What happened in the Staking Space from 1st October to 9th October?
It has been an exciting week full of news and updates in the Staking Space. So we are glad to present to you the second fully loaded Staking Rewards Report. Here we will provide a weekly update on all things Staking. A general overview of the market, highlighted research in the space, news on all launched staking networks, updates on upcoming Staking networks, the latest developments from Staking infrastructure providers, and a handful of Staking-Related events. The news is being curated by Mirko Schmiedl, Co-Founder at Staking Rewards, and Rina Spasenkova, Marketing Lead at Citadel.One.
Citadel.One is the sponsor of the Staking Rewards Report.
Citadel is a multi-asset non-custodial platform to manage and store crypto assets. Stake multiple tokens all within a single interface and seed phrase.
Staking Rewards Report TL/DR
- Aave launched Migration & Staking Module
- Tendermint redelegated 19m ATOM
- IDEX 2.0 Release on 20th Oct
- Persistence StakeDrop with 1m $XPRT
- Mantra DAO Staking Platform goes live
…And many more!
Staking Market Overview
Total Value Participating in Staking (7d change):
Top 7 Coins by Value participating in Staking (7d change):
- Polkadot: $2,395,362,204 (+3.99%)
- Cardano: $1,653,953,742 (+6.49%)
- EOS: 1,506,720,352 (+6.01%)
- Tezos: $1,429,607,610 (+2.47%)
- Algorand: $1,064,408,228 (+2.62%)
- Cosmos: $906,727,090 (+19.53%)
- Tron: $514,592,794 (+57.22%)
- Band Protocol: $450,236,941(+1.44%)
Ten Theses On Decentralized Network Governance by Mario Laul
Based on the research made by Mario Laul over the past couple of years, he accumulated a list of ten theses on decentralized network governance, including base layer public blockchain networks and applications (smart contracts) running on top of them. The ten ideas are listed from the more general and theoretical to the more specific and practical.
Our Network: Issue #41 – Coverage on Cosmos and Tezos
- Tezos highlights are provided by Alexander Eichhorn, Research Analyst at Blockwatch Data
Like account growth, the unprecedented delegator growth on Tezos has slowed. High growth at low volume over the past year means a majority of new delegators are small investors who try Tezos delegation for the first time. Delegator loyalty is unbroken and churn rates are starting to decline again. Out of a total of the 74k delegators, 71k delegate to active bakers, about 3k to inactive bakers.
Also, read State of the Tezos Network – Sep 2020 Edition by Alexander Eichorn.
- Cosmos covered by Griffin Anderson
Binance became the #1 validator on Cosmos Hub with 7.27% of voting power. Community members are noticing a consolidation of voting power among centralized crypto exchanges and top validators. The Bonded rate of ATOM’s rose from 63.8% to 63.9%, while inflation rate remained at 7%. As of Oct. 1st, 2.4M ATOM’s are delegated and daily transactions are around 4k+.
The growth of the staking economy has created a lot of competition for consumer attention. There are numerous custodial and non-custodial staking products available. Authors dive into the pros and cons of both approaches to key management.
Token Burning Explained by Stakin team
It can be difficult to understand what exactly is the reason behind burning tokens and what the benefits for a blockchain network are. In this article, all you need to know about token burning is explained.
Live Networks Updates
The first two steps (Phase 1 and Phase 2) have now been successfully completed and Matic is entering into the third and final phase of the staking rollout. The team plans to increase the public validator slots to 100 soon. With the conclusion of the coming Phase 3, the network will reach true decentralization and the governance will be handed over to the community via an on-chain governance mechanism.
As part of the fundraiser agreement, Tendermint received 10% of the ATOMs launched at genesis for building the initial infrastructure of the Cosmos Network and for delivering on the feature set outlined in the Cosmos whitepaper. 3 years later after the launch, as of Oct 2020, Tendermint has roughly 22M ATOMs in its treasury, 85% of which are earmarked for redelegation to the list of Cosmos validators (see the full list via the link above).
The new smart contract feature is a great step forward for increasing interchain cooperation with Anchor, benefitting LUNA holders. Here are the instructions for node operators, detailed instructions and the major updates.
The voting period for the first Aave Improvement Proposal (AIP1) has ended, with overwhelming votes in favour of the token migration from LEND to AAVE, which is the new governance token of the Aave Protocol. Thus, migrating from LEND to AAVE allows users to participate in protocol governance and stake within the Safety Module (SM).
Elrond team is preparing for the transition from the bootstrapping period to a sustainable growth model. The transition will be done in 4 phases. Phase 1 will go live on Wednesday, 14 October, at 14:00 UTC. It entails the deployment of an updated delegation smart contract that will create a new incentivized queue for eGold delegation. The current Delegator and Validator rewards will remain unchanged during Phase 1 and 2.
Starname Manager with Ledger integration was released for beta tester. The manager is a tool that comes to simplify the purchase and management of starnames. You can authenticate your connection with Ledger or, as view-only mode, check your balance, buy starnames with IOV tokens and see your transactions in a clean and easy to navigate interface.
After a smooth Mainnet Launch, Akash Network shared the list of key stats. Below are some of them:
- Active Validators: 64
- Total Accounts: 251
- Bonded Tokens: 86.40M AKT (85.23%)
- Total Block Rewards: 1.37M AKT
- Inflation Rate: 51.96%
- Total Transactions: 51,054
Additionally, Akash Network have announced their BitMax IEO which is scheduled to start on Oct 14th. Q4 of 2020 will bring Akash DeCloud live with upgrade to Mainnet 2 along with Akashian Phase-3 challenge (Akash’s incentivized testnet) scheduled to occur before Mainnet 2.
In this post, the team summarizes the status of the current inflation design, stage of implementation and areas of ongoing research. The Solana Foundation is proposing a dis-inflationary Inflation Schedule. I.e. Inflation starts at its highest value, the rate reduces over time until stabilizing at a predetermined long-term inflation rate. Learn more via the link above.
IDEX 2.0 consists broadly of four different components:
- High-performance trading engine
- Brand new UI/client
- Upgraded API
- Scalable non-custodial settlement
To-Be-Launched Networks’ Updates
Encryption startup NuCypher has finished distributing its network’s native token, NU, to over 2,000 prospective node operators who staked more than $125 million worth of ETH during the month of September. NuCypher’s system will hit Ethereum’s mainnet on Oct. 15.
After finalization of the public round, a total of 12,483,333 KEX tokens with an initial market cap of $936,250 (based on public round price of $0,075) will be fully liquid on the market. Until the mainnet launch, every one month 4M KEX of Reserve tokens and 1M KEX of Community tokens will be unlocked from the contract to support and incentivise liquidity.
October update will start the new morpheus-10000 chain having all the features that were planned to be introduced with the September Upgrade that failed. All the data, including the genesis file and the Desmos version to be used, have already been published inside the testnets repository.
As they prepare to launch the public token sale, they give the PoS network communities a chance to secure some XPRT in advance, simply for supporting other PoS networks via staking. They will be distributing 1% of the total XPRT supply (1M XPRT) to StakeDrop participants. Everyone staking on the following networks during the campaign will be eligible to participate: Cosmos, Polkadot, Matic, tezos, Terra, KAVA, Iris Network. StakeDrop is designed to facilitate the wide distribution of XPRT to those actively contributing to PoS networks within the wider blockchain ecosystem.
The Internet Computer is a public software development platform that reimagines the very nature of software and IT, making it possible to build the websites, enterprise systems, internet services, DeFi, and dapps of tomorrow. Sodium is the last milestone before the public Internet Computer network comes into being. The Sodium launch event unveiled the open algorithmic governance system that will manage the revolutionary blockchain computer.
Staking Providers Update
The team has many projects in the oven — from BLND on Tezos and Algorand, to wALGO (wrapped Algorand) and wXTZ (wrapped Tezos), and last but not least, StakerBridge, that will bring it all together to the multichain era. Read more via the link above.
The eToro trading platform announced the launch of a dedicated staking service for its clients, letting users earn staking rewards from Cardano and Tron.
The platform will provide the Sherpa community with an avenue to participate and earn daily passive rewards in the broader DeFi and PoS cross-chain space.
Serum is the world’s first completely decentralized derivatives exchange with trustless cross-chain trading brought to you by Project Serum, in collaboration with a consortium of crypto trading and DeFi experts.
Users will be able to stake $BLZ, create, import, and export Bluzelle non-custodial wallets on Frontier.
Also, they will be able to track $BLZ staking position by entering Bluzelle public address.
Injective Protocol will be the first derivatives DEX to host Ramp’s collateralized stablecoin (rUSD) while also bringing Ramp’s innovative stake farming solutions across a diverse array of blockchain networks.
Fire Eyes DAO’s works around Rocket Pool Improvement Proposal 3 (RPIP-003) which introduces changes to the usage of the RPL token, native RPL inflation, and the introduction of community governance; all with the goal to incentivize protocol growth and protect against deficits.
Upcoming Staking Events
- 9th October 2020 – TezTalks Radio #11 – Gabriel Alfour on protocol update
- 15th October 2020 – TezTalks Live #13 – Blockchain-EZ on Digisign
- 15th October 2020 – StakerDAO community call
- 15th October 2020 – The Substrate Developer Community Conference
- 26th October 2020 – TezTalks Radio #12 – Ecosystem Update
- 16th – 18th October 2020 – Liquidity2020 Virtual Summit
- 2nd-30th October 2020 — EthOnline hackathon
- 6th–7th November 2020— Virtual Trufflecon
Staking Rewards Updates
We have sent out our monthly newsletter with a short crypto market recap and the most notable updates from our side.