In an era of rapid technological evolution, Soarchain emerges as a vanguard in the automotive industry, redefining the landscape of vehicle-based applications and services. By harnessing the power of blockchain and hardware, Soarchain simplifies the complexities of vehicular connectivity, offering a platform for applications ranging from real-time insurance adjustments to AI-driven diagnostics and safety enhancements. With its Layer-1 Decentralized Physical Infrastructure Network (DePIN) built on the Cosmos SDK, Soarchain is set to transform the mobility sector, offering a more inclusive, transparent, and scalable alternative to the proprietary networks dominating today's market.

In this article, we explore how Soarchain unlocks dePIN’s full potential.

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Disclaimer: Buckle Up, But Don't Hit the Gas Just Yet!

Quick pit stop to share that we at Chorus One are on the journey with Soarchain as proud investors.

However, please note that our support and enthusiasm for this venture should not be interpreted as financial advice. While we're keen to explore the blockchain landscape with Soarchain, we advise you to make investment decisions based on your own research and judgment. Consider us as companions sharing insights, not as guides for your financial journey.

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What is DePIN?

In a gist, DePIN refers to decentralized networks that employ the use of hardware to enhance data collection for specific use cases. For a wider view of the entire ecosystem, please refer to Mesari’s 2023 report.

DePIN & Existing limitations

Traditional Verification Methods and Conflicts of Interest:

• Traditional methods often lead to conflicts of interest, inactive service providers, and susceptibility to fraudulent activities.

Unwanted Permission Layers and Security Vulnerabilities:

• Many DePIN systems introduce permission layers or are susceptible to security vulnerabilities. Hardware verification methods, such as manufacturing-embedded key pairs or using secure elements like trusted execution environments, often lead to restricted network access and are prone to security vulnerabilities.

Scalability Constraints and Oracle Problem:

• DePINs face challenges in verifying physical sensor data due to scalability constraints and the oracle problem (the difficulty of verifying real-world data in a decentralized context).
  
  

Specific Network Challenges:

• Networks like IoTeX face scalability and privacy issues, Helium and MXC deal with centralized hardware dependence, and IOTA grapples with centralization due to its Coordinator.

Verification in DePIN Projects:

• Current hardware-based approaches to verification, such as embedding key pairs or using trusted execution environments, have limitations like permissioning and vulnerability to hacks.

Incentive Challenges:

• DePIN networks often suffer from incentive-related issues like self-dealing, lazy providers, and malicious providers.

Soarchain tackles these through decentralized sequencers, governance frameworks, and a layered approach to network architecture, enhancing scalability and privacy.

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Soarchain’s Governance Framework‍

Soarchain introduces a robust architecture for onboarding new factory manufacturers and hardware providers in a secure and scalable manner.

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The Hierarchical Certificate System

• Master Certificate: The Soarchain Master Certificate sits at the apex of this structure, acting as the ultimate authority and trust anchor. It meticulously verifies and authorizes factory certificates, forming the backbone of the network’s security and trust.
• Factory Certificates: These certificates, issued to hardware manufacturers, symbolize their commitment to quality and security. They play a crucial role in integrating new hardware providers into the Soarchain ecosystem, ensuring that each component adheres to the highest standards.
• Device Certificates: At the grassroots level, device certificates verify the authenticity of individual hardware devices, safeguarding against tampering.

Manufacturers can generate a Certificate Signing Request (CSR) using the on-chain Root Certificate through governance proposals. Soarchain aims to incorporate tier-1 manufacturers. This specifically targets those incorporating secure elements in their Electronic Control Units (ECUs) or modules, a growing trend for enhanced security in automotive electronics. This integration will unlock new possibilities on Soarchain, like supply chain management, manufacturing process optimization, and trustless Over-the-Air updates for ECU firmware/software, a long standing costly challenge.

The system allows factories to submit governance proposals for inclusion, followed by proposals to issue a certain number of certificates. A key concern is that issuing non-time-bound or non-quantity-bound certificates grants manufacturers indefinite production rights. This could lead to a lack of accountability for their manufacturing processes and the products they produce. This innovative approach leverages Cosmos SDK and democratizes the onboarding of new manufacturers. It ensures that every level of the manufacturing and device integration process is secure, flexible, transparent and scalable.

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Scaling with the Runner Network - The Celestia of DePIN

To address scalability, Soarchain implements a layer-2 solution with runner nodes that handle the bulk of data processing. This significantly reduces the load on the main blockchain and enhances the network's capacity to handle large data transactions. Runner nodes in Soarchain parallel the function of sequencers in the Celestia network. They manage data flow, gather public keys, create Merkle trees, and submit these summaries to the blockchain. From the Layer 1 perspective, the addition of thousands of vehicles and hundreds of thousands of new messages translates to only a moderate increase in network transactions.

Soarchain employs a Verifiable Random Function (VRF) within its core layer-1 virtual machine to dynamically select a consensus group from the pool of runners, preventing data validation centralization and potential collusion, operating like a decentralized sequencer. Runners in the consensus group are tasked with receiving, ordering, and verifying messages from vehicles, using these to create Merkle trees. They then generate and submit claims about these trees to validate their honesty and correctness. The system involves a distributed key generation process (Shamir Secret sharing algorithm) and threshold public key encryption to ensure that the content each runner submits is identical, maintaining the integrity of the verification process.

Users can operate a 'runner' via the Motus Connect and Drive mobile app. This setup allows users to earn extra network rewards. Runners are akin to Celestia's light clients but with an added responsibility: they sequence messages and verify their authenticity, ensuring the content is original, unaltered, and plausible. Similarly, more runners in Soarchain increase the number of supported vehicles, thereby expanding the network's message broadcasting capacity (as long as a certain percentage of full / validator nodes operate as runners).

Runners are also required to delegate a minimum amount of tokens to a validator. This serves two purposes:

• It prevents unhealthy competition between runners and validators. As the number of runners grows, more tokens are delegated to validators, enhancing network security.
• It ensures runners have a stake in the network, aligning their interests with its overall health and security.

Just like that, Soarchain presents the first ever mobile / app based shared sequencer to operate light clients.

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Solving Privacy: The Role of zk-SNARKs ‍

Soarchain has integrated zk-SNARKs, particularly through the Groth16 scheme, to ensure robust data verification while maintaining confidentiality. This technology allows vehicles to generate cryptographic proofs of data authenticity and integrity without revealing the underlying data, thereby preserving privacy.
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Uses of zk-SNARKs

• At the core of Soarchain's privacy solution are Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs).
• This cryptographic method allows vehicles within the Soarchain network to prove the authenticity and integrity of their data without revealing the actual content.
• The integration of zk-SNARKs maintains data confidentiality, ensuring sensitive vehicular information remains private.

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Data Verification and Privacy

• Vehicles transmit Parameter IDs (PIDs) to the blockchain, which are standardized diagnostic codes containing vital vehicle information.
• This data is securely signed with the vehicle's certificate (containing public keys) derived from device certificates, validating the data's origin and ensuring integrity.

The use of zk-SNARKs, particularly through the Groth16 scheme, allows for efficient management of multiple proofs for similar types of PID data, crucial in Soarchain's network. Soarchain employs a unique method to verify the plausibility of PIDs (Parameter IDs) through two approaches: individual analysis of each PID and joint analysis of PIDs with known high correlations.  Each Performance Indicator Data (PID), like fuel pressure or engine temperature, is validated meticulously, ensuring the accuracy and reliability of data transmitted via distributed MQTT brokers. This process ensures user privacy, as it doesn't require decrypting plaintext data on the public blockchain. Instead, plausibility checks are conducted while preserving privacy. This is made possible through specially designed arithmetic circuits, verified using zero-knowledge methods, ensuring that no sensitive data is exposed during the verification process.

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A physical decentralized oracle

The oracle problem, particularly in the context of Soarchain, refers to the challenge blockchains face in accurately interacting with external, real-world data. For Soarchain, this data is physical, real-time mobility information generated by sensors, cameras, and actuators on vehicles and road users. The key issue is ensuring the data's authenticity and that the data sources are honest. To address this, Soarchain uses hardware equipped with a secure element, ensuring that a) the hardware runs the intended firmware, preserving the operational integrity, and b) private keys corresponding to public keys and certificates are securely stored, safeguarding the security, integrity, and authenticity of the data.

Once these pre-verification checks are completed, the data is transformed into "messages" akin to transactions and sent to Soarchain's verification layer. This layer constructs Merkle trees using these messages and generates a proof once a certain number of messages are aggregated. The proof is then submitted to the chain, and the metadata of the data is immutably recorded on the blockchain. This process enables any entity on the chain to interact with a reference to the proven and verified data originating from real-life sources.

To overcome the oracle problem's scalability constraints and complexities, Soarchain combines decentralized oracle systems with hardware-accelerated and proof-based mechanisms. While centralized oracle solutions pose a risk of single-point failure and require significant trust, decentralized oracles, though more secure, often lack a hardware-accelerated, proof-based system. Soarchain's runner architecture not only serves as an incentivized, trust-minimized oracle network, but it also acts as a scaling layer. This allows for the aggregation and proof of pre-verified data messages without needing to submit each message in full to the blockchain. This method significantly reduces the burden on the blockchain while maintaining the integrity and trustworthiness of the data being processed.

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Conclusion‍

In conclusion, Soarchain stands at the forefront of revolutionizing decentralized mobility and related applications. Its robust Layer 1 blockchain technology enables a myriad of real-world applications, from decentralized ride-sharing platforms, offering a more equitable and transparent system, to smart parking solutions that ensure secure, fraud-resistant transactions. Additionally, Soarchain plays a pivotal role in the coordination of autonomous vehicles, promoting safety and efficiency through real-time communication and decentralized consensus.

Soarchain represents a significant leap forward in the world of decentralized networks. Its innovative governance framework, the integration of zk-SNARKs for data verification, and the unique approach of using runner nodes and a decentralized sequencer collectively forge a path towards a more secure, scalable, and trustable digital future. With these technologies, Soarchain is not just solving the present challenges of dePINs but also paving the way for the untapped potential of hardware based decentralized networks.

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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.

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• This is an excerpt from the Quarterly Insights Q2 2023 report. Find the full report, here.

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The Cosmos ecosystem is one of the most diverse in crypto as it allows for experimentation and simple bootstrapping of new ideas, due to the accessibility of the Cosmos SDK stack. The result is the launch of multiple chains on a monthly basis, each one targeting specific issues or innovative solutions. As a recent highlight, the Cosmos Hub is on the forefront, with the implementation of ICS v1 (“replicated security”), becoming the first shared security solution in production.

The previous edition of our Quarterly Insights report covered the basic concepts and related projects pushing the boundaries for innovative solutions in staking. You can download it here.

This article starts a series of reviews of well known projects, aiming to uncover the present state of these “long lived” protocols. This edition focuses on Injective, a fast and cheap blockchain built for finance, featuring 0.9s block times and less than $0.01 fee per transaction. Injective provides infrastructure that is optimized for enterprises to build a diverse array of institutional grade financialapplications. An example of a high level contribution is the module that allows the implementation of an on-chain order book. The OpenDeFi Foundation is the non-profit organization behind the Injective protocol. Backers include high profile names, such as Binance, Jump, Pantera and Mark Cuban.

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Technical architecture

Injective is a Layer 1 (L1) blockchain built on top of the Cosmos SDKand the CometBFT Consensus protocol. The network is operated by60 validators at the time of writing. The number of validators may seem low when compared to other delegated PoS blockchains (e.g.Solana: 1900 validators), but it can still be considered similar to otherCometBFT based chains. The protocol is proof-of-stake based and has a limited validator set to optimize for throughput. The expected tendency is for the network to be secured also by social consensus,with delegators working on identifying more reliable and trustedvalidators to delegate to.

In the Injective case, the super-majority is formed by 4 validators that hold more than 33% of voting power at the time of writing.Aware of the risks imposed by centralization, and to incentivize contributions from other node operators to the development of the ecosystem, the Open DeFi Foundation recently announced theFoundation Delegation Program to increase the voting power controlled by relatively smaller validators.

From a validator's perspective, Injective can be a demanding network to run due to its short block times and, consequently, higher chance of failing to sign blocks. This characteristic is reflected in the validator “uptime”, which varies from 80% to 99% on Injective amongst all validators, while for other networks the uptime is on average closer to 100%. The update process has consistently been well-managed and smooth. Overall, we have a positive impression of the network's technical architecture.

Activity

The most popular dApp on Injective is Helix, a decentralized exchange that allows for spot and derivatives trading of cross chain assets. More than $10B have been traded since the launch in November 2021, with derivatives being responsible for $9.3B. The total value locked in pools (TVL) is $11.5M and the most active perpetual markets are BTC/USDT and ETH/USDT. INJ/USDT is the most liquid spot market.

Helix creates a seamless trading experience, with a  user interface comparable to a centralized exchange, low costs and advanced features, such as order types, graphical indicators and liquidity analysis. To start using Helix, users can connect from a Metamask, Keplr, Ledger, Cosmostation, Leap, or Trezor wallet.

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The Open Liquidity Program (“OLP”) is an initiative recently announced to foment on-chain liquidity: beginning June 13, 2023,60,000 INJ can be earned during each epoch by those executing trades through the API or on decentralized exchanges built onInjective. The program prioritizes deep, long lasting liquidity, by using the following metrics to measure the quality of the activity: dual sidemarket making, uptime, volume and spread. All information on the reward calculations and API can be found in the OLP docs here.

Additionally, the first Injective Hackathon recently concluded, with the submission of 300 projects, and 357 builders, attracting developers, entrepreneurs, and blockchain enthusiasts, the four week online event fostered new innovations across Web3. Highlights from submissions involve options trading, asset management tools, money marketing platforms and NFT marketplaces. Additionally, the Injective Ecosystem Venture Group is a group of prominent institutions and venture funds that have come together to back the future of the protocol with a $150 million initiative. The focus is to support promising projects building within a diverse array of sectors including interoperability, DeFi, trading, PoS infrastructure, rollups and scalability solutions. Visit the official page to be informed on criteria and the process to apply.

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Cross-chain Composability

Given Wormhole integration and IBC compatibility, from the userperspective, it is fairly easy and cheap to interact with multiple blockchains from- and to- Injective. According to the Map of Zones, Injective communicates with 19 different Cosmos chains. The biggest flow of assets happens between Injective and the CosmosHub.

In May 2022, the protocol started working with the Wormhole bridge, making it easier for users and developers to interact with other blockchains. The most common asset bridged to Injective isUSDT, with more than 11 million of USDT at the time of writing. Other bridged assets include wETH, USDC, SOL, wMATIC and LINK.

Also, in March 2023, Cascade was launched - a layer-2 testnet that utilizes the Solana’s Sea Level Virtual Machine (SVM) provided byEclipse. This means that Solana developers can test their apps for use in the Cosmos without needing to change the programming language or tooling used. More information can be found here. April 2023 was the time for Injective to start communicating with Polkadot. The integration happens through the Celer Bridge, and allows users to transfer INJ, ATOM, ASTR and DOT between the Injective blockchain and the Astar parachain. More information can be found here.

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Economics

Injective mainnet is live since November 2021. INJ, its native token,has multiple purposes in the ecosystem, as it is used:

I. to secure the PoS chain;  

II. to participate in the on-chain governance;  

III. to pay for exchange fees, and in the buy back and burn model;

IV. as margin and collateral backing derivatives positions. The current supply of INJ is 600m tokens and it increases over time through block rewards - incentives to token holders when locking INJ to help secure the Proof of Stake (“PoS”) network (“staking rewards”).

The emission rate (“inflation”) at the time of writing is 10% per year, and 62.5% of INJ total supply is currently locked in staking, resulting in 15% yearly yield. INJ is being traded at $7.94 and the fully diluted market cap is $794million. INJ price has been showing resilience throughout this bearmarket, as it was able to recover a good part of its value, despitemost of the market still struggling with low prices in the same period.

According to IntoTheBlock, Injective has a 94% concentration bylarge holders, i.e. whales - addresses with more than 1%; and investors - addresses with more than 0.1% of circulating supply.

The protocol suggests a global minimum fee structure, meant tofavor those adding liquidity to markets, also known as “marketmakers''. Maker fee is 0.01% of the total amount of the order, whilemarket taker orders - those trading against the orderbook, pay0.02% of the trading amount. Although the maker/taker model iscommon on centralized exchanges, Injective fees are half of what auser would pay when trading on Binance, for example. For a more indepth analysis of fee models in different exchanges, we recommend this article by Deribit.

Additionally, as a way to support the applications, the protocol transfers 40% of trading fees back to the dApp. This value can be used to source the trading activity on the exchange, offering fee rebates and other incentives to increase financial yield to users. The other 60% are kept by the protocol and periodically auctioned in exchange for INJ. The INJ proceeds of this auction are then burned, thus creating a potential deflating mechanism in the total INJ supply.  Each application built on top of Injective may implement fees and incentives in a slightly different way. For example, Helix adds discounts to the taker fees, depending on the amount of INJ staked by the user and the amount traded in the last 28 days. Discounts start at 7.5%, when staking 25 INJ and trading volume $100,000. It can get to 80% for users staking at least 75,000 INJ and $100m trading volume.

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Wrapping Up

Injective has been actively working on growing its ecosystem, tackling the different aspects to promote the activity and adoption of the network. On the TVL level, Injective is the 52nd chain on the DeFiLlama ranking. There are relatively few spot and derivative markets with significant liquidity levels - greater than $10,000 on the top of the book, and trading volumes are still low compared to otherdecentralized exchanges. On the other hand, Injective provides a fully on-chain experience, in contrast with most decentralized exchanges, through its order book and seamless trading experience, including advanced order types and technical analysis tools, that are partially unique in the crypto space, and we consider to be good differentials for the protocol.

Centralization of stake in a small number of validators is another concern for this network. Both points are subjects of the initiatives created by the Foundation and presented in detail in the previous sections.

When looking at tokenomics, the INJ token is one of the most valuable assets in the Cosmos, second only to the $ATOM token according to Mintscan. It also has multiple use cases, from staking to buy back and burn auction, which tend to power the demand and keep its value in the future. In terms of price, it has shown resilience compared to most assets in the Cosmos ecosystem during the recent tumultuous times crypto and global markets went through. The staking yield of around 15% annually is also aligned with other high value Cosmos chains.

As our final impressions, Injective seems to be taking the right steps to address its short comings while pushing ahead with its coremission. Chorus One is an Injective validator. You can find more information on how to stake INJ tokens on https://chorus.one/crypto-stakingnetworks/injective or reach out to us: staking@chorus.one.

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To stay up to date with Injective

Blog: https://blog.injective.com/

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About Chorus One

Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 50+ Proof-of-Stake networks including Ethereum, Cosmos, Solana, Avalanche, and Near amongst others. Since 2018, we have been at the forefront of the PoS industry and now offer easy enterprise-grade staking solutions, industry-leading research, and also invest in some of the most cutting-edge protocols through Chorus Ventures.

In 2023, we're proud to have added staking support for nearly 20 new networks. This edition of Reflections recaps all the networks we have added support for this year and how you can start staking with Chorus One. Dive in!

January

• MARS

Mars is a multichain credit protocol enabling borrowing and lending primitives in the Cosmos. With Mars v2, the protocol introduced "Rover credit accounts" to Osmosis. Much like Binance subaccounts, credit accounts act as transferrable NFT containers where users can deposit assets, and use them as collateral for borrowing, spot or margin trading, leveraged yield farming, and hedging — all with a single liquidation point.

Learn more: https://chorus.one/articles/chorus-one-announces-staking-support-for-mars

Stake MARS: https://chorus.one/crypto-staking-networks/mars

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February

• Gnosis

Gnosis Chain is EVM-based and secured by over 100k validators around the world. It hosts a very diverse validator set and it is propped up by the community governance of GnosisDAO to ensure it remains credibly neutral at a much lower price point than Ethereum mainnet. It powers an ecosystem of DApps including POAP (Proof of Attendance Protocol, the original NFT protocol), Dark Forest (a fully decentralized strategy game, built with zkSNARK technology), Giveth (public goods, peer-to-peer direct funding platform), and much more.

Learn more: https://chorus.one/articles/chorus-one-announces-staking-for-gnosis-chain

Stake GNO: https://chorus.one/crypto-staking-networks/gnosis

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• Quicksilver

Quicksilver is a permissionless and sovereign Cosmos liquid staking protocol that provides liquid staking to all networks in the Cosmos Ecosystem. The Quicksilver protocol is one of the first blockchains to participate in Interchain Security, and will become a Consumer Chain of the Cosmos Hub. By staking your tokens with Quicksilver, you receive a representative token (qTOKEN) that can be used later on in DeFi.

Learn more: https://quicksilver.zone

Stake QCK: https://chorus.one/crypto-staking-networks/quicksilver

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• KYVE

Kyve is a PoS blockchain built with the Cosmos SDK. It has two layers: the Chain Layer and the Protocol Layer, each with its own node infrastructure.

Kyve aims to revolutionize customized access to on- and off-chain data by providing fast and easy tooling for decentralized data validation, immutability, and retrieval. With these tools, developers, data engineers, and others can easily and reliably access the trustless data they need in order to continue building the future of Web3.

Learn more: https://chorus.one/articles/chorus-one-announces-staking-support-for-kyve

Stake KYVE: https://chorus.one/crypto-staking-networks/kyve

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March

• Noble

‍Noble is a Cosmos application-specific blockchain purpose-built for native asset issuance. Noble brings the efficiency and interoperability of native assets to the wider Cosmos ecosystem, starting with USDC. Noble’s vision is to be the world’s premier issuance hub for digital assets that connect to other blockchains seamlessly. Noble leverages the Cosmos-SDK – a flexible toolkit that allows developers to leverage existing modules, and to seamlessly integrate custom modules that add virtually unlimited functionality for asset issuers onthe Noble blockchain.

Learn more: https://nobleassets.xyz

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April

• Onomy

The Onomy Network is a Proof-of-Stake blockchain constructed using the Cosmos SDK framework, which enables it to achieve scalability by leveraging the infrastructure supported by a network of institutional validators, like Chorus One.

With a block time of just five seconds, and its high throughput, low latency, and low fees features, the Onomy network is made to be ideal for financial transactions.

Learn more: https://chorus.one/articles/chorus-one-announces-staking-support-for-onomy

Stake NOM: https://chorus.one/crypto-staking-networks/onomy

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• Aptos

Aptos is a high-performance layer 1 proof-of-stake protocol that aims to be one of the safest and most scalable protocols, with a core focus on user experience. It was initiated by Aptos Labs, a venture founded by former engineers and scientists from Diem (formerly Facebook), with a vision to build their own, permissionless blockchain. Aptos is built using the Move programming language along with the Move Virtual Machine for dApp development. The team behind Aptos was actively involved in the development of Move, with a focus on flexibility, customizable transaction logic, and provability to enhance the safety of writing smart contracts.

Learn more: https://chorus.one/articles/chorus-one-announces-staking-support-for-aptos-network

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

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May

• Sui

Sui Network is a permissionless Layer-1 blockchain and smart contract designed from the ground up to make digital assets ownership fast, secure, and accessible to the next generation of Web3 users. Its pioneering architecture is implemented to create a world-class developer experience, in addition to vastly improving performance and user experience of L1 blockchains.

Learn more: https://chorus.one/articles/chorus-one-announces-staking-support-for-sui-network

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

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• Neutron

Neutron is a blockchain network that brings Smart Contracts into the Cosmos-family blockchains using CosmWasm. Neutron works with networks using the IBC protocol. Neutron security (block validation) is provided by the Cosmos Hub network using Interchain Security.

Learn more: https://www.neutron.org

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July

• Archway

Archway Network is a testament to visionary architecture. By leveraging the Cosmos SDK, Tendermint, and CosmWasm, the Archway team have built an infrastructure that excels in speed, scalability, and security. What truly sets Archway apart is its seamless interoperability through the Inter-Blockchain Communication (IBC) protocol, which fosters a cohesive ecosystem where data and value can flow freely between different blockchains.

Unlike L1 blockchains that primarily focus on token distribution to early participants, Archway takes a different approach. It recognizes the value and impact of developers and builders by incentivizing them based on their contributions to the network. This unique model aims to level the playing field among developers, providing equal access to capital and support, regardless of their connections or associations.

Learn more: https://chorus.one/articles/network-101-archway-the-blockchain-built-for-developers

Stake ARCH: https://chorus.one/crypto-staking-networks/archway

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• GoGoPool

GoGoPool is the first permissionless staking protocol built for Avalanche Subnets, allowing node operators to launch validators cheaper and faster using the GGP token. Currently, we cater to node operators and liquid stakers.

Learn more: https://www.gogopool.com

Stake GGP: https://chorus.one/crypto-staking-networks/avalanche  

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• Play3ull

PLAYA3ULL is a Gaming Publisher that merges PC-based games with crypto. The project uses the 3ULL token in the games and produce that token from Nodes.

Learn more: https://playa3ull.games

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• Stride

Stride is a multichain liquid staking zone (appchain) on the Cosmos Blockchain. Stride allows users to stake any IBC-compatible tokens, and receive stTokens in return, which are redeemable for the original token at a 1:1 ratio. By staking their tokens using Stride, users will be able to earn staking rewards, while also retaining liquidity in the form of stTokens, which will allow them to take advantage of Cosmos DeFi and pursue more yields there.

Learn more:  https://www.stride.zone

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August

• Sei Network

Sei has positioned itself as the fastest Layer 1 blockchain with a lower bound of 300ms and an upper bound of 20,000 OPS for processing. Designed specifically for trading, Sei has meticulously optimized every layer of its infrastructure to provide unmatched speed and efficiency, targeting exchanges and various trading applications. One standout feature is its native order-matching engine within Layer 1, enabling exchange apps to scale more effectively than on other Layer 1 blockchains.

Learn more: https://chorus.one/articles/network-101-sei-network

Stake SEI: https://chorus.one/crypto-staking-networks/sei

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October

• dYdX v4

dYdX v4 is the latest iteration of dYdX, one of the most prominent decentralized exchanges and premier trading platform for cryptocurrency.  The DEX initially launched as an Ethereum-based Layer 2 solution and has now made a significant move by transitioning to its dedicated blockchain, known as the dYdX Chain (or dYdX v4), built using the Cosmos SDK. We've compiled all the essential information about the chain, complete with an in-depth exploration of their move to Cosmos and Chorus One's ongoing involvement with dYdX since the very outset in a comprehensive guide. Check it out here.

Learn more: https://chorus.one/articles/network-101-a-comprehensive-guide-to-dydx-v4

Bridge and Stake DYDX: https://chorus.one/articles/how-to-bridge-your-dydx-tokens-from-ethereum-to-cosmos

Stake DYDX via Keplr: https://chorus.one/articles/how-to-stake-dydx-with-chorus-one-using-the-keplr-wallet

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• Celestia

Celestia is a modular network that makes it easy for builders to launch their own blockchain by focusing solely on data availability. It allows developers to easily deploy blockchains on top of Celestia, much like deploying smart contracts. This accessibility empowers individuals to create their own unique rollups and blockchains, serving a multitude of purposes and ensuring scalability for a broader audience.

Learn more: https://chorus.one/articles/why-is-data-availability-important-and-how-is-celestia-addressing-this

Stake TIA: https://chorus.one/crypto-staking-networks/celestia

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November

• 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.

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

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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.

Throughout 2023, Chorus One maintained its standing as one of the select few node operators to consistently deliver in-depth research reports, wherein our dedicated in-house research team delves into the latest developments in the crypto and staking world.

Edition #4 of our 2023 Reflections series recaps Chorus One’s significant research efforts in 2023. Dive in!

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Featured

1. MEV on the dYdX v4 chain: A validator’s perspective on impact and mitigation

This year, Chorus One introduced a major research effort, 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.

Dive in: https://chorus.one/reports-research/mev-on-the-dydx-v4-chain#

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2. The cost of artificial latency

We present a comprehensive analysis of the implications of artificial latency in the Proposer-Builder-Separation framework on the Ethereum network. Focusing on the MEV-Boost auction system, we analyze how strategic latency manipulation affects Maximum Extractable Value yields and network integrity. Our findings reveal both increased profitability for node operators and significant systemic challenges, including heightened network inefficiencies and centralization risks. We empirically validate these insights with a pilot that Chorus One has been operating on Ethereum mainnet.

Dive in: https://chorus.one/reports-research/the-cost-of-artificial-latency-in-the-pbs-context

TL;DR: https://chorus.one/articles/timing-games-and-implications-on-mev-extraction

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3. Breaking Bots: An alternative way to capture 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.

Dive in: https://chorus.one/reports-research/breaking-bots-an-alternative-way-to-capture-mev-on-solana

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Quarterly Insights

Every quarter, we publish an exclusive report on the events and trends that dominated the Proof-of-Stake world. Check out our Quarterly reports below, with a glimpse into the topics covered in each edition.

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Q1

Titles covered:

• Cross-chain MEV: A New Frontier in DeFi
• The Evolution of Shared Security
• The Start of ZK Season
• App-chain thesis and Avalanche subnets

Read it here: https://chorus.one/reports-research/quarterly-network-insights-q1-2023  

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Q2

Titles covered:

• ETH <> Arbitrum Cross-Chain MEV: a first estimate
• ICS on Cosmos Hub, and Centralization
• Expanding the Ethereum Staking Ecosystem: Restaking
• Ecosystem Review - Injective

Read it here: https://chorus.one/reports-research/quarterly-network-insights-q2-2023

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Q3

Titles covered:

• A sneak peek at validator-side MEV optimization
• Hedging LP positions by staking
• Considerations on the Future of Ethereum Liquid Staking
• New developments in State Sync and Partial Nodes

Read it here:  https://chorus.one/reports-research/quarterly-network-insights-q3-2023-2024

Reach out!

If you have any questions, would like to learn more, or get in touch with our research team, please reach out to us at research@chorus.one

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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.