Tl;dr

• Chorus one is voting “no” on the proposal to reduce NEAR inflation
• We view that the NEAR ecosystem is still nascent and discussions around inflation should resurface when the ecosystem generates more sustainable economic activity. 
• We previously conducted similar analysis on SIMD228 and found no definitive conclusion on TVL elasticity towards inflation. For newer ecosystems, this argument should be much weaker as the network has not reached a point where there's sufficient organic economic activity. NEAR’s top 3 LSTs, for instance, only have a combined 1.1% penetration rate. 
• NEAR’s top 10 validators control 33% of total stake, reducing inflation will make it harder for smaller validators to operate profitably. We’re aware of the Meta Pool support program and think it’s a great initiative. But it's likely not enough on its own to support smaller validators
• Rather than primarily cutting inflation, we encourage fostering a vibrant ecosystem through liquid staking and incentivizing active chain usage to organically enhance token and network economic value without risking validator attrition.
• Lastly, a 50% reduction is quite a drastic change - we suggest exploring gradual or smaller, incremental reductions with measurable goals (e.g. increase DeFi TVL by X), similar to Aptos’s recent implementation.

Proposal summary:

A recent proposal from HOTDAO and LiNEAR went live, it suggests cutting NEAR inflation in half. from 5% to 2.5%, which would reduce the annual staking rate to ~4.75% assuming the same staking ratio. 

Chorus One has been a validator on NEAR for ±2 years, and one of the most active in terms of governance in PoS networks. We wanted to share some thoughts and feedback around the proposal and its implications for various ecosystem participants. In summary, we acknowledge the motivation and some of the benefits behind reducing base staking rewards, but our view is that the NEAR ecosystem is still too nascent to implement such a drastic change without sufficient time for community discussion. We suggest alternative measures that work towards the same goal, and welcome open feedback from the community. 

The primary motivation behind, as stated in the proposal, is to move towards more sustainable economics, as well as incentivizing DeFi participation on NEAR. We previously conducted a similar analysis on SIMD228 and found no definitive conclusion on TVL elasticity towards inflation. For newer ecosystems, this argument should be much weaker as the network has not reached a point where there's sufficient organic economic activity. NEAR’s top 3 LSTs, for instance, only have a combined 1.1% penetration rate. 

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Current Fee Generation and Ecosystem Maturity

Despite NEAR’s growth over the past years, the network’s fee generation remains modest relative to its inflation rate. The DeFi ecosystem, while promising, is still maturing and has yet to generate sufficient economic activity to offset a sharp reduction in staking rewards. This is in contrast to mature networks like Solana, which recently also had a proposal that failed to pass, discussing adjusting inflation to a variable rate based on staking participation, which lowers base inflation when staking rates are higher and vice versa. For context, the average monthly Real Economic Value (REV) on Ethereum in H2 2025 was approximately $69.53 million, and Solana averaged $181.8 million. In contrast, Near had around $1.6 million in fees generated, about 43× less than Ethereum and 114× less than Solana. Near’s annual staking reward rate would be lower than Solana’s despite having less economic activity and only marginally higher than Ethereum’s. We are concerned that this disparity could drive stakers to other ecosystems in search of higher rewards and economic activity, ultimately negatively impacting Near.

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Impact on Small Validators and Decentralization

NEAR currently has 100 active validators proposing blocks, but the top 11 control 33% of the network’s stake. The proposed halving of staking rewards could disproportionately impact smaller validators leading to even more centralization, we’d like to see more initiative on how this would aim to be addressed before. It was mentioned that some modelling and calculations were done around this proposal, we’d love to see the numbers and analysis behind. 

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Focus on Ecosystem Growth and Liquid Staking

Rather than primarily cutting inflation and focusing on the supply side, fostering a vibrant ecosystem through liquid staking and incentivizing active chain usage and the demand side may be more effective. As aforementioned, despite a high inflation rate, LSTs only have 1.1% penetration, which could imply a lack of productive use cases in the ecosystem. Encouraging more on-chain activity and DeFi innovation can organically enhance token value and network health without risking validator attrition.

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As the Tezos protocol evolves, so do our services. In response to the recent Paris upgrade, we’re updating how we operate our Tezos validator (aka Baker).

Staking vs Delegating: What's the Difference?

• Delegating: You assign your XTZ to a validator (like us), and we participate in consensus on your behalf. Until now, rewards for delegators were distributed manually off-chain via payout scripts.
  
• Staking: You stake your own XTZ directly to the validator and participate in consensus. Post-upgrade, rewards are distributed automatically by the Tezos protocol — no payout script required.
  
  

What’s Changing?

We will no longer support delegations to our Tezos validator.

• Starting today, we’re giving you 20 days’ notice.
  
• After this period, we will stop running our payout script for delegator rewards.
  
• To continue earning rewards, we recommend staking your XTZ directly with our validator instead. We’ll be offering 0% commission for 3 months.
  
  

Key Information

• 0% Commission for 3 months until the end of October 2025
• Notice period begins: Today‍
• Payouts end: August 12th, 2025
  

TL;DR

• We're retiring delegation support for Tezos.
  
• Delegator rewards will no longer be paid after the notice period.
  
• Switch to staking your XTZ directly with our validator to keep earning rewards on-chain.
  
  

How to Stake Your XTZ with Chorus One

1. Use a compatible wallet (e.g. Temple, Kukai).
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2. Un-delegate if you’re currently delegating to any of Chorus One Bakers:
Chorus One: tz1eEnQhbwf6trb8Q8mPb2RaPkNk2rN7BKi8 (Explorer)
Chorus One 2: tz1Scdr2HsZiQjc7bHMeBbmDRXYVvdhjJbBh (Explorer)
   

3. Stake XTZ directly to our main Baker for optimum APY:
   Chorus One: tz1eEnQhbwf6trb8Q8mPb2RaPkNk2rN7BKi8 (Explorer)

4. Confirm that your wallet shows you're staking, not delegating.

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For additional information on Delegating versus Staking your XTZ, visit Tezos Docs.

Need help? Contact staking@chorus.one.

Thanks for your continued trust, — The Chorus One Team

Chorus One and Hex Trust are thrilled to announce the expansion of their strategic partnership to unlock institutional access to Stacks (STX) staking, delivering the power of Bitcoin Layer-2 directly into regulated, secure custodial environments.

Unlocking Bitcoin’s Programmable Potential for Institutions

Through this integration, Hex Trust’s institutional clients can now stake STX and earn native Bitcoin rewards via Stacks’ innovative Proof-of-Transfer (PoX) mechanism, all within a fully compliant, bank-grade custody platform. This partnership brings together Hex Trust’s regulated custody expertise and Chorus One’s industry-leading staking infrastructure, empowering institutions to participate in the next evolution of Bitcoin DeFi with confidence.

Key Benefits for Institutional Clients

• Earn BTC Rewards: Stake STX and receive Bitcoin payouts, leveraging Stacks’ unique PoX consensus that rewards participants with BTC rather than the staked token.
• No Slashing Risk: Unlike traditional Proof-of-Stake networks, Stacks’ PoX mechanism ensures there are no penalties or slashing for network downtime, offering peace of mind for institutional portfolios.
• Enterprise-Grade Staking Infrastructure: Chorus One manages over 40 POS networks and is ISO 27001 certified, providing the highest standards of security, reliability, and performance.
• Regulated, Secure Custody: Hex Trust is licensed in Hong Kong, Singapore, and Dubai, delivering robust regulatory compliance across key global markets.
• Seamless Integration: Institutions can access STX staking through Hex Trust’s platform, with direct support from both teams for onboarding and ongoing management.

Why Stacks (STX) Staking Matters
Stacks is the leading Bitcoin Layer-2 protocol, enabling smart contracts and DeFi applications secured by Bitcoin. With STX staking (or “stacking”), institutions can:

• Participate in Bitcoin DeFi: Unlock new yield opportunities and programmable use cases for BTC.
• Diversify Rewards: Earn Bitcoin directly, rather than the native token, creating a unique incentive structure.
• Mitigate Operational Risks: Enjoy a staking experience free from slashing and with full transparency.

How to Get Started

1. Contact Hex Trust: Reach out to sales@hextrust.com to discuss onboarding and integration.
2. Onboard Securely: Leverage Hex Trust’s regulated custody and compliance framework for seamless access.
3. Delegate STX with Confidence: Stake through Chorus One’s robust validator infrastructure and monitor rewards in real time.

“This partnership is a significant milestone in bringing Bitcoin Layer-2 opportunities to institutional portfolios. By combining Hex Trust’s regulated custody with Chorus One’s secure staking infrastructure, we’re enabling clients to earn BTC rewards and participate in the next wave of Bitcoin innovation, all with the highest standards of security and compliance.” — Joint Statement from Hex Trust & Chorus One Leadership

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About Hex Trust

Established in 2018, Hex Trust offers regulated institutional digital asset custody, staking, and markets services to builders, investors, and service providers. For more information, visit Hextrust.com or follow Hex Trust on LinkedIn, X, and Telegram.

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About Chorus One

Chorus One is a global leader in institutional staking, operating secure infrastructure across 40+ Proof-of-Stake networks and managing over $2.5 billion in staked assets. With ISO 27001 certification and a track record of innovation, Chorus One empowers institutions to maximize returns and network participation.

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Ready to unlock the future of Bitcoin DeFi?

Contact Hex Trust today and start staking STX with confidence.

Chorus One is thrilled to announce a major milestone for the TON community: Chorus One’s industry-leading TON Pool is now fully integrated within the SafePal Wallet, unlocking secure, simple and high-performance TON staking for millions of users worldwide.

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Elevating TON Staking: SafePal x Chorus One

With this integration, SafePal users can now delegate their TON directly to Chorus One’s TON Pool underpinned by robust validator infrastructure without leaving the comfort and security of their SafePal Wallet. Whether you’re safeguarding assets on a hardware device or managing your portfolio via the SafePal mobile app, staking TON has never been easier or more secure.

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Key Benefits

• Seamless In-Wallet Staking: Stake TON with just a few taps, no external setups, bridges, or technical hurdles.
• Battle-Tested Security: Chorus One’s validator infrastructure is ISO 27001 certified, fully audited, and engineered for institutional-grade safety.
• Optimized Rewards: Benefit from Chorus One’s advanced optimization strategies and performance-driven validator operations, maximizing your staking returns.
• Flexible Access: Stake your TON directly from SafePal’s user-friendly interface, available across mobile, hardware, and browser extension wallets.

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Why Chorus One for TON?

Chorus One has rapidly become the staking provider of choice for institutions and individuals seeking reliability, transparency, and top-tier performance. As the TON ecosystem continues its explosive growth driven by deep Telegram integration and a thriving developer community, Chorus One’s TON Pool is setting new standards for security and accessibility.

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Highlights of Chorus One’s TON Pool:

• Low Entry Barriers: Stake as little as 10 TON. No need for the high minimums required by native TON validators.
• Safest Pooled Staking Option: A fully audited smart contract that addresses vulnerabilities that remain in other Pooled TON solutions. 
• Scalable Architecture: Unlimited delegators per pool, with automated validator selection for optimal efficiency.
• Regulatory Compliance: MiCA-aligned and built for a global user base, ensuring peace of mind for all participants.
• Ongoing Innovation: Chorus One’s smart contracts are continuously audited and optimized, proactively addressing risks and maximizing user safety.

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Tutorial - How to Get Started

1. Update Your SafePal Wallet: Ensure you’re running the latest version of the SafePal app or firmware.
2. Enter dApp store: Navigate to the “Explore” tab to see the dApp store. This is where you can find most Decentralized Applications on SafePal. Press the menu icon on the top left corner.

3. Navigate to TON Pool: Select TON Pool in the dApp Store under the TON category.

4. Connect SafePal Wallet: Press “Connect Wallet” then select SafePal as your wallet option.
   

4. ‍
5. Start Staking: Finally, simply enter your TON staking amount (minimum amount of 10 TON) and press the “Stake” button to start your staking journey with Chorus One.

“Our mission is to make secure staking accessible to everyone, everywhere. Integrating with SafePal brings our trusted TON staking infrastructure to a global audience, empowering users to participate in network security and earn sustainable rewards all from a wallet they know and trust.”

— Brian Crain, Co-Founder & CEO, Chorus One

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About Chorus One

Chorus One is a global leader in institutional staking, operating secure infrastructure for over 40 Proof-of-Stake networks, including Ethereum, Solana, Cosmos, Avalanche, and TON. Since 2018, Chorus One has delivered enterprise-grade staking solutions, industry-leading research, and a commitment to the highest standards of security and performance.

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About SafePal

SafePal is a next-generation, non-custodial crypto wallet suite serving over 20 million users across 200+ countries. Backed by industry leaders, SafePal empowers users to manage, swap, and stake digital assets securely across 100+ blockchains all from a single, intuitive platform.

Ready to stake TON with confidence?

Open your SafePal Wallet and start earning with Chorus One today!

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