What happened in the Staking Space from 9th November to 15th November?
Ethereum 2.0 is approaching fast and many providers accepted the race to build great staking solutions. We will soon publish more dedicated research on that topic. Today, we are glad to present you the 8th 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.
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
- ETH 2.0 Internet Bonds Whitepaper
- World’s first lending platform for staked ETH
- $43M (18%) deposited in the ETH 2.0 deposit contract
- Chorus One builds a bridge between Celo & Cosmos
- Launch of Aave v2
…And many more!
Staking Market Overview
Total Value Participating in Staking (7d change):
Top 7 Coins by Value participating in Staking (7d change):
- Polkadot: $2,964,414,806 (+1.89%)
- Cardano: $1,754,125,167 (-1.27%)
- EOS: $1,477,917,846 (+2.62%)
- Tezos: $1,410,360,749 (-2.88%)
- Avalanche: $1,044,623,395 (+9.79%)
- Cosmos: $977,391,274 (+7.04%)
- Algorand: $958,952,653 (-1.86%)
- Tron: $621,069,109 (+10.65%)
State of Staking by CryptoDiffer
Participating in the base layer of Web3.0 represents a novel digital work agreement between global participants and decentralized internet protocols to provide trustless value transfer that the whole world can use. The Internet bond is an entirely new asset for financial markets. It allows anyone in the world to invest, participate, and profit off an open-sourced, decentralized digital economy. This model illustrates the relevance and value of looking and borrowing from the old to understand the new. Read the quicktakes on Bankless.
Within this article, the Stakin team gives an extensive overview of the Solana ecosystem. About a month ago, Solana, the smart contract platform that recently entered the spotlight thanks to FTX’s Serum, announced the upcoming release of what it says is a decentralized bridge for Ethereum ERC-20 tokens.
Live Networks Updates
Tezos upgraded at block 1,212,417. The upgrade has decreased gas consumption by around 75%. This allows developers to deploy more complex smart contracts and applications—such as DeFi. Additionally, storage costs are now four times lower. Expected TPS is now 121.
A cross-chain bridge on Ethereum, rBridge will act as a channel linking StaFi mainnet assets and Ethereum chains. Users can exchange FIS for ERC 20 FIS at a 1:1 rate by using rBridge. Thereafter, they will be able to access transactions, lending and other applications of the DeFi world of Ethereum.
rBridge can enable FIS tokens to be traded on Uniswap. Learn more in the article.
The illiquidity of staked ETH may deter user participation and calls for an immediate solution. As a project dedicated to addressing the liquidity issue of staked assets, Stafi team proposed the rETH solution, which allows for Ethereum 2.0 liquid staking at ease. Learn more in the article.
Aave V2 is live on the Kovan testnet. Aave V2 is a culmination of community feedback that brings some architecture redesign to upgrade the protocol, along with some exciting new features to push the limits of the DeFi user experience with new tools and UI/UX improvements.
“Rainbow Validator” is a monthly award in the IRISnet Validator Program. IRIS foundation selects up to 3 validators from the validators who applied every month and reward them each with 10,000 IRIS. Sept & Oct Rainbow validators are Bi23 Labs and melea staking-pool.
A bridge built by Chorus One team will enable users of the Celo platform to tap into the vast ecosystem of IBC-compatible blockchains and vice versa. Some exemplary use cases include bringing the Celo cUSD stablecoin to the Cosmos ecosystem, as well as including Cosmos-based assets like ATOM, BAND, LUNA, or KAVA in the Celo Reserve.
Equilibrium, the first decentralized cross-chain money market built on Polkadot, has announced a partnership with Bluzelle. The project will integrate Bluzelle’s decentralized price feed to power its main DeFi services like lending, borrowing, and trading.
Upcoming Networks Updates
- 18th November 2020 – Nsure Network will launch Staking as an Underwriter program
- 1st December 2020 – Ethereum 2.0 Genesis
- 15th December 2020 – Blockstack’s Stacks 2.0 Mainnet Launch
- 17th December 2020 – NEM Mainnet Launch
- Nov / Dec – The Graph (GRT) Launch
The deposit contract for Ethereum’s 2.0 upgrade now holds over 95,520 ETH – 18% of the threshold needed to activate the watershed update. A few days after the contract went live, Ethereum creator Vitalik Buterin sent 3,200 ETH worth roughly $1.4 million to the contract to claim 100 validators. Once the 16,384 validator threshold is reached, then the central nervous system of the new network, the Beacon chain, will go live. If and when Beacon chain activates, the migration will move on to the second of four phases needed to complete the Eth 2.0 upgrade.
Believers in Ethereum’s long-awaited proof-of-stake (PoS) network, Ethereum 2.0, face a conundrum: risk locking up their ETH for months or stay liquid and keep their options open. To solve the problem, DARMA Capital is allocating $50 million in its own ETH holdings so that institutions and individuals can contribute to Ethereum 2.0 while staying liquid. Institutions can enter into a swap agreement with DARMA, while individuals stake via a lending facility called LiquidStake. LiquidStake sends the ETH—of any amount, below or above the previously mentioned 32 ETH—to the user’s choice of validator services: Bison Trails, ConsenSys Codefi, or Figment Networks.
Phase 3 of the Akashian Challenge with a reward pool of 500,000 AKT (~$210,000 USD) will launch on Monday, November 30th at 17:00 UTC. The challenge will take two weeks and aims to:
- Test platform functionality for Mainnet 2
- Distribute tokens to potential users for Mainnet 2
- Build a catalog of applications (SDLs) to launch Mainnet 2
Staking Providers Updates
Lunie.io, a multi-network, non-custodial staking and governance interface, announced that they are sunsetting their services by the end of November. The Tendermint team then stated that they will be hosting the next Cosmos version of Lunie, namely Lunie 3, which will support Stargate and IBC.
One of the Citadel’s core features is participation in PoS consensus of supported networks. Users have the option to stake and delegate their SCRT to contribute to the Secret ecosystem and receive staking rewards. The dashboard is structured to depict the user’s balance of available, staked, and frozen (unbonded) SCRT. In addition, the dashboard features received rewards as well as a list of Secret Network validators.
The Stkr mainnet deposit contract has launched! For now, though, there are some major limitations that will be lifted as the Ethereum network gets upgraded: users won’t get rewards for staking yet, and the staked ETH will be locked on the Stkr network. The Stkr full mainnet launch date will depend on ETH 2.0 development progress. To kickstart ETH deposits on the platform Stkr is allocating 1,000 ANKR per ETH deposited before November 16th, 2020.
According to the announcement, CoinDCX’s smart contract-based solution will enable users to stake with 32 Ether (ETH) — the minimum amount required to participate in ETH 2.0 staking. Neeraj Khandelwal, co-founder CoinDCX told Cointelegraph that the contract will allow users to stake ETH as low as 0.1 ETH up to 1,000 ETH in a single transaction.
Stakefish settled on an “early-bird” fee structure for the Ethereum 2.0 staking platform:
A one-time flat fee of 0.1 ETH for each validator until withdrawals are enabled. Withdrawals are not planned until at least Phase 1.5. There is currently no set date for when Phase 1.5 will be rolled out.
Upcoming Staking Events
- 12th November 2020 – 17th January 2021 – Harmony Hack the Horizon
- 17th – 19th November, 2020 – AIBC Summit Malta 2020
- 3rd December 2020 – Polkadot Decoded
- 9th – 10th December 2020 – Paris Blockchain Week Summit 2020
- 12th-13th Devember, 2020 – Interchain Conversations II Summit
- 23th-24th March, 2021 – TOKEN2049
Staking Rewards Update
Staking $SCRT on the Secret Network helps to secure the network and allows you to participate in community governance. Currently, annual rewards are 29% if you compound weekly! This article aims to introduce you to staking on the Secret Network, a Cosmos SDK/Tendemint Core decentralized blockchain implementing privacy preserving technological solutions.
Estimate your staking returns by projecting any amount of ETH being staked in the network here: