What happened in the Staking Space from 9th October to 15th October?
What a week for Proof of Stake! Fully loaded with new networks and exciting developments, we are glad to present you with the 4th 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
- NuCypher is going live
- NEAR Mainnet Release
- Zilliqa launches non-custodial Staking
- Cosmos Stargate Upgrade on track
- The Graph Token Sale
- ETH 2.0 on track for 2020 release
…And many more!
Staking Market Overview
Total Value Participating in Staking (7d change):
Top 7 Coins by Value participating in Staking (7d change):
- Polkadot: $2,635,320,010 (-4.66%)
- Cardano: $1,975,017,063 (+13.96%)
- Tezos: $1,532,630,310 (+1.87%)
- EOS: $1,490,302,286 (-2.73%)
- Algorand: $1,093,655,837 (-4.34%)
- Cosmos: $1,051,139,779 (+6.15%)
- Tron: $542,981,951 (-0.85%)
- Band Protocol: $520,525,246 (-2.82%)
Check out a talk between Staking Rewards and Loi Luu, who is the Founder and CEO of Kyber Network. Kyber Network is an on-chain liquidity protocol that aggregates liquidity from a wide range of reserves, powering instant and secure token swaps in any decentralized application. They are diving into DeFi’s Key-Value Proposition, Challenges, Competition, Composability, and the role of Bitcoin in DeFi.
Switching to PoS will enable developers on Ethereum to build much more scalable applications. A lot of use cases that weren’t viable on Ethereum 1 because of the limited throughput, will be possible to build on Ethereum 2. Economically speaking, ETH the asset will be more valuable as it will transform into a capital asset generating regular cash flows to its holders. The lock up of ETH required to stake will make the asset more scarce. Most importantly however, the nature of PoS allows to reduce the inflation, thereby reducing the amount of new ETH being added to the network. Furthermore there are other interesting developments to introduce “fee burning”. The majority of the transaction fees paid by users however will be burned.
Solana has developed from an initial idea of how one could timestamp events in a distributed setting into a full-fledged, scalable smart contract platform that is able to host high throughput applications supported by an ever-growing ecosystem of validators and developers. Check out a quick recap of projects’ growth milestones.
CryptoDiffer published an infographic with Staking Rewards Data on the biggest Proof of Stake Networks.
Live Networks Updates
Check out the guide that defines some options available to node operators and details a few scenarios to help participants understand how they might set up their stake in accordance with the rules determined by the network.
The transition to Phase II occurred because NEAR Protocol’s validators indicated via an on-chain voting mechanism that they believe the network is sufficiently secure, reliable and decentralized to remove transfer restrictions and officially allow it to operate at full functionality. You can now delegate and earn staking rewards.
What’s new is that with non-custodial staking, Zilliqa token holders no longer have to stake their funds through an intermediary. They can deposit funds directly into the smart contract and receive rewards from the roster of seed node providers.
- Kava validators production setups are Go
- Optimized Binance USD and BTC bridges are Go
- Harvest cross-chain money markets are Go
Stargate is a set of upgrades that complete the original roadmap laid out in the Cosmos Whitepaper. For the first time ever, Cosmos blockchains will be able to connect with each other using the first standardized protocol for inter-blockchain communication (IBC). The teams which contributed to the Cosmos Stargate release included the Cosmos SDK team, the IBC and Tendermint Core teams at Interchain GmbH, Tendermint Inc Team, the Relayer team, the Informal Systems team, as well as Iqlusion.
Wormhole is a secure, decentralized bridge connecting Ethereum to Solana. Wormhole allows existing projects, platforms, and communities to move tokenized assets seamlessly across blockchains to benefit from Solana’s high speed and low cost. In addition, the Solana foundation invites developers from around the world to use Wormhole in the upcoming hackathon commencing on October 28th.
The new Bounty Extension on both networks allows curators to autonomously allocate funds to projects that bring value. With everything happening on-chain, this is an efficient way to administer Treasury funds, boosting the Polkadot ecosystem and giving more autonomy to those curating their development. The new extension works as a budget mechanism aiming to help the Councils scale their tasks.
The StaFi team launched a nomination incentive program to motivate validators who have made significant contributions.
IRIS Foundation made a distribution to delegators with an amount equal to their delegation rewards in September, distributed 600,469 IRIS in total. Additionally, according to the Token Burn Plan, IRIS Foundation burned delegation rewards of Eco-Development Fund on September 30, totally 2,217,938 IRIS. For those unaware, the foundation set up the “Rainbow Validator” award, which will continually receive application forms.
The Omm (Open Money Market) protocol will create both a frictionless and permissionless money market meant not only for avid DeFi users and yield farmers, but also traditional non-crypto users looking to earn extra yield. The Bridge widget will provide a seamless user experience when withdrawing or depositing stablecoins directly to and from a user’s bank account, enabling the first of its kind DeFi user experience.
The Livepeer community recently accepted LIP-36 and LIP-52, two Livepeer Improvement Proposals (LIPs) that drastically reduce the gas cost of earnings claiming for tokenholders, allowing them to access staked LPT and perform staking actions that would otherwise be too expensive due to high gas prices on Ethereum. LPT that was staked for a long time that would have cost hundreds or thousands of dollars of Ethereum transaction fees to access can now be accessed for a few dollars.
Orion Protocol’s ORN will be launching its first official liquidity mining program via Uniswap on October 16th. The program will reward ORN Liquidity Providers (LPs) on Uniswap with 30,000 ORN per week for ORN/ETH. This reward amount will be distributed proportionally to the amount of liquidity each person provides, therefore the APR per person will depend on how many LPs participate. Exactly one month after the official start of the LP Reward Program, Orion Protocol will implement a time-based reward system for LPs beginning on November 16th to further incentivize long term liquidity providing.
League of Stakes has been moved over to Ethereum, allowing to stake ERC-20 RVX and earn rewards. You’ll need to stake RVX in order to get the representation token rRVX, this is the yield-bearing token which will be used to farm for YRX.
To-Be-Launched Networks’ Updates
- Filecoin Mainnet (Liftoff Week) – 19th-23rd October 2020
- Stkr public testnet – 2nd half of October 2020
- Ocean v3 datatokens will go live – October 2020
- StakeDrop is a distribution mechanism which allows holders of PoS network tokens to acquire XPRT simply by staking on their favorite networks.
- Networks included in the StakeDrop campaigns are: Cosmos Network, Terra, Kava Labs, IRISnet, Polkadot, Matic Network and Tezos.
- 1% of the total XPRT token supply (1,000,000 XPRT) is allocated for StakeDrop rewards.
- The first Campaign for Cosmos Delegators will start on the 26th October
Both Medalla and Spadina Testnets had issues with validators being offline at launch and minor client bugs. The developer community decided that it’s important to have an ideal testnet launch before moving to Mainnet launch.
The Eth2 Bounty Program provides bounties for Eth2 (a major upgrade to Ethereum’s core consensus) bugs. The community is and all bug bounty hunters are called to help identify bugs in the protocols and clients. Earn rewards for finding a vulnerability and get a place on the leaderboard.
This year The Graph Foundation will be launching The Graph Network, a decentralized network of Indexers, Curators, and Delegators working together to organize the world’s blockchain data, serve applications, and accelerate the transition to a decentralized future. Over 200 Indexers have deployed Graph Nodes in The Graph’s testnet and over 1,000 Curators have registered for the Curator Program. The team is now selling 32% of the initial circulating supply in a token sale event.
The team implemented the possibility for users of doing some new things:
- editing polls and attachments of a post;
- adding a relationship towards users;
- blocking and unblocking users;
- changing your DTag;
- transferring your DTag to another user.
The Economic Model Paper presents a host of data, including the emission schedule for block rewards, the allocation of development funds among predetermined segments, the expected block times, the Mainnet Staking requirements, and Mainnet Return on Investment (ROI) estimations. Above all, it contains a lot of math and details the network assumptions behind our tokenomics.
Staking Providers Update
This integration will enable retail and institutional customers that use Finoa’s custody solution to utilize Chorus One’s staking services starting with support for Polkadot. Other networks that are part of the portfolio of both companies such as Oasis, NEAR, Centrifuge, and others will follow shortly after.
Upcoming Staking Events
- 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
- 28th October 2020 – Solana Wormhole Hackathon
- 29th October 2020 – TezTalks Live #14 – Tezos India
- 16th – 18th October 2020 – Liquidity2020 Virtual Summit
- 2nd-30th October 2020 — EthOnline hackathon
- 6th–7th November 2020— Virtual Trufflecon
Staking Rewards Updates
New Asset Listings:
New verified Providers: