As announced earlier this year, Chorus One is proud to have launched TON Pool, an institutional-grade pooled staking solution on Telegram Open Network (TON) that enhances the staking experience with a focus on security and addressing technical risks.
TON Pool has been based on the work of the Ton Whales team. As part of our commitment to offering institutional-grade solutions, Chorus One partnered with Spearbit to complete a smart contract audit that revealed the underlying Ton Whales contracts lack adequate risk mitigation, potentially leading to users' staked tokens being lost.
Our audit identified two critical risks:
Both of these issues have been mitigated in the Chorus One’s TON Pool. These issues have not been mitigated in the original Ton Whales contract, and users staking to Ton Whales should be aware that if either of these above risks occurs, their stake may be lost.
Efforts to help secure Ton Whale stakers
Chorus One has proactively engaged the Ton Whales team in an effort to protect the community, and as a good community member, to respect the Ton Whales smart contracts. Chorus One initially sent the smart contract findings in early March and again reached out to them before making our updated smart contracts publicly available and publishing this article. Up till the time of writing, we have not heard back from the team behind those contracts, which brings concerns as ignoring these risks puts the stake and the ecosystem at a vulnerable position. As of now, Ton Whales has not addressed the issues found, at least not in the open-sourced contracts.
Assuring the continued security of the Chorus One Ton Pool
Chorus One continues to test and, where necessary, improve the security of the Chorus One TON Pool. This is done by actively testing proprietary solutions internally and with our partners.
A Commitment to the Community
At Chorus One, we aim to deliver innovative products and advocate for a safer digital assets environment. We are committed to leading in security and challenging the status quo.
In conclusion, our TON Pool staking solution sets a higher standard for security and trust. We encourage users to evaluate their options carefully and build a safer future for digital assets together.
About Chorus One
Chorus One is one of the largest institutional staking providers globally, operating infrastructure for over 60 Proof-of-Stake (PoS) networks, including Ethereum, Cosmos, Solana, Avalanche, Near, and others. Since 2018, we have been at the forefront of the PoS industry, offering easy-to-use, enterprise-grade staking solutions, conducting industry-leading research, and investing in innovative protocols through Chorus One Ventures. As an ISO 27001 certified provider, Chorus One also offers slashing and double-signing insurance to its institutional clients. For more information, visit chorus.one or follow us on LinkedIn, X (formerly Twitter), and Telegram.
Coindesk and others reported on today's launch of the REX-Osprey SOL + Staking ETF, highlighting its pioneering approach as the first U.S. exchange-traded fund to combine crypto exposure with on-chain staking rewards. Trading on the CBOE and structured under the Investment Company Act of 1940 (‘40 Act), the fund offers investors access to Solana (SOL) while earning yield from staking. This is a watershed moment in digital asset finance because staking yield is no longer limited to wallets and validators.
To sidestep the long regulatory bottlenecks of the ‘33 Act spot ETF route, Osprey and REX opted for the more nimble ‘40 Act structure. They created a C-corporation that owns a Cayman-based subsidiary, which in turn acquires and stakes SOL tokens. This clever structuring enabled the ETF to launch faster and earn SEC clearance with a “no further comment” letter.
The result? Institutional-grade exposure to SOL, with staking yield, wrapped inside a regulated, listed fund. It’s a huge step forward in making staking mainstream and accessible via trusted financial rails.
While fast, this C-corp route has its drawbacks. As The Block outlines, C-corporations are subject to corporate tax, meaning some of the staking rewards could be liable for taxation before being realised by shareholders. And while the SEC had no further comment about the fund’s launch, this sparks an intriguing dialogue about the opportunities for innovation in fund compliance with ‘40 Act requirements, especially around asset composition and disclosure.
Ultimately, it's a practical solution that allows for the introduction of staking to the market right now, with exciting opportunities for future enhancements.
Encouragingly, the Osprey ETF may only be the beginning. Bloomberg’s James Seyffart recently noted that grantor trusts, the structure used in today’s spot Bitcoin and Ethereum ETFs, may soon be permitted to include staking. If approved by the IRS, this would allow ETF sponsors to pass staking income directly to shareholders without triggering corporate tax obligations.
This would remove the biggest efficiency drag from staking ETFs and enable more streamlined product designs with broader market appeal.
This shift toward efficiency is being propelled by a wave of pending legislation. Chief among them is the CLARITY Act, introduced in May 2025, which aims to:
Alongside this, other crypto-relevant bills are gaining momentum:
Of course, not all of these bills will become law, but it is clear that the legislative and regulatory environment is increasingly pro-clarity, pro-infrastructure, and pro-innovation. Osprey is the vanguard, but the next generation of staking ETFs will likely be faster, simpler, and more tax-efficient.
Bottom Line: The Osprey SOL + Staking ETF is an exciting breakthrough. It unlocks staking yield for ETF investors using creative structuring and regulatory navigation. Even better, a suite of legislative and tax changes is lining up to make these kinds of products simpler, leaner, and more mainstream. This is how crypto goes institutional.
It is with profound sadness that Chorus One announces the passing of our co-founder, Meher Roy Chowdhury, who left us on June 22. Meher was not only a brilliant mind in the world of technology and blockchain, but also a remarkable leader, dear friend, and an inspiring figure to all who had the privilege of knowing him.
Chorus One’s story commenced with Meher and Brian meeting in Basel in 2014. Meher’s passion for blockchain and keen insights led to his participation on the Epicentre podcast, where his knowledge and brilliance swiftly impressed all.
In 2017, Meher and Brian embarked on a new venture together, founding Chorus One. Reflecting on their time building the company, Brian Crain, CEO of Chorus One stated, “I can confidently say that the best decision I ever made was choosing Meher as my co-founder. His exceptional qualities—brilliance, vision, and unwavering integrity—guided us through both triumphs and challenges. Our partnership was marked by trust and respect, allowing us to navigate disagreements with ease and maintain a strong collaborative spirit.”
Tragically, Meher faced a difficult battle with leukaemia, diagnosed in April 2021. His resilience shone through as he fought valiantly against the disease, even achieving remission. However, the cancer returned in early 2024, leading to intense treatments and a prolonged struggle for recovery.
Meher is survived by his beloved son, Zubin, and his wife, Kiran, whose unwavering support throughout his illness has been a testament to their deep love.
In closing, we express our heartfelt gratitude for the time we shared with Meher. His legacy of compassion, curiosity and integrity will forever influence our work and the lives of those he touched.
Thank you, Meher, for your brilliance, your kindness, and your friendship. You will be deeply missed by all at Chorus One.
Ledger, the world leader in digital assetsecurity, and Chorus One, a leading global staking provider and node operator, are deepening their long-standing partnership by bringing Chorus One’s MEV-optimized Ethereum staking solution — the MEV Max Vault (MEV Max) — directly to users of Ledger Live. This latest integration represents a continued commitment from both partners to deliver secure, high-performance staking access within one of the most trusted platforms in the industry. Users can now access Chorus One’s optimized ETH staking solutions, all without everleaving the Ledger Live app.
With more than 7 million Ledger devices sold globally and over 20% of the world’s crypto assets secured, the introduction of MEV Max opens the flood gates for a significant portion of the crypto community to begin enhancing their ETH staking experience.
With this integration, Ledger Live users can stake ETH directly to Chorus One’s MEV Max via the "Earn" and"Discover" sections — all without leaving the Ledger Live environment. Users will now be able to stake and unstake their ETH using a seamless, embedded interface powered by Chorus One’s intuitive UI.
“It’s now on us to create products and services that are seamless and intuitive,” said Brian Crain, CEO of Chorus One. “What we’re doing with Ledger is a major step toward that vision.”
Upon launch, staking and unstaking will be the primary features available — but this is just the beginning. Chorus One and Ledger are already exploring the introduction of additional features, including the minting of osETH (a liquid staking token used to power re-staking and enable DeFi participation), looped staking, and more — unlocking further potential for ETH holders seeking to optimize their assets.
MEV Max is a pooled ETH staking solution engineered to maximize rewards through a blend of advanced infrastructure, proprietary research, and custom-built technology.
Key benefits include:
● Research & Optimization Strategies –Chorus One works closely with Block builders on Ethereum to propose the mostvaluable blocks and returns for stakers.
● Higher TVL, Higher Performance: A large and growing pool of stakers contributes to more block proposals, increasing both consistency and performance.
● Chorus-Managed Roadmap: Backed by industry-leading research and engineering, Chorus excels in validator performance, returns, and optimization strategies that ensure MEV Max remains cutting-edge.
Chorus One’s MEV Max is engineered to deliver some of the best yields available in the market — often out performing the existing ETH APYs range of 3.04% to 3.52%. Notably, MEV Max captured two highly profitable blocks this year, garnering 159.9 and 134 ETH respectively. To learn more, click here.
The integration of MEV Max into Ledger Live represents more than just an expansion of staking options — it’s a major step toward transforming what has historically been a fragmented ecosystem. By embedding advanced staking solutions directly into a trusted, user-friendly wallet experience, Chorus One and Ledger are streamlining the crypto user journey into a single, unified financial hub. This collaboration brings the power of Ethereum staking, DeFi, and restaking tools to a wider audience, removing complexity and creating intuitive pathways for users to unlock the full potential of blockchain technology.
CTA - Maximize Your ETH Rewards Today!
Chorus One is one of the largest institutional staking providers globally, operating infrastructure for over 60 Proof-of-Stake (PoS) networks, including Ethereum, Cosmos, Solana, Avalanche, Near, and others. Since 2018, we’ve been at the forefront of the PoS industry, offering easy-to-use, enterprise-grade staking solutions, conducting industry-leading research, and investing in innovative protocols through Chorus One Ventures. As an ISO 27001 certified provider, Chorus One also offers slashing and double-signing insurance to its institutional clients. For more information, visit chorus.one or follow us on LinkedIn, X (formerly Twitter),and Telegram.
Celebrating its 10-year anniversary in 2024, Ledger is the world leader in digital asset security for consumers and enterprises. Ledger offers connected devices and platforms, with more than 7M devices soldto consumers in 180 countries and 10+ languages. Over 20% of the world’s crypto assets are secured by Ledger. Ledger Donjon, its elite internal security team, plays a crucial role in protecting users in an increasingly complex Web3 world. Ledger Live enables secure self-custody and seamless access to crypto services including trading, DeFi, and staking.
