chorus One is currently supporting this integration by providing our validator services, enabling over a million Ledger Live users to leverage the bolstering Cosmos ecosystem and stake numerous tokens, including Onomy (NOM), Quicksilver (QCK), Persistence (XPRT), Injective (INJ) and more through nodes operated by Chorus One.

Learn more: https://chorus.one/articles/ledger-by-chorus-one-securely-stake-your-tokens-via-the-ledger-live-app

  1. BitGo x Chorus One

Following our mutually co-hosted breakfast side event at Token2049 Singapore, we were pleased to announce a significant milestone in our collaboration with BitGo, a prominent regulated custody, financial services, and core infrastructure provider.

BitGo partnered with Chorus One to expand staking for a diverse range of networks, including Sui, Sei, Injective, Osmosis, and Agoric. This collaboration underscores our longstanding relationship, spanning over a year, and solidifies our position as a preferred staking provider for institutions seeking security, compliance, and cutting-edge research.

Full details: https://chorus.one/articles/chorus-one-partners-with-bitgo-to-expand-staking-for-leading-networks

  1. Fordefi x Chorus One

We announced our partnership with Fordefi, a leading MPC wallet platform and web3 gateway that enables institutions to seamlessly connect to dApps across networks, while securing their digital assets. This partnership currently facilitates Chorus One’s OPUS customers to stake and unstake multiple tokens using the Fordefi wallet inside the OPUS dashboard.

Learn more: https://chorus.one/articles/fordefi-x-chorus-one-direct-staking-for-opus-customers-via-wallet-integration

  1. Qredo x Chorus One

We announced that Qredo, a premier self-custody protocol and platform, joined forces with Chorus One to expand staking accessibility for investors. From seamless staking to enhanced security measures, this partnership empowers users with a secure and efficient staking experience.

As part of the partnership, Chorus One's OPUS users can directly stake and unstake multiple tokens through Qredo Wallets. This eliminates the complexities associated with managing multiple wallets and platforms, making staking more accessible to a broader range of investors.

Full details: https://chorus.one/articles/qredo-x-chorus-one-providing-enhanced-staking-accessibility

  1. Nexus Mutual x Chorus One

In the interest of safeguarding investors from potential staking penalties, this year we partnered with Nexus Mutual, the leading decentralized coverage provider, to introduce a range of staking coverage options for our customers.

We were the first node operator to purchase on-chain staking coverage to protect our customers through Nexus Mutual’s innovative tokenised cover.

Full details: https://chorus.one/articles/chorus-one-partners-with-nexus-mutual-to-roll-out-industry-wide-on-chain-staking-coverage-2

Research Milestones
  1. A sneak-peek at validator side MEV optimization

We provide a glimpse into the results of our first pilot on the Ethereum mainnet, which combines several modifications that positively impact MEV extraction. This piece was also featured by Flashbots' in their November newsletter!

Read it here: https://chorus.one/articles/a-sneak-peek-at-validator-side-mev-optimization

  1. We published the industry’s first-ever exploration of mitigating negative MEV externalities in a fully decentralized, validator-driven order book

Our research team published a pioneering research report, fueled by a grant from dYdX, that examines the implications of Maximum Extractable Value (MEV) within the context of dYdX v4 from a validator's perspective.

This comprehensive analysis presents the first-ever exploration of mitigating negative MEV externalities in a fully decentralized, validator-driven order book. Additionally, it delves into the uncharted territory of cross-domain arbitrage involving a fully decentralized in-validator order book and other venues.

This paper, marking a significant milestone in exploring MEV dynamics, identifies factors that influence undesirable MEV extraction, and proposes concrete strategies to level the playing field in derivative trading by counteracting such behavior.

Read the report: https://chorus.one/reports-research/mev-on-the-dydx-v4-chain

Report TL;DR: https://chorus.one/articles/exploring-mev-implications-and-cross-domain-dynamics-on-dydx-v4

  1. We published Eth-Staking-Smith: A novel tool that optimizes Ethereum validator key management

In January, we released ‘Eth-staking-smith’, an optimized, open-source Ethereum validator key-gen tool to facilitate key and deposit data generation.

The tool, an industry-first, streamlines the often complex Ethereum validator key management process, especially when dealing with it on a large scale.

Learn more: https://chorus.one/articles/a-deep-dive-into-eth-staking-smith

  1. We released the Solana-MEV client: an alternative way of capturing MEV on Solana

We published a whitepaper comparing key characteristics of Ethereum and Solana, which explores the block-building marketplace model, akin to the "flashbots-like model," and examines the challenges of adapting it to Solana.

Additionally, recognizing Solana's unique features, we also proposed an alternative to the block-building marketplace: the solana-mev client. This model enables decentralized extraction by validators through a modified Solana validator client, capable of handling MEV opportunities directly in the banking stage of the validator. Complementing the whitepaper, we also shared an open-source prototype implementation of this approach.

Learn More: https://chorus.one/articles/solana-mev-client-an-alternative-way-to-capture-mev-on-solana


Product Highlights
  1. We launched OPUS - Chorus One’s Multi-Chain Staking Solution

OPUS is the simplest staking solution for investors and institutions.

  • It simplifies high-reward staking for exchanges, custodians, institutions and investors by offering a non-custodial solution that is easy to use.
  • With OPUS, you have the option to self-stake or provide staking services for your customers.
  • You can start generating rewards right away and scale your staking indefinitely.

Resources:

A guide to OPUS: https://chorus.one/articles/opus-api-what-is-it-and-why-did-we-build-it  

All you need to know about OPUS: https://docsend.com/view/rye2auvy87hcx8vy

Start staking on OPUS: https://opus.chorus.one/portal/login

  1. MEV MAX - Introducing Chorus One’s Liquid Staking Pool on Stakewise V3

We’re thrilled to have launched our liquid staking pool on Stakewise v3, enabling individuals to stake any amount of ETH and benefit from Chorus One’s enterprise-grade staking infrastructure and industry-leading MEV yields!  

Additionally, staking on Chorus One’s pool enables users to unstake at any time, or utilize their staked ETH capital throughout DeFi.

You can start staking on our vault here.

To learn more, check out the following resources:

  1. Simplified Staking: Stake up to 8000ETH in One Transaction

In September of this year, we made it possible for OPUS users to stake up to 8000ETH in one, single transaction, eliminating the cumbersome process of signing multiple transitions for substantial deposits.

Learn more: https://chorus.one/articles/stake-8000eth-in-one-go-with-chorus-one

Stake on OPUS: https://opus.chorus.one/portal/login  

  1. We introduced the first ‘Bridge and Stake’ solution for DYDX

In tandem with our support for dYdX Chain, we also launched the first ‘Bridge and Stake’ solution for DYDX - enabling users to bridge and stake their tokens from Ethereum to Cosmos in one, single, seamless move.

Full details: https://chorus.one/articles/how-to-bridge-your-dydx-tokens-from-ethereum-to-cosmos

Bridge and Stake your DYDX here: https://opus.chorus.one/portal/dydx  

Networks Added
  1. January - March

We announced staking support for Gnosis Chain (GNO), Onomy (NOM), Mars (MARS), and Kyve Network (KYVE) in the first quarter of 2023. Learn more and find out how you can stake GNO, MARS, or KYVE with Chorus One:

Gnosis Chain: https://chorus.one/crypto-staking-networks/gnosis

Onomy: https://chorus.one/crypto-staking-networks/onomy

Mars: https://chorus.one/crypto-staking-networks/mars

Kyve: https://chorus.one/crypto-staking-networks/kyve

  1. April - June

We announced staking support for Aptos (APT), and Sui (SUI) in the second quarter of 2023. Learn more and find out how you can stake each network with Chorus One:

Aptos: https://chorus.one/crypto-staking-networks/aptos-2

Sui: https://chorus.one/crypto-staking-networks/sui-2

  1. July - September

We announced staking support for Archway (ARCH), Sei Network (SEI)  in the third quarter of 2023. Learn more and find out how you can stake each network with Chorus One:

Archway: https://chorus.one/crypto-staking-networks/archway

Sei: https://chorus.one/crypto-staking-networks/sei

  1. October - December

We announced staking support for dYdX Chain (DYDX), Celestia (TIA), and Chainflip (FLIP) in the fourth quarter of 2023. Learn more and find out how you can stake each network with Chorus One:


dYdX Chain: https://chorus.one/articles/chorus-one-announces-staking-support-for-dydx-v4-as-a-genesis-validator

Celestia: https://chorus.one/articles/how-to-stake-tia-celestia

Chainflip: https://chorus.one/articles/network-101-a-concise-guide-to-chainflip-and-how-it-simplifies-cross-chain-swaps

Next Up: Keep your eyes peeled for Edition #2 of our Reflections series, coming soon! 

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.

News
MEV MAX - Introducing Chorus One’s Liquid Staking Pool on Stakewise V3
Stake ETH without any minimum requirements and maximize your MEV yields on Chorus One’s Pool on Stakewise.
November 28, 2023
5 min read

We’re proud to launch our liquid staking pool on Stakewise v3, enabling individuals to stake any amount of ETH and benefit from Chorus One’s enterprise-grade staking infrastructure and industry-leading MEV yields!  Additionally, staking on Chorus One’s pool enables users to un-stake at any time, or utilize their staked ETH capital throughout DeFi. You can start staking with on Chorus One’s pool here .

We're also introducing exclusive Private Vaults tailored for our institutional clients and investors who desire a dedicated liquid staking solution. These personalized Vaults come with individual agreements, ensuring user assets remain distinct and aren't mixed with other Vaults.

Additionally, in the upcoming months, we plan to deepen our collaboration by seamlessly integrating our public Vault into our Staking Dashboard. This integration will make it incredibly easy for OPUS customers to access liquid staking and mint osETH, enabling them to participate in the DeFi space effortlessly. Stay tuned for more updates!

Below, we dive into some of the key details about Stakewise and how you can start staking ETH on Chorus One’s Vaults.

What is stakewise v3?

Stakewise v3 represents the latest version of the Stakewise protocol, announced by the Stakewise DAO in 2022.

V3 was conceived to tackle the issue of stake centralization, a significant challenge impacting the security and well-being of Ethereum. Setting up Ethereum validators has traditionally been complex for node operators, with factors like the 32ETH minimum requirement, technical and hardware demands, and the risk of financial penalties for validator mistakes. Consequently, there has been a decline in solo stakers engaging in individual ETH staking. Many have opted to outsource validator operations to commercial node operators, who possess the expertise, hardware, and security measures required to establish validator nodes for individuals and organizations with 32 ETH.

Stakewise v3 tackles this challenge by elevating its existing liquid staking solution, introducing mini staking pools referred to as "Vaults." These Vaults empower individuals, node operators, or organizations to effortlessly launch their own nodes, mint staked ETH (osETH) tokens against those nodes, accept delegations, or delegate any amount of ETH across multiple nodes to mitigate network concentration.

Importantly, each Vault or mini Pool is entirely agnostic to the configurations set up by its operator. This means that the operator can fully customize its vault according to its own design, allowing users to select a vault based on features that best suit the depositor. Whatever client solutions, KYC features, MEV relays the entity wishes to run are under their control, resulting in a diverse marketplace of staking solutions for users to explore and choose from.

Moreover, users can establish private pools, allowing deposits only from addresses whitelisted by the Vault Operator. This ring-fences the Vault, ensuring that staked assets are not co-mingled with funds from other Vaults.

We've covered everything you need to know about how Stakewise v3 works and its use cases for solo stakers, institutions, DeFi users, and commercial node operators in this guide. Check it out!

Why stake on Chorus One’s Pool?

For investors

  • Enterprise-grade Staking for ALL

Previously, staking ETH was restricted to investors and institutions with a minimum of 32 ETH. They could delegate validator maintenance responsibilities to an experienced node operator like Chorus One, known for its enterprise-grade staking infrastructure.

By staking on Chorus One’s Pool on Stakewise v3, anyone with any amount of ETH can now access the same infrastructure and benefits as our institutional customers. This opens doors for a significantly larger number of individuals to safely and seamlessly stake and unstake their ETH without any minimum requirements.

  • Highest MEV Yields

Chorus One has garnered widespread recognition for our dedication to research and the implementation of strategies aimed at enhancing our MEV performance. We consistently optimize our infrastructure to maximize MEV rewards.

The following graph illustrates our performance over a 60-day period. Over this time period, Chorus One nodes have captured close to 14% more MEV rewards per validator (ETH) when compared to the weighted industry average, observed on Lido.

*Please note that this is a snapshot, and that MEV rewards fluctuate as a function of variance and market conditions. Please visit Rated Network to view the latest figures.

To learn more about the work we’ve done in in spearheading MEV research in the industry, please visit our dedicated MEV page.

  • Exceptional Security Measures

We are one of the very few node operators to hold the ISO 27001:2022 certification, representing the industry standard for implementing top-tier security practices. Safeguarding customer assets and data is our utmost priority, ensuring users that their funds are in experienced hands.

  • Extensive Network Expertise

Our in-house team of researchers and experts consistently scrutinizes the crypto ecosystem and the Ethereum network with a keen eye. We regularly publish reports and analyses addressing current industry issues, providing fresh insights based on our expertise. We are dedicated to ongoing improvement, constantly exploring opportunities to enhance our performance and deepen our understanding of the network in ambition to improve the overall experience and rewards for our customers.

For institutions

  • Launch bespoke Vaults tailored for your requirements

Our institutional clients have the option to establish their own secure vault, operated exclusively by Chorus One. This choice allows them to implement additional measures to safeguard their funds, ensuring that staked assets remain isolated from other vaults. Opting for Chorus One as the operator of their private vaults provides institutions with the assurance that their assets are in capable hands, coupled with the added benefits of our infrastructure, including the highest MEV yields, enhanced security, and streamlined operational processes.

What’s next?

In the upcoming months, OPUS customers can seamlessly stake on our liquid staking pool and earn staked ETH (osETH) directly from our Staking Dashboard. This empowers users to effortlessly access the liquid staking ecosystem with just a few clicks on our platform, allowing you to conveniently track your rewards in one place! Stay tuned for more details – coming soon! 😉

To stake ETH on Chorus One’s Vault, visit here.

If you're interested in launching a private Vault operated by Chorus One, please reach out to us at staking@chorus.one.

To delve deeper into Stakewise v3, check out our explainer guide here. For a step-by-step guide on how you can start staking on Chorus One’s Vault MEV-Max, please refer to this article.

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.

News
A comprehensive guide to Stakewise V3
What is Stakewise V3 and how does it make ETH staking accessible for ALL
November 28, 2023
5 min read

Stake centralisation has been the talk of Ethereum’s town in 2023. Recognizing its detrimental effect and the risk it poses for Ethereum’s security and vitality, the Stakewise DAO announced its V3 in September 2022 - a permissionless and decentralized liquid staking protocol with a novel design and a liquid staked ETH token called osETH. The primary goals of v3 were stated to reduce the degree of stake centralization on Ethereum by i) making solo staking more appealing, ii) putting the choice of node operator(s) into the user’s hands, and iii) offering a new, less risky staked ETH token standard as an alternative to prevailing models.

Chorus One is proud to partner with Stakewise to support these goals by launching our liquid staking pool on Stakewise v3, enabling individuals to stake any amount of ETH and benefit from Chorus One’s enterprise-grade staking infrastructure and highest MEV yields.  Additionally, staking on Chorus One’s pool enables users to un-stake at any time, or utilize their staked ETH capital throughout DeFi.

As 2023 approaches its final weeks, over a year since Stakewise announced their V3, we take a closer look at the protocol's current state -  diving into its architecture, distinctions from existing liquid staking protocols, and its potential to broaden the landscape for ETH staking amongst solo stakers and institutions.

A brief introduction to Stakewise v3

Jordan Sutcliffe, Head of Business Development at Stakewise, aptly coined Stakewise V3 as the ‘Swiss army knife’ for ETH staking, sparking a flurry of interest from ETH enthusiasts. During the unveiling, the team revealed that the new version opens the doors for anyone capable of running Ethereum validators to engage in liquid staking and receive delegations in a permissionless manner - an approach that aims to welcome a broader range of participants, fostering control and driving decentralization within the ETH staking ecosystem.

StakeWise V3 achieves this by introducing the concept of layered staking, allowing users i) to delegate ETH to a vault of the node operator(s) of their liking (1st layer), and ii) giving them the option to mint osETH to represent their stake (2nd layer). This design enables anyone to join as a solo staker who can mint osETH tokens against their node, or delegate ETH across multiple nodes to counteract network concentration. Notably, V3 introduces a slashing-resistant staked ETH token, osETH, ensuring scalability without introducing systemic risk to the broader ecosystem.

The current state of Ethereum Staking, and why it has so far been an exclusive club

Ethereum was conceived with the mission of building a permissionless, censorship-resistant and financially robust network for value exchange.

The transition to Proof of Stake (PoS) through the Merge aimed to democratize participation, shedding the hardware and compute costs of Proof of Work (PoW). A year on from the Merge, however, centralization remains one of Ethereum’s biggest challenges - ironically, drifting towards the paradox of its own mission statement.

Currently, staking on Ethereum mandates validators to lock up 32 ETH with the network. While this investment yields interest, any misstep or dishonest conduct by a validator can lead to the revocation of funds. Setting up a validator node to stake on the network can also be a complicated task, meaning financial penalties can result if things are set up improperly.

To address this, liquid staking protocols emerged as intermediaries, enabling solo stakers and institutions to pool their ETH, collectively forming the 32 ETH required for a node. This innovation democratized ETH staking, allowing nearly anyone to participate. Intermediaries assumed the operational responsibilities, handling the pooling, staking, and technical requirements, while taking a share of the rewards for their efforts.

So, why Stakewise V3?

The drawback of the pre-existing version of Stakewise and its counterparts is simple but crucial. The absence of technical or capital requirements, the ability to temporarily exit from staking, and the increased efficiency of staked capital presented by liquid staking protocols resonate with depositors to an extent that it leads to a decrease in solo stakers (for example, individuals setting up ETH validators at home). Over time, this decline can significantly impact Ethereum’s security and decentralization.

To address this, the Stakewise DAO introduced Stakewise V3, its latest version that allows anyone—from solo stakers to established node operators to financial institutions—to participate. As a solo staker, one can seamlessly launch their own nodes, mint staked ETH (osETH) tokens against their nodes, or delegate any amount of ETH across multiple nodes to counteract network concentration.

The key components of Stakewise V3 - Vaults and the osETH Token

Layer 1: Vaults

At the heart of Stakewise V3 are ‘Vaults’ - a network of permissionless, non-custodial staking mini pools that anyone can launch on the Stakewise platform and receive ETH delegations on their nodes. It offers users the freedom to stake with whichever vault they want, choosing between vaults run by solo stakers, node operator companies, and groups of solo/commercial operators.

Source: Stakewise V3 Litepaper

For every 32 ETH of deposits accumulated in a Vault, the Vault operator(s) registers an Ethereum validator in the Beacon Chain and starts staking. The staking rewards belong to the depositors, net of the staking fee charged by the Vault.

Importantly, each of these Vaults is completely unique to the configurations set up by its operator, meaning that the operator can fully customize its vault as per its own design, allowing users to pick a vault based on the features that best suit the depositor. Essentially, Vaults are completely agnostic to the staking solutions that an operator wants to run - whatever client solutions, KYC features, MEV relays or DVT middleware that the entity wants to run are under their control. This leads to a very diverse marketplace of staking solutions that users can shop around and choose from.

Moreover, Vault Operators can set their Vault to a private setting, allowing deposits only from addresses whitelisted by the Vault Operator. This enables use cases like solo stakers depositing ETH into their own Vault and not accepting deposits from others. For instance, compliance-sensitive organizations can create a Vault to enable staking for only a limited number of KYC'd participants.

Layer 2: The osETH Token

The osETH Token is a new type of overcollateralised ETH token introduced by V3, which is a liquid ERC-20 representation of staked assets that uses Vault Token(s) as collateral. It can be minted by anyone who has staked ETH into a Vault(s), or can be bought/sold on decentralized exchanges.

Importantly, osETH represents a new type of liquid-staked ETH token that has its value pegged to staked ETH 1:1, but that does not directly pass on the slashing losses to holders, ensuring that all the staking rewards and penalties remain isolated to the individual Vault. To ensure this, V3 requires >1 ETH for every osETH that stakers in Vault want to mint. In the scenario where slashing does occur, there is always a reserve of ETH that absorbs the slashing losses before osETH holders are affected. This protects osETH holders from losing their principal, making osETH a safer option for staking.

Note that the stakers who mint osETH are still exposed to the slashing risk of the Vaults in which they staked ETH, and excess collateralization makes sure that the other osETH holders are not affected.

Source: Stakewise v3 Litepaper
The Use Cases of Stakewise

For solo stakers -

StakeWise V3 empowers solo stakers by allowing them to mint osETH tokens against their nodes, providing access to DeFi opportunities while maintaining a non-custodial setup. Solo stakers can set up private vaults, mint osETH, and even earn additional revenue by hosting validators for other stakers. Alternatively, public vaults enable solo stakers to accept delegations, maximize their score, and mint osETH based on received vault tokens.

For DeFi users -

StakeWise V3 caters to users seeking yields by providing osETH tokens, tradable in decentralized exchanges or minted within vaults. osETH integrates slashing protection, and ensures that staked capital are not co-mingled across funds, thereby offering a less-risky, diverse marketplace for users to mint osETH and use it in DeFi.

For institutions and exchanges -

Financial institutions typically prefer direct engagement with trusted staking service providers to ensure due diligence and favorable terms. StakeWise V3 caters to this preference by enabling institutions and exchanges to create private vaults, allowing exclusive collaboration with chosen operators and staking clients. Vault tokens from staking represent staked ETH, offering institutions the flexibility to enable liquidity and utility within their ecosystem. Additionally, for broader access to DeFi markets, institutions can mint or permit customers to mint osETH tokens.

For commercial node operators -

In StakeWise V3, operators, whether independent or collaborating with other entities, can establish vaults to accept delegations, allowing depositors to tokenize their staked ETH into osETH. Operators can choose to keep vaults private or public, showcase strong performance, and enhance their vault Score by taking risk-reducing measures.

As experienced node operators, we have established both our public pool (Chorus One - MEV Max) in StakeWise V3, providing individuals access to liquid staking while benefiting from our network expertise and proven MEV strategies. Our institutional clients also have the option of launching private, ring-fenced pools operated by Chorus One. For more details, refer to the final section of this article.

Staking with Chorus One - Enterprise-grade Staking for ALL

Chorus One is expanding the possibilities of V3’s Vaults by extending our MEV optimization strategies beyond a select group of customers to encompass ALL ETH stakers. We hold decentralization as a core value, and through our partnership with Stakewise, take immense pride in making our enterprise staking infrastructure to everyone - all without any minimum requirements to stake ETH.

Below, we provide a brief breakdown of the various methods available for staking ETH and minting osETH with Chorus One. For a comprehensive understanding of the benefits associated with staking your ETH on Chorus One's liquid staking pools, we've covered all the details here. Check it out!

  • Public Vault

Chorus One's public vault invites users to stake any amount of ETH and mint osETH, enjoying the benefits of our enterprise-grade staking infrastructure, proven MEV strategies, world-class security measures, and network expertise. Access Chorus One’s Public Vault here.

  • Private Vault

We will also have private, tailor-made vaults for clients seeking individual, personalized agreements for their staked capital. With these private pools, user assets stay separate and are not commingled with other Vaults, thus offering the perks of liquid staking with enhanced security and all the other benefits Chorus One has to offer—higher MEV yields, top-notch security, network expertise, and more. To launch Private Vault with Chorus One, please reach out to us at staking@chorus.one.

  • Mint osETH directly from OPUS - Chorus One’s ETH Staking Dashboard

In addition, we're making liquid staking more accessible to both our existing and new OPUS customers.

Soon, our public pool will be seamlessly integrated into our Staking Dashboard, allowing OPUS users to dive into liquid staking, mint osETH, and leverage it in DeFi or hold it—all with just a few clicks! Stay tuned for more updates coming your way soon!

You can also get a glimpse of how it will work, and more insights into Stakewise v3 from Jordan Sutcliffe’s speech at the staking summit, 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.

News
Networks
Network 101: A concise guide to Chainflip, and how it simplifies cross-chain swaps
Your guide to Chainflip, the decentralized exchange built to simplify cross-chain swaps
November 23, 2023
5 min read
  • Chainflip is a cross-chain decentralized exchange that leverages Just-In-Time (JIT) liquidity to provide better capital efficiency for LPs and less slippage for traders.
  • 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 which are secured using Chainflip’s native token, FLIP.
  • The user simply needs to select the coins they want to buy/sell and submit the transaction. No wrapped tokens, synthetic assets, KYC, or any complex set up is needed.
  • Although users can't delegate FLIP to public nodes, our institutional customers can engage through Chorus One's whitelabel solution for Chainflip.

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!

What is Chainflip?

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.

How does Chainflip work?

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

  1. User deposits 10,000 USDC on Ethereum.
  2. Market Makers notice this and prepare for the trade, adjusting their prices.
  3. The swap happens on Chainflip after some Ethereum blocks, around 90 seconds.
  4. Using strategies like risk model calculations to determine their best possible price for the trade, Market Makers aim to profit by selling and rebuying BTC during the process.
  5. The Chainflip network sends the swapped BTC to the user’s BTC wallet.
  6. Market Makers adjust their portfolios for future opportunities.

For a more detailed explanation of each step, visit https://docs.chainflip.io/concepts/swaps-amm/just-in-time-amm-protocol

Staking Mechanisms

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.

Chorus One’s Contributions to Chainflip

We've collaborated closely with Chainflip since its inception, actively participating in the testnet.

How Can Institutions and Investors Get Involved?

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.

Resources

An introduction to Chainflip

Conversation with Simon Harman, founder of Chainflip on Epicenter Podcast -

Chainflip Docs

Website

Twitter

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.

Guides
News
How to Stake Celestia ($TIA) with Chorus One
A step-by-step guide to staking TIA with Chorus One
October 31, 2023
5 min read

We’re immensely proud to support staking for Celestia - the first modular blockchain network that is optimized for ordering transaction data and making it available- as a genesis validator!

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.

How Celestia solves the data availability issue

Celestia's data availability layer introduces innovative features like data availability sampling (DAS) and Namespaced Merkle trees (NMTs). DAS allows light nodes to verify data without downloading entire blocks, reducing costs compared to monolithic chains, while NMTs enable execution and settlement layers on Celestia to download transactions that are only relevant to them. Celestia offers its data availability layer to other chains for publishing data by paying for blobspace.

We've covered everything you need to know about Celestia in 10 questions - find it here!

Use Cases of TIA

As a permissionless network, Celestia uses Proof-of-Stake to secure its own chain. Like any other Cosmos network, users can help secure the network and engage in governance by delegating their TIA to a validator like Chorus One.

The following guide explains how you can stake your TIA easily with Chorus One.

Key Staking information

TL;DR

Step 1: Login to https://wallet.keplr.app/ and search for Celestia

Step 2: Select the Chorus One validator

Step 3: Enter the amount of TIA you want to stake

Step 4: Approve the transaction. You have successfully staked TIA with Chorus One!

How to stake TIA with Chorus One using Keplr

*Note that this guide has been written using the Celestia Mocha Testnet as it was written prior to Mainnet, however the steps remain the same.

  1. To start staking TIA with Chorus One, first log into https://wallet.keplr.app/ and search for Celestia.
  1. Then, search for the Chorus One vaildator.

  1. Once you have selected the Chorus One validator, click on Stake.
  1. Then, enter the amount you would like to stake, and click on the ‘Stake’ button.
  • Ensure you have sufficient TIA remaining to pay for transaction fees.

  1. Then, click on ‘Approve’ to approve the staking transaction.

After a few seconds, the transaction will be completed. You have now successfully staked TIA with Chorus One using Keplr!

If you have any support queries, please send a request at https://support.chorus.one/hc/en-us. If you would like to learn more about Celestia or start staking TIA with Chorus One, please reach out to us at staking@chorus.one

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.

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