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!
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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.
For Chorus One, 2023 was the year of OPUS, our novel multi-chain staking solution.
Following months of dedicated development aimed at simplifying staking for investors, we proudly unveiled our flagship product, OPUS, at the wake of this year.
As the year unfolded, our commitment to perfecting OPUS remained steadfast. We fine-tuned various details, actively sought and incorporated customer feedback, and focused on continuous improvement to ensure that staking is as seamless and stress-free as possible. Below, we share the major highlights from OPUS's journey in 2023.
Dive in!
OPUS is the simplest staking solution for investors and institutions.
Resources:
All you need to know about OPUS: https://docsend.com/view/rye2auvy87hcx8vy
Start staking on OPUS: https://opus.chorus.one/portal/login
Learn more: https://chorus.one/staking-api-opus
When it comes to staking ETH, a recurring challenge arises - the requirement to sign multiple transitions for substantial deposits. This complexity has been especially a persistent hurdle in the path of institutional stakers. To combat this, we’ve devised a solution that streamlines institutional staking: the ability to seamlessly stake 8000ETH , or 250 validators in a SINGLE transaction.
Full details: https://chorus.one/articles/stake-8000eth-in-one-go-with-chorus-one
We launched our liquid staking pool on Stakewise V3, enabling individuals to stake any amount of ETH and benefit from Chorus One’s enterprise-grade staking infrastructure and industry-leading MEV yields!
Additionally, staking on Chorus One’s pool enables users to unstake at any time, or utilize their staked ETH capital throughout DeFi.
You can start staking on our vault here.
To learn more, check out the following resources:
4. We launched the first-ever ‘Bridge & Stake’ solution for DYDX
In tandem with our support for dYdX Chain, we also launched the first ‘Bridge and Stake’ solution for DYDX - enabling users to bridge and stake their tokens from Ethereum to Cosmos in one, single, seamless move.
Full details: https://chorus.one/articles/how-to-bridge-your-dydx-tokens-from-ethereum-to-cosmos
Bridge and Stake your DYDX here: https://opus.chorus.one/portal/dydx
Next, we review the substantial product updates implemented in 2023, driven by customer requests and feedback.
The OPUS dashboard makes it incredibly easy for you to access comprehensive details about your staking rewards, including separate reports that highlight your Execution level, Consensus level, and MEV rewards individually.
In fact, Chorus One stands out as the only node operator equipped with an in-house quant team exclusively focusing on MEV and exploring the intricacies of MEV extraction through evidence-based research. We consistently fine-tune our infrastructure, ensuring seamless integration with the Ethereum MEV pipeline.
Resources:
A sneak peek at validator side MEV optimization
MEV Matters: Decoding Chorus One’s winning MEV strategy
Hedging LP positions by staking
Exploring MEV implications and Cross-Domain dynamics on dYdX v4
Visit our MEV page to learn more: https://chorus.one/mev-maximum-extractable-value
As a user, you can get a comprehensive 360-degree perspective of your ETH stake position on the OPUS dashboard. Instantaneously view your total stake, all-time rewards earned, and validator performance within seconds.
OPUS offers customers a seamless, non-custodial experience for staking, earning rewards, rewards reporting, and unstaking. Our most recent product update from November makes the process of unstaking ETH as smooth as possible.
The OPUS dashboard gives you the freedom to personalize your withdrawal address with the wallet you prefer. Unlike conventional staking platforms, where your connected wallet automatically serves as your withdrawal address, OPUS allows you to set your own preferred withdrawal address.
The OPUS dashboard provides step-by-step guidance throughout the staking process, making it easier for you as the user to grasp and navigate the entire staking journey.
By 2024, OPUS customers will receive periodic automated rewards that will be adjusted for fees on-chain. Say goodbye to manual invoicing!
If you’d like to learn more about OPUS, speak with our team, or start staking with us, please reach out at staking@chorus.one. We look forward to hearing from you.
About Chorus One
Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 45+ Proof-of-Stake networks including Ethereum, Cosmos, Solana, Avalanche, and Near amongst others. Since 2018, we have been at the forefront of the PoS industry and now offer easy enterprise-grade staking solutions, industry-leading research, and also invest in some of the most cutting-edge protocols through Chorus Ventures.
As another eventful year comes to a close, we're thrilled to present Reflections - a series that rounds up Chorus One's activities in 2023.
The first edition of Reflections takes a look at some of the major company headlines we released throughout the year. Dive in!
Ensuring the security of our customers' assets and information has always been our foremost priority at Chorus One.
In October, we proudly announced a significant milestone in our ongoing commitment to establishing world-class security measures for our customers: the attainment of the ISO 27001:2022 certification - one of the very few node operators in the industry to do so.
Full details: https://chorus.one/articles/chorus-one-achieves-iso-27001-2022-certification-setting-a-major-security-milestone
Visit Chorus One’s security page: https://security.chorus.one/
We launched Red Horizon, a platform designed to streamline developers’ interaction with the Urbit server.
Learn more: https://chorus.one/articles/announcing-red-horizon
Visit the Red Horizon website: https://redhorizon.com
As an industry leader in MEV research, we shared our approach to MEV this year. In the article, also featured by Flashbots’ in their July newsletter edition, we delve into the MEV extraction process, highlight key players, and offer insights into our MEV strategy.
Check it out here: https://chorus.one/articles/mev-matters-decoding-chorus-ones-winning-mev-strategy
We announced our partnership with Ledger, the global security platform for digital assets and NFTs.
Ledger extended its compatibility with the Cosmos ecosystem in May, and Chorus One is currently supporting this integration by providing our validator services, enabling over a million Ledger Live users to leverage the bolstering Cosmos ecosystem and stake numerous tokens, including Onomy (NOM), Quicksilver (QCK), Persistence (XPRT), Injective (INJ) and more through nodes operated by Chorus One.
Learn more: https://chorus.one/articles/ledger-by-chorus-one-securely-stake-your-tokens-via-the-ledger-live-app
Following our mutually co-hosted breakfast side event at Token2049 Singapore, we were pleased to announce a significant milestone in our collaboration with BitGo, a prominent regulated custody, financial services, and core infrastructure provider.
BitGo partnered with Chorus One to expand staking for a diverse range of networks, including Sui, Sei, Injective, Osmosis, and Agoric. This collaboration underscores our longstanding relationship, spanning over a year, and solidifies our position as a preferred staking provider for institutions seeking security, compliance, and cutting-edge research.
Full details: https://chorus.one/articles/chorus-one-partners-with-bitgo-to-expand-staking-for-leading-networks
We announced our partnership with Fordefi, a leading MPC wallet platform and web3 gateway that enables institutions to seamlessly connect to dApps across networks, while securing their digital assets. This partnership currently facilitates Chorus One’s OPUS customers to stake and unstake multiple tokens using the Fordefi wallet inside the OPUS dashboard.
Learn more: https://chorus.one/articles/fordefi-x-chorus-one-direct-staking-for-opus-customers-via-wallet-integration
We announced that Qredo, a premier self-custody protocol and platform, joined forces with Chorus One to expand staking accessibility for investors. From seamless staking to enhanced security measures, this partnership empowers users with a secure and efficient staking experience.
As part of the partnership, Chorus One's OPUS users can directly stake and unstake multiple tokens through Qredo Wallets. This eliminates the complexities associated with managing multiple wallets and platforms, making staking more accessible to a broader range of investors.
Full details: https://chorus.one/articles/qredo-x-chorus-one-providing-enhanced-staking-accessibility
In the interest of safeguarding investors from potential staking penalties, this year we partnered with Nexus Mutual, the leading decentralized coverage provider, to introduce a range of staking coverage options for our customers.
We were the first node operator to purchase on-chain staking coverage to protect our customers through Nexus Mutual’s innovative tokenised cover.
Full details: https://chorus.one/articles/chorus-one-partners-with-nexus-mutual-to-roll-out-industry-wide-on-chain-staking-coverage-2
We provide a glimpse into the results of our first pilot on the Ethereum mainnet, which combines several modifications that positively impact MEV extraction. This piece was also featured by Flashbots' in their November newsletter!
Read it here: https://chorus.one/articles/a-sneak-peek-at-validator-side-mev-optimization
Our research team published a pioneering research report, fueled by a grant from dYdX, that examines the implications of Maximum Extractable Value (MEV) within the context of dYdX v4 from a validator's perspective.
This comprehensive analysis presents the first-ever exploration of mitigating negative MEV externalities in a fully decentralized, validator-driven order book. Additionally, it delves into the uncharted territory of cross-domain arbitrage involving a fully decentralized in-validator order book and other venues.
This paper, marking a significant milestone in exploring MEV dynamics, identifies factors that influence undesirable MEV extraction, and proposes concrete strategies to level the playing field in derivative trading by counteracting such behavior.
Read the report: https://chorus.one/reports-research/mev-on-the-dydx-v4-chain
Report TL;DR: https://chorus.one/articles/exploring-mev-implications-and-cross-domain-dynamics-on-dydx-v4
In January, we released ‘Eth-staking-smith’, an optimized, open-source Ethereum validator key-gen tool to facilitate key and deposit data generation.
The tool, an industry-first, streamlines the often complex Ethereum validator key management process, especially when dealing with it on a large scale.
Learn more: https://chorus.one/articles/a-deep-dive-into-eth-staking-smith
We published a whitepaper comparing key characteristics of Ethereum and Solana, which explores the block-building marketplace model, akin to the "flashbots-like model," and examines the challenges of adapting it to Solana.
Additionally, recognizing Solana's unique features, we also proposed an alternative to the block-building marketplace: the solana-mev client. This model enables decentralized extraction by validators through a modified Solana validator client, capable of handling MEV opportunities directly in the banking stage of the validator. Complementing the whitepaper, we also shared an open-source prototype implementation of this approach.
Learn More: https://chorus.one/articles/solana-mev-client-an-alternative-way-to-capture-mev-on-solana
OPUS is the simplest staking solution for investors and institutions.
Resources:
A guide to OPUS: https://chorus.one/articles/opus-api-what-is-it-and-why-did-we-build-it
All you need to know about OPUS: https://docsend.com/view/rye2auvy87hcx8vy
Start staking on OPUS: https://opus.chorus.one/portal/login
We’re thrilled to have launched our liquid staking pool on Stakewise v3, enabling individuals to stake any amount of ETH and benefit from Chorus One’s enterprise-grade staking infrastructure and industry-leading MEV yields!
Additionally, staking on Chorus One’s pool enables users to unstake at any time, or utilize their staked ETH capital throughout DeFi.
You can start staking on our vault here.
To learn more, check out the following resources:
In September of this year, we made it possible for OPUS users to stake up to 8000ETH in one, single transaction, eliminating the cumbersome process of signing multiple transitions for substantial deposits.
Learn more: https://chorus.one/articles/stake-8000eth-in-one-go-with-chorus-one
Stake on OPUS: https://opus.chorus.one/portal/login
In tandem with our support for dYdX Chain, we also launched the first ‘Bridge and Stake’ solution for DYDX - enabling users to bridge and stake their tokens from Ethereum to Cosmos in one, single, seamless move.
Full details: https://chorus.one/articles/how-to-bridge-your-dydx-tokens-from-ethereum-to-cosmos
Bridge and Stake your DYDX here: https://opus.chorus.one/portal/dydx
We announced staking support for Gnosis Chain (GNO), Onomy (NOM), Mars (MARS), and Kyve Network (KYVE) in the first quarter of 2023. Learn more and find out how you can stake GNO, MARS, or KYVE with Chorus One:
Gnosis Chain: https://chorus.one/crypto-staking-networks/gnosis
Onomy: https://chorus.one/crypto-staking-networks/onomy
Mars: https://chorus.one/crypto-staking-networks/mars
Kyve: https://chorus.one/crypto-staking-networks/kyve
We announced staking support for Aptos (APT), and Sui (SUI) in the second quarter of 2023. Learn more and find out how you can stake each network with Chorus One:
Aptos: https://chorus.one/crypto-staking-networks/aptos-2
Sui: https://chorus.one/crypto-staking-networks/sui-2
We announced staking support for Archway (ARCH), Sei Network (SEI) in the third quarter of 2023. Learn more and find out how you can stake each network with Chorus One:
Archway: https://chorus.one/crypto-staking-networks/archway
Sei: https://chorus.one/crypto-staking-networks/sei
We announced staking support for dYdX Chain (DYDX), Celestia (TIA), and Chainflip (FLIP) in the fourth quarter of 2023. Learn more and find out how you can stake each network with Chorus One:
dYdX Chain: https://chorus.one/articles/chorus-one-announces-staking-support-for-dydx-v4-as-a-genesis-validator
Celestia: https://chorus.one/articles/how-to-stake-tia-celestia
Next Up: Keep your eyes peeled for Edition #2 of our Reflections series, coming soon!
About Chorus One
Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 45+ Proof-of-Stake networks including Ethereum, Cosmos, Solana, Avalanche, and Near amongst others. Since 2018, we have been at the forefront of the PoS industry and now offer easy enterprise-grade staking solutions, industry-leading research, and also invest in some of the most cutting-edge protocols through Chorus Ventures.
Stake centralisation has been the talk of Ethereum’s town in 2023. Recognizing its detrimental effect and the risk it poses for Ethereum’s security and vitality, the Stakewise DAO announced its V3 in September 2022 - a permissionless and decentralized liquid staking protocol with a novel design and a liquid staked ETH token called osETH. The primary goals of v3 were stated to reduce the degree of stake centralization on Ethereum by i) making solo staking more appealing, ii) putting the choice of node operator(s) into the user’s hands, and iii) offering a new, less risky staked ETH token standard as an alternative to prevailing models.
Chorus One is proud to partner with Stakewise to support these goals by launching our liquid staking pool on Stakewise v3, enabling individuals to stake any amount of ETH and benefit from Chorus One’s enterprise-grade staking infrastructure and highest MEV yields. Additionally, staking on Chorus One’s pool enables users to un-stake at any time, or utilize their staked ETH capital throughout DeFi.
As 2023 approaches its final weeks, over a year since Stakewise announced their V3, we take a closer look at the protocol's current state - diving into its architecture, distinctions from existing liquid staking protocols, and its potential to broaden the landscape for ETH staking amongst solo stakers and institutions.
Jordan Sutcliffe, Head of Business Development at Stakewise, aptly coined Stakewise V3 as the ‘Swiss army knife’ for ETH staking, sparking a flurry of interest from ETH enthusiasts. During the unveiling, the team revealed that the new version opens the doors for anyone capable of running Ethereum validators to engage in liquid staking and receive delegations in a permissionless manner - an approach that aims to welcome a broader range of participants, fostering control and driving decentralization within the ETH staking ecosystem.
StakeWise V3 achieves this by introducing the concept of layered staking, allowing users i) to delegate ETH to a vault of the node operator(s) of their liking (1st layer), and ii) giving them the option to mint osETH to represent their stake (2nd layer). This design enables anyone to join as a solo staker who can mint osETH tokens against their node, or delegate ETH across multiple nodes to counteract network concentration. Notably, V3 introduces a slashing-resistant staked ETH token, osETH, ensuring scalability without introducing systemic risk to the broader ecosystem.
Ethereum was conceived with the mission of building a permissionless, censorship-resistant and financially robust network for value exchange.
The transition to Proof of Stake (PoS) through the Merge aimed to democratize participation, shedding the hardware and compute costs of Proof of Work (PoW). A year on from the Merge, however, centralization remains one of Ethereum’s biggest challenges - ironically, drifting towards the paradox of its own mission statement.
Currently, staking on Ethereum mandates validators to lock up 32 ETH with the network. While this investment yields interest, any misstep or dishonest conduct by a validator can lead to the revocation of funds. Setting up a validator node to stake on the network can also be a complicated task, meaning financial penalties can result if things are set up improperly.
To address this, liquid staking protocols emerged as intermediaries, enabling solo stakers and institutions to pool their ETH, collectively forming the 32 ETH required for a node. This innovation democratized ETH staking, allowing nearly anyone to participate. Intermediaries assumed the operational responsibilities, handling the pooling, staking, and technical requirements, while taking a share of the rewards for their efforts.
So, why Stakewise V3?
The drawback of the pre-existing version of Stakewise and its counterparts is simple but crucial. The absence of technical or capital requirements, the ability to temporarily exit from staking, and the increased efficiency of staked capital presented by liquid staking protocols resonate with depositors to an extent that it leads to a decrease in solo stakers (for example, individuals setting up ETH validators at home). Over time, this decline can significantly impact Ethereum’s security and decentralization.
To address this, the Stakewise DAO introduced Stakewise V3, its latest version that allows anyone—from solo stakers to established node operators to financial institutions—to participate. As a solo staker, one can seamlessly launch their own nodes, mint staked ETH (osETH) tokens against their nodes, or delegate any amount of ETH across multiple nodes to counteract network concentration.
Layer 1: Vaults
At the heart of Stakewise V3 are ‘Vaults’ - a network of permissionless, non-custodial staking mini pools that anyone can launch on the Stakewise platform and receive ETH delegations on their nodes. It offers users the freedom to stake with whichever vault they want, choosing between vaults run by solo stakers, node operator companies, and groups of solo/commercial operators.
For every 32 ETH of deposits accumulated in a Vault, the Vault operator(s) registers an Ethereum validator in the Beacon Chain and starts staking. The staking rewards belong to the depositors, net of the staking fee charged by the Vault.
Importantly, each of these Vaults is completely unique to the configurations set up by its operator, meaning that the operator can fully customize its vault as per its own design, allowing users to pick a vault based on the features that best suit the depositor. Essentially, Vaults are completely agnostic to the staking solutions that an operator wants to run - whatever client solutions, KYC features, MEV relays or DVT middleware that the entity wants to run are under their control. This leads to a very diverse marketplace of staking solutions that users can shop around and choose from.
Moreover, Vault Operators can set their Vault to a private setting, allowing deposits only from addresses whitelisted by the Vault Operator. This enables use cases like solo stakers depositing ETH into their own Vault and not accepting deposits from others. For instance, compliance-sensitive organizations can create a Vault to enable staking for only a limited number of KYC'd participants.
Layer 2: The osETH Token
The osETH Token is a new type of overcollateralised ETH token introduced by V3, which is a liquid ERC-20 representation of staked assets that uses Vault Token(s) as collateral. It can be minted by anyone who has staked ETH into a Vault(s), or can be bought/sold on decentralized exchanges.
Importantly, osETH represents a new type of liquid-staked ETH token that has its value pegged to staked ETH 1:1, but that does not directly pass on the slashing losses to holders, ensuring that all the staking rewards and penalties remain isolated to the individual Vault. To ensure this, V3 requires >1 ETH for every osETH that stakers in Vault want to mint. In the scenario where slashing does occur, there is always a reserve of ETH that absorbs the slashing losses before osETH holders are affected. This protects osETH holders from losing their principal, making osETH a safer option for staking.
Note that the stakers who mint osETH are still exposed to the slashing risk of the Vaults in which they staked ETH, and excess collateralization makes sure that the other osETH holders are not affected.
For solo stakers -
StakeWise V3 empowers solo stakers by allowing them to mint osETH tokens against their nodes, providing access to DeFi opportunities while maintaining a non-custodial setup. Solo stakers can set up private vaults, mint osETH, and even earn additional revenue by hosting validators for other stakers. Alternatively, public vaults enable solo stakers to accept delegations, maximize their score, and mint osETH based on received vault tokens.
For DeFi users -
StakeWise V3 caters to users seeking yields by providing osETH tokens, tradable in decentralized exchanges or minted within vaults. osETH integrates slashing protection, and ensures that staked capital are not co-mingled across funds, thereby offering a less-risky, diverse marketplace for users to mint osETH and use it in DeFi.
For institutions and exchanges -
Financial institutions typically prefer direct engagement with trusted staking service providers to ensure due diligence and favorable terms. StakeWise V3 caters to this preference by enabling institutions and exchanges to create private vaults, allowing exclusive collaboration with chosen operators and staking clients. Vault tokens from staking represent staked ETH, offering institutions the flexibility to enable liquidity and utility within their ecosystem. Additionally, for broader access to DeFi markets, institutions can mint or permit customers to mint osETH tokens.
For commercial node operators -
In StakeWise V3, operators, whether independent or collaborating with other entities, can establish vaults to accept delegations, allowing depositors to tokenize their staked ETH into osETH. Operators can choose to keep vaults private or public, showcase strong performance, and enhance their vault Score by taking risk-reducing measures.
As experienced node operators, we have established both our public pool (Chorus One - MEV Max) in StakeWise V3, providing individuals access to liquid staking while benefiting from our network expertise and proven MEV strategies. Our institutional clients also have the option of launching private, ring-fenced pools operated by Chorus One. For more details, refer to the final section of this article.
Chorus One is expanding the possibilities of V3’s Vaults by extending our MEV optimization strategies beyond a select group of customers to encompass ALL ETH stakers. We hold decentralization as a core value, and through our partnership with Stakewise, take immense pride in making our enterprise staking infrastructure to everyone - all without any minimum requirements to stake ETH.
Below, we provide a brief breakdown of the various methods available for staking ETH and minting osETH with Chorus One. For a comprehensive understanding of the benefits associated with staking your ETH on Chorus One's liquid staking pools, we've covered all the details here. Check it out!
Chorus One's public vault invites users to stake any amount of ETH and mint osETH, enjoying the benefits of our enterprise-grade staking infrastructure, proven MEV strategies, world-class security measures, and network expertise. Access Chorus One’s Public Vault here.
We will also have private, tailor-made vaults for clients seeking individual, personalized agreements for their staked capital. With these private pools, user assets stay separate and are not commingled with other Vaults, thus offering the perks of liquid staking with enhanced security and all the other benefits Chorus One has to offer—higher MEV yields, top-notch security, network expertise, and more. To launch Private Vault with Chorus One, please reach out to us at staking@chorus.one.
In addition, we're making liquid staking more accessible to both our existing and new OPUS customers.
Soon, our public pool will be seamlessly integrated into our Staking Dashboard, allowing OPUS users to dive into liquid staking, mint osETH, and leverage it in DeFi or hold it—all with just a few clicks! Stay tuned for more updates coming your way soon!
You can also get a glimpse of how it will work, and more insights into Stakewise v3 from Jordan Sutcliffe’s speech at the staking summit, here.
About Chorus One
Chorus One is one of the biggest institutional staking providers globally operating infrastructure for 45+ Proof-of-Stake networks including Ethereum, Cosmos, Solana, Avalanche, and Near amongst others. Since 2018, we have been at the forefront of the PoS industry and now offer easy enterprise-grade staking solutions, industry-leading research, and also invest in some of the most cutting-edge protocols through Chorus Ventures.
