Yesterday, Lido for Solana went live on Solana mainnet. In about 24 hours since launch, around $7m worth of SOL have already been staked with Lido by over 400 accounts.
Now that these stakers have unlocked all this liquidity, the biggest need of the hour is to enable them to utilize it in DeFi protocols.
We understand that and we’re thrilled to announce that we are live on two AMMs — Saber and Raydium.
Saber, the leading cross-chain stablecoin and wrapped assets exchange on Solana, has launched the stSOL/SOL pool currently holding roughly $300,000 in liquidity.
Raydium, an automated market maker (AMM) built on the Solana blockchain which leverages the central order book of the Serum decentralized exchange (DEX), have launched a first stablecoin pool with stSOL
In the near future, another stSOL liquidity pool with an ETH pair will be launched on Raydium.
Raydium’s AMM aggregates Serum’s central limit order book, meaning that pools have access to all order flow and liquidity on Serum. For stSOL the following two markets exist on Serum:
In addition to these integrations, we are working with Mercurial Finance to go live with a stSOL/SOL pool that will use our internal price oracle to create a maximally efficient liquidity pool.
Keep a lookout for this and further upcoming integrations at https://chorus.one/products/liquid-staking
We are thrilled to announce the launch of Lido for Solana. Lido, the leading protocol bringing liquidity to staked assets on Ethereum and Terra, has expanded its offering to Solana. Lido’s liquid staking token for Solana — stSOL — allows its holders to passively earn Solana staking rewards with a diversified set of professional node operators while retaining the ability to collateralize their stake in DeFi applications such as liquidity pools or lending protocols.
Over $6bn have already been staked with Lido by more than 29000 stakers making Lido the largest non-custodial staking protocol for Ethereum and Terra. This overwhelming confidence in Lido’s liquid staking products will only grow with the addition of Lido for Solana to the cohort. As is true with other Lido staking products, Lido for Solana is going to integrate with a number of decentralized finance applications making it easy for stSOL holders to earn passive rewards!
Lido for Solana makes the value locked in staked SOL tokens accessible by issuing stSOL in exchange. Lido for Solana makes Solana staking extremely attractive by providing
Liquid staking circumvents the opportunity cost of having your tokens locked up in a PoS protocol.
In Proof-of-Stake (PoS) networks, users participate in securing the network by locking up their tokens. They get rewarded as a result in the form of native tokens. The staking assets are used as collateral to register validators in the consensus process. This means that while assets are staked, they are held in an escrow on the network. Consequently, staked assets are inaccessible to the token holder while they are being used to secure the network.
Another restriction in most PoS protocols is that even when a token holder decides to exit a staking position, they are only able to do so with a delay. This is most commonly referred to as the unbonding period. In Solana, this period is known as the deactivation/cooldownand lasts for approximately 2–3 days (1 epoch). There are many costs associated with such illiquidity.
Liquid staking circumvents the opportunity cost of having your tokens locked up in a PoS protocol. In liquid staking, the staked positions are tokenized and derivative tokens are issued. These derivative staked tokens are a claim to the underlying, illiquid staking positions and become the liquid representation of the native token. These liquid tokens can be used in various financial products thereby enabling stakers to earn additional yields and manage their liquidity risk exposure.
Liquid Staking on Solana issues liquid tokens called stSOL which can be used in various DeFi integrations available on the platform. Liquid staking for Solana is available on mainnet at https://solana.lido.fi
After approving your transaction you will see the new stSOL balance reflected on the widget.
Head over to the DeFi integrations section at https://chorus.one/products/liquid-staking/ and choose your preferred DeFi Integration. Alternatively, visit https://lido.fi/lido-ecosystem to explore the latest decentralized applications where you can use the stSOL token.
chorus.one
The complete documentation for the project can be found at https://chorusone.github.io/solido/. Head over to the page to explore staking guides and other technical resources.
The launch on the Solana mainnet was preceded by 2 security audits and an ongoing bug bounty program, highlighting the importance placed on the security of the protocol. The complete source code for the on-chain program has been made publicly available and can be accessed at https://github.com/ChorusOne/solido
github.com
Join the liquid staking revolution by heading over to the widget!
Further information and the latest updates on Lido for Solana can be found on the official website.
Chorus One offers staking services and builds protocols and tools to advance the Proof-of-Stake ecosystem.
Website: https://chorus.one
Twitter: https://twitter.com/chorusone
Telegram: https://t.me/chorusone
Newsletter: https://substack.chorusone.com
[Update: The bug bounty has concluded.]
We are taking another step in making Lido for Solana more secure by announcing a bug bounty in partnership with Immunefi. To date, we have had two audits done on our source code. The first one has been done by Bramah Systems and the second one, which is ongoing at the moment, by Neodyme. This bug bounty is a step further in fortifying the security of Lido for Solana ahead of its launch in September.
The bounty amount of $100,000 could be soon revised to $2,000,000 if the proposal to bump it up gets accepted. The $2m proposal is getting voted upon and as of now has received 100% votes in favour of increasing the bounty. The voting is still open though and ends on the 1st of September.
Immunefi is a bug bounty platform for smart contracts and projects to protect them against catastrophic exploits by rewarding white hats who find bugs in the system. Rewards are distributed according to the level of the vulnerability exposed, with levels varying on a 5-point scale based on Immunefi Vulnerability Severity Classification System.
The bug bounty covers smart contracts as well as the lido app website. The primary focus of the bug bounty program is the Lido Program’s smart contracts but there are generous rewards for discovering bugs in the Lido web app as well.
Payouts are done in either ETH, DAI, RAI, or LDO
All the web app bug reports require an accompanying PoC in order to be considered for a reward. Payouts are handled by the Lido for Solana department of the Lido team directly and are denominated in USD. Payouts are done in either ETH, DAI, RAI, or LDO, as per the bug bounty hunter’s preference.
For a list of assets in scope please refer to the bug bounty page at Immunefi
immunefi.com
Note: For researchers who want to start their research early, a development version is available at https://solana-dev.testnet.lido.fi/, but this devnet deployment is not in scope. Additionally, any web/app bugs not directly related to what is in the Assets in Scope table but relevant for lido.fi, should be submitted in their main bug bounty program, assuming it fulfills all other requirements.
Lido for Solana is a Lido-DAO governed liquid staking protocol for the Solana blockchain. Anyone who stakes their SOL tokens with Lido will be issued an on-chain representation of SOL staking position with Lido validators, called stSOL. Lido for Solana will integrate stSOL widely into the Solana DeFi ecosystem to enable stSOL users to make use of their staked assets in a variety of applications.
medium.com
With a proposal to increase and expand Lido’s bug bounty program to $2m underway, it is clear the Lido DAO is very serious about maintaining the security of its projects.
research.lido.fi
Lido for Solana is going to be a very mission-critical project and consequently a lucrative target for attacks. We take security seriously and this bug bounty is an effort to battle-test our codebase. We encourage all white hats to participate in this program and be rewarded with handsome bounty amounts.
For applying to the bug bounty and for further information, please visit the Immunefi bug bounty page
immunefi.com
Chorus One is offering staking services and building protocols and tools to advance the Proof-of-Stake ecosystem.
Website: https://chorus.one
Twitter: https://twitter.com/chorusone
Telegram: https://t.me/chorusone
Newsletter: https://substack.chorusone.com
Our content is intended to be used and must be used for educational purposes only. It is not intended as legal, financial or investment advice and should not be construed or relied on as such. The information is general in nature and has not taken into account your personal financial position or objectives. Before making any commitment of financial nature you should seek advice from a qualified and registered financial or investment adviser. Chorus One does not recommend that any cryptocurrency should be bought, sold, or held by you. Any reference to past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. Always remember to do your own research.
Chorus One is delighted to sponsor 5 full scholarships ($2000 each) to
Chorus One is committed to gender diversity in the Crypto Space. We actively run, support, and fund initiatives that help more women enter the industry. Preethi’s drive to provide scholarships to Indian women resonates with our values — which is why we decided to fund 5 women from across the world to be able to attend this Bootcamp.
You can apply for the scholarship in 5 easy steps
The last date to apply AND submit your coding assessment is Tuesday, August 17th.
In this supercharged week-long Bootcamp you will get a hands-on experience on how to design, develop, and scale a Web 3.0 app on Ethereum. You will have the opportunity to collaborate with like-minded peers and world-class founders with experience in building successful apps on Ethereum You will get to understand the best practices and common pitfalls.
Learning how to build Dapps on Ethereum is overwhelming and frustrating. The architecture, tooling, and even the programming language are different from traditional Web 2.0 development. It requires unlearning and subsequent relearning blockchain development concepts from the ground up. Keeping this in mind, Preethi has designed the course in a step-by-step manner!
Preethi is an entrepreneur, writer, engineer, and investor. She was an early engineer at Coinbase, later worked at a16z, and then quit one of the most sought-after jobs to teach herself coding and start TruStory.
Lido, the largest liquid staking project on Eth2 and Terra, is looking to expand its offering to the high-performance blockchain Solana. Chorus One is building this service for Lido. 3 months ago we submitted the proposal to build Lido for Solana. The proposal received support from an overwhelming majority of LDO holders.
Over the last 3 months, we have made rapid progress behind the scenes. This is the story of our journey in building the liquid staking solution for the fastest blockchain in the world
‘Lido for Solana’ is a Lido-DAO governed liquid staking protocol for the Solana blockchain. Anyone who stakes their SOL tokens with Lido will be issued an on-chain representation of their SOL staking position with Lido validators, called stSOL. This will allow Solana token holders to get liquidity on their staked assets which can then be traded, or further utilized as collateral in DeFi products
On the 30th of April, 2021, Chorus One submitted a development proposal to the Lido DAO as a snapshot vote. The proposal was to build a Lido-operated liquid staking protocol for the Solana blockchain
The proposal was put to vote on the 6th of May and every LDO holder was invited to participate. The proposal received overwhelming support. 79 LDO holders holding 96.85m LDO voted exclusively in favor of the proposal.
The proposed design is centered around a liquid staking token, called stSOL, that will accrue staking rewards and represent staking positions with Lido validators on Solana.
medium.com
The stake deposited to the Lido contract on Solana will be distributed to these validators following a logic similar to the Lido Ethereum liquid staking solution. Lido on Solana will have a fee mechanism similar to that on Ethereum which allows splitting of fees between node operators and the Lido treasury (e.g. to be used for the insurance fund). Lido node operators, as well as parameters such as the fee, will be controlled via the governance of LDO holders on Ethereum. Additionally, in the initial version, governance decisions will be carried out via a Multisig controlled by Lido stakeholders on Solana.
We started building Lido for Solana in April 2021. Towards the end of June, we made the codebase audit-ready and we got it audited by Bramah Systems. We have now made the source code public for the whole world to review. In line with the design, we are performing a Multisig ceremony with 7 participants on the Solana testnet. Soon we will be announcing a bug bounty on Lido for Solana.
Lido’s first design was inspired by the Stake Pool program in the Solana Program Library (SPL). In fact, our first version wrapped over the SPL stake pool. However, over time we swapped out the Stake Pool program for a different approach. The end result is a Lido program — similar to the Stake Pool program — but with key differences.
#2 — By doing so all validators get the same fee percentage, which may be lower than that of the node they operate publicly, and by making it 100% commission, we encourage delegations to Lido.
After extensive in-house testing, we commissioned an audit from Bramah Systems. We addressed all issues identified during the audit and re-enforced the security of the Solana program. However, in order to hold Lido to the highest security standards, we are looking for an additional audit.
In a nutshell, the audit covered the following aspects
In order to trust any program with your funds, two things need to be true:
A prerequisite for these is having access to the source code. Therefore, we have made our codebase public for everyone to view. Anyone can visit the Lido for Solana repository, where we have published the source code under the GPL V3 license — https://github.com/ChorusOne/solido
github.com
The documentation for the project can be found here.
To make our project even more robust, we are going to announce a bug bounty for developers to test the project for exploits.
We will be announcing the exact scope, prioritized vulnerabilities, and rewards categorized by threat level on our web page and on Twitter in the coming weeks.
We decided on using multisig governance for the Lido program. Before we get to the details of our Multisig program, let us see why we need it in the first place.
Programs on Solana can be upgraded unless upgrades are explicitly disabled, and this gives the upgrade authority (the address that can sign upgrades) a lot of power. After all, it could upload a new version of the Lido program that withdraws all Lido funds into some address and runs away with the funds. On the other hand, if we don’t allow the program to be upgraded at all, and then if it turns out to contain a critical bug, we can’t fix it. A multisig is a good middle ground, where no single entity can take control over the programs and their funds, but we can still enable upgrades.
Multisig Programs/addresses require multiple signatures to approve a transaction. These are smart contracts that enable multiple signers to review an action on the blockchain before it is executed. This allows for decentralized governance. Chorus One used the Serum Multisig program to introduce decentralization in Lido for Solana. This multisig has N=7 participants and requires at least M=4 of them to sign for a transaction to be approved.
The complete multisig ceremony will be covered in a later post dedicated to just that.
It is important to note that the role of the multisig is not to make independent decisions regarding Lido for Solana, but only to execute decisions made by the Lido DAO. The 7 parties that comprise the multisig are
Node operators are crucial to the success of this project. Evaluating and onboarding a responsible node operator is an important step. Shortly after the Lido DAO was initiated, the Lido Node Operator Subgovernance Group (LNOSG) was formed. This group was tasked to onboard and represent node operators in the DAO structure.
With the announcement of a proposal for Lido for Solana, we also announced the onboarding of operators for it. Any node operator that wants to apply could do so by filling up a form.
The frontend for interacting with Lido for Solana (currently pointing to Devnet) is here. We have integrated 5 Solana wallets with the frontend — Phantom, Solflare, Ledger, Solong, and Sollet.
Apart from that, we are exploring integrations with the following DeFi applications to utilize stSOL’s liquidity.
Any projects that want to reach out for integration can do so by sending us an email at support@chorus.one
Going ahead we are looking for another audit of our code. That coupled with the results of bug bounty will put us on the path to the mainnet launch. Stay tuned for the latest announcements at https://twitter.com/ChorusOne
Our content is intended to be used and must be used for educational purposes only. It is not intended as legal, financial or investment advice and should not be construed or relied on as such. The information is general in nature and has not taken into account your personal financial position or objectives. Before making any commitment of financial nature you should seek advice from a qualified and registered financial or investment adviser. Chorus One does not recommend that any cryptocurrency should be bought, sold, or held by you. Any reference to past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. Always remember to do your own research.
Chorus One is offering staking services and building protocols and tools to advance the Proof-of-Stake ecosystem.
Website: https://chorus.one
Twitter: https://twitter.com/chorusone
Telegram: https://t.me/chorusone
Newsletter: https://substack.chorusone.com
Helium network, coined ‘The People’s Network’’ is taking real-world adoption of cryptocurrencies to new heights. Helium’s native cryptocurrency (HNT) is used to incentivise individuals around the world to provide coverage on a global peer-to-peer wireless network. This is done using a Helium compatible hotspot, which to date provides coverage for low-power IoT devices.
Traditional networks such as WiFi do not suit IoT devices well because of their lower range compared to other types of networks such as LoRaWaN. To solve this problem, Helium pioneered LongFi, which represents a mixture of LoRaWaN and blockchain technology. In the past, there were not enough incentives for participants to operate LoRaWaN hotspots resulting in higher costs for companies using IoT devices. With the introduction of LongFi and using HNT to reward participants to grow the decentralised network, IoT companies now have a cheaper alternative to use. Helium has already secured multiple partnerships with IoT companies, such as Salesforce, Lime, Airly, Nobel Systems, and more.
Previously on Helium, hotspots used to not only transmit data to IoT devices, but also play a role in the consensus of valid transactions. In recent times, Helium has experienced immense growth, which has impacted network performance whilst hotspots were involved in consensus. As 86,540 Helium-compatible hotspots have been set-up around the world (at 39% MoM growth), it has been harder for hotspots to secure the network. This is because Helium-compatible hotspots had built-in hardware specifications that limited the number of hotspots that could take part in consensus per epoch and the addresses of hotspots were not static, making it harder to reconnect if a block producer (hotspot) crashed during consensus. Low powered hardware (hotspots) using consumer-grade (personal) internet was a risk to Helium network and exposed to attacks such as DoS. Not only was network security at risk but incentives to secure the network in consensus also decreased as more hotspots joined the network (because new hotspots diluted consensus rewards from other hotspots).
For these reasons, Helium governance proposed in HIP-25 to introduce validators that use high-end servers and enterprise-grade internet with specialised experience in securing networks to help improve block performance and alleviate the consensus pressure from hotspots. The governance proposal passed and validators are now live on Helium network as of July 8th. There are now 1802 validators online on Helium network as of time of writing, translating to 19.96% of the whole network (HNT) being staked (18.02m).
We recently released research into the updated staking economics of Helium and how it improves the utility of HNT. Introducing validators into Helium network importantly assists network performance and block propagation and results in reliable returns for stakers.
We are excited that Helium governance has voted on introducing validators into the Helium network ecosystem and we have every intention to contribute to the network’s long-term success by ensuring the security of it.
Helium’s network is unique in that delegations are not currently possible. For this reason, we support Helium network with our NaaS offering. For information on pricing, please contact whitelabel@chorus.one. To read about the benefits of our NaaS service for those interested in staking HNT, please visit: https://chorus.one/products/whitelabel-staking/
Epoch: An epoch in Helium is 30 blocks. A block occurs roughly every 60 seconds. Thus, each epoch is lasting around 30 minutes. Staking rewards are distributed at the end of each epoch.
Minimum Bond: 10,000 HNT
Helium APR (as of 14/07/2021): ~11%
Chorus Commission: Contact whitelabel@chorus.one for pricing of HNT NaaS offering
Withdrawal Delay: After withdrawing, your staked funds will only become accessible after a 5-month cooldown period has passed.
Slashing: Slashing is not currently possible on Helium.
Partial Staking: Partial staking of HNT is not possible with Chorus One as we are operating a non-custodial staking service.
Overstaking: Overstaking on Helium does not earn additional rewards (i.e. a node with 15,000 HNT staked and a node with 10,000 HNT staked earns the same rewards). To earn more rewards, HNT holders need to launch multiple nodes with 10,000 HNT each.
Today, we are excited to announce our staking partnership with Zero Knowledge Validator (ZKV), a collective of blockchain entrepreneurs, researchers, and developers focused on advancing the adoption of privacy and zero-knowledge technologies across multiple blockchain ecosystems.
Chorus One will provide node infrastructure to enable the Zero Knowledge Validator team to focus on privacy-focused initiatives and to participate in network governance representing their community and mandate. We will initially operate the Zero Knowledge Validators on Cosmos and Osmosis, with other networks to follow in the future. By delegating to the Zero Knowledge Validator nodes, ATOM and OSMO holders can support ZKV’s mission while ensuring their tokens are staked with the industry-leading reliable, secure, and diversified node infrastructures that Chorus One has built over the past three years.
The ZKV team, led by Anna Rose and Will Harborne, is active on the forefront of privacy research and development in the Ethereum, Cosmos, Polkadot, NEAR, and Mina blockchain ecosystems. Anna, who is hosting one of the most esteemed crypto podcasts (Zero Knowledge Podcast), is a pillar in the community and has provided a platform for privacy-focused researchers and builders to come together through a series of high-quality events such as the Zero Knowledge Summit, hackathons, online webinars, and more. Will, co-founder of the zk-STARK-based decentralized exchange Deversifi, has a vast network and experience in building scalable, privacy-preserving applications. Together with their collaborators and team of researchers and developers, ZKV provides invaluable help to projects and entrepreneurs to develop and grow their privacy-focused applications.
We are thrilled to be able to provide our services and work closely with ZKV. We expect this collaboration to increase our own knowledge and involvement in the promising field of privacy-preserving technologies and are looking forward to helping the ecosystems we are a part of tap into the resources and support provided by the ZKV team.
If you are interested in learning more, join the upcoming ZKV online event this Wednesday (June 30) focusing on privacy in the Cosmos ecosystem, which will also feature our CCO Felix Lutsch during the panel discussion. Register here: https://hopin.com/events/privacy-in-cosmos
Our mission is to help stakeholders participate and shape the decentralized networks they are a part of. Aside from accepting delegations on our own public nodes and building protocols to advance the staking ecosystem, we are also providing infrastructure services to stakeholders seeking to participate in staking and network governance themselves. To learn more about how we assist our partners that include institutions and companies like Zero Knowledge Validator in their exploration and participation in the staking ecosystem, visit our whitelabel node product offering at: https://chorus.one/products/whitelabel-staking
Chorus One is offering staking services and building tools that advance the Proof-of-Stake ecosystem.
Website: https://chorus.one
Twitter: https://twitter.com/chorusone
Telegram: https://t.me/chorusone
Newsletter: https://substack.chorusone.com
Zero Knowledge Validator champions privacy and zero-knowledge technology across the blockchain ecosystem through various initiatives such as research, content, and events.
Website: https://zkvalidator.com/
Twitter: https://twitter.com/ZKValidator
Injective is a decentralised exchange (DEX) that facilitates permissionless cross-chain derivative trading.
Since DeFi summer in 2020, there has been an explosion of innovation in the decentralised exchange space. Automated market makers (AMMs) that use mathematical formulas and liquidity pools to calculate token prices instead of order books, have become the standard for swapping tokens on decentralised exchanges. AMMs are practical and accessible, no KYC is required of users and anyone can create pools of assets to be traded against. However, AMMs have been a victim of their own success. As popularity of AMMs has risen, so too have issues that users experience when interacting with them (such as high gas fees and front-running). AMMs are also limited when it comes to interoperability and only spot trading can be done using AMMs. Injective solves the problems suffered by AMMs by creating an interoperable order-book based decentralised exchange that acts as a layer-2 sidechain built using Tendermint-based consensus.
Injective has EVM-compatibility built on top of it’s Cosmos-SDK chain, meaning users experience a fast finality and interoperable network with the benefits of Ethereum tooling. Injective is using Tendermint consensus, which allows trades to be made cheaply and with 1 second finality. Injective is also IBC-compatible, meaning it is able to connect with hundreds of other networks that have been built with IBC compatibility to facilitate cross-chain interoperable trading. On top of this, Injective has its own Ethereum <> Injective bridge for users wanting to bridge their Ethereum ERC-20 tokens into and out of Injective. What is interesting here is that Injective is not limited to interoperability within Cosmos and Ethereum. Injective will also be interoperable with Polkadot in the near future via Moonbeam. It is not hard to envision a future where assets from multiple networks will be bridged onto Injective and be available to be traded with cheap fees and 1 second finality. Injective could potentially be the most interoperable decentralised order-book exchange seen-to-date.
The possibilities for a fast and interoperable order-book decentralised exchange are limitless. Anyone in Injective can also propose an arbitrary derivative market for INJ token holders to vote on. A scalable, interoperable, innovative and community-driven DEX that gives users permissionless access to any derivatives market in the world and is exactly the type of use case that crypto is made for. We are excited to announce our support for Injective and look forward to facilitating the network’s long-term success.
Injective uses the standard DPoS staking mechanism found in the Cosmos-SDK. Users can delegate their INJ tokens to Chorus One to receive a share of rewards generated by the network.
Validating Rights: The weight of validators such as Chorus One is determined by the amount of staking tokens (INJ) bonded as collateral.
INJ Inflation: 7%
Staking Reward Rate: Rewards from staking INJ will vary depending on the inflation and total amount of tokens that are staked at a given time. Learn more about the details of staking reward rates for chains built using Cosmos SDK here.
Chorus Commission: 7.5%
Withdrawal Delay: After withdrawing, your staked funds will only become accessible after the unbonding period (1 day) has passed. It takes a further 7 days withdraw INJ back to Ethereum.
Slashing: You can get slashed (loss funds) in case the validator you are delegated to commits an offense. Make sure to do due diligence to minimize this risk. Offences include double-signing (5% slashing penalty for delegators) and downtime (no slashing penalty, validator is ‘jailed’ and delegators miss out on staking rewards for minimum 2 hours).
Re-Staking: You need to withdraw rewards and re-stake them with some frequency if you want to make use of compounding returns.
Minimum delegation: There is no minimum delegation.
Stake your INJ: https://staking.injective.network/validators
Learn to delegate: Equinox Staking Guide
Wallets: Metamask
Block Explorer: https://explorer.injective.network/
Chorus One Validator Address: injvaloper14yeq3lkajldaggj28hmq8xng9xux7x5g46hezv
