State of Stake is a series of curated news, research, updates, and events in the Proof-of-Stake ecosystem. Stay informed with the biggest PoS networks and all things Staking. This is our 24th report and we are happy to release it in collaboration with Staking Rewards! Staking Rewards provides trusted access to all passive income opportunities with regard to digital assets. They are curating knowledge and data to build a healthy staking and DeFi ecosystem. Staking Rewards’ core focus are Proof-of-Stake Protocols which enable passive returns through staking. They also cover Masternode Coins, Dividend Tokens, and Lending Protocols.
In this update, we examine the period from 27th June – 11th July with a general overview of the market, highlighted research in the space, news on all launched staking networks, updates on all the upcoming PoS networks, the latest developments from staking infrastructure providers and a handful of staking-related events.
Global Market Overview
The USD value locked in staking more than 11 billion USD, while the Staking Market Cap (valuation of all projects that have staking mechanism) is currently at 21.5 billion USD.
PoS Dominance is at its rise (above 20%), while there is a significant drop in the Average Reward Rate and the Average Total Staked.
The leaders stably remain their positions! They are Tezos, EOS, Algorand, Cosmos, and, recently launched, Polkadot accordingly.
Current Value in Staking by Asset
Staking Overview by CryptoDiffer
Major upcoming events in July, according to CryptoDiffer
Think & Stake
Why Stake When You Can Borrow? in a research paper by Tarun Chitra and Alex Evans
As smart contract platforms autonomously manage billions of dollars of capital, quantifying the portfolio risk that investors engender in these systems is increasingly important. Recent work illustrates that Proof of Stake is vulnerable to financial attacks arising from on-chain lending and has worse capital efficiency than Proof of Work. Numerous methods for improving capital efficiency have been proposed that allow stakers to create fungible derivative claims on their staked assets. In this paper, they construct a unifying model for studying the security risks of these proposals. This model combines birth-death Polya processes and risk models adapted from the credit derivatives literature to assess token inequality and return profiles. They find that there is a sharp transition between ‘safe’ and ‘unsafe’ derivative usage. Surprisingly, they find that contrary to there exist conditions where derivatives can reduce the concentration of wealth in these networks. This model also applies to Decentralized Finance protocols where staked assets are used as insurance. The theoretical results are validated using agent-based simulation.
Introducing the Staking Defense Podcast
Chris Remus started the Staking Defense podcast in June. Its intention is to give smaller, yet still very capable, proof of stake validator operators a bigger voice. Their survival is crucial to keeping stake decentralized in proof of stake blockchain networks. Without such operators, the stake will continue to centralize. This will allow a small number of very wealthy stakeholders to control staking networks. As a result, the staking economy will be no different than today’s financial system. We’ve mentioned it in our previous State of Stake update, however, You can listen to the pilot episode here. It features Ian, founder of Secretnodes.org.
The State of Tezos Staking by Blockwatch Data
Staking Rewards presented the most comprehensive staking data study ever made for the Tezos Blockchain. The research report is conducted by Blockwatch Data, who are leveraging their comprehensive data sets to explore delegator lifecycles and behavior, the impact of exchanges, and questions like:
- Are bakers and delegators able to build trustful long-term relationships?
- Do Delegators accumulate for compounding rewards or are they selling of stakes?
- What challenges for Tezos does the data suggest?
For this study, they used data from the TzStats Data API which drives the Tezos Block Explorer TzStats. Researchers look at all historic baker and delegator snapshots taken by the blockchain every 256 blocks (approx. 4.25 hours) to determine baking rights.
- Around 80% of the entire Tezos supply and 56k accounts (42k with more than 1 tez balance) participate in staking. This represents a growth of about 300% since May 2019 (~13.7k) and is the highest staking ratio in all major PoS networks at the time of posting.
- In the past 2 years of existence, Tezos went through three generations of growth. Researchers call them the Early Bakers (Jun’18 – Mar’19), the 2019 Boomers (Apr’19 – Oct’19), and the Brrrr Generation (Nov’19 – now).
- “Churn rate” in Tezos – the rate at which delegators leave their current baker each month. Delegator churn in Tezos is surprisingly low at only 2 to 10 percent, suggesting delegators stay between 10 to 50 months on average.
- What do loyal delegators do with their rewards? Delegators can be split into two groups — accumulators with a steadily increasing balance who never spend their original stake nor their rewards, and opportunists who from time to time sell off some stake. Out of all active delegators with a balance larger than 1 tez, the vast majority of 31k (72%) are accumulators and only 12k (28%) are opportunists.
An increasing share of Tezos delegators is showing considerable confidence in their respective bakers and the network overall. As staking activity grows, the number of less knowledgeable delegators is rising which leads to increased early break-ups and higher than necessary churn. Improved user interface design and more education can help younger delegator generations better understand Tezos staking in general and payout delays in particular. What’s more important is that the community has to embrace the fact that Tezos forms social relations on top of a technical system. Like in any good relationship, communication is key.
Read the research for more precise and extensive information!
Understanding Staking by Ruma Das
Nowadays, staking cryptos is becoming one of the important sources to increase your crypto assets as well as gaining money using the blockchain. But like any other business, it has its own set of demerits. Users are advised to do extensive research and gain complete knowledge about how it works, what staking protocol has been used, associated rewards and the minimum stake value, etc before opting for staking. Complete knowledge about the associated risks would help in taking measures to reduce asset loss. Check the article for more details!
Driving Decentralization in Our Governance by Interchain Foundation
Interchain Foundation is always striving towards further decentralization in its governance. They announced the expansion of the Foundation Council with the appointment of luminary academic Dr. Fernando Pedone and Proof-of-Stake thought leader Brian Fabian Crain. Their advocacy and expertise will be invaluable to Interchain Foundation as they continue the important work towards creating open-source, cryptographic, consensus-driven, economic networks.
All trends staking by Lobsters Research
‘The sauce of the article’ pointed out by ivangbi:
“Take into account that validators quote about 800-2000 USD of operational costs (dev work, hosting costs, etc.) per network per month. That means the commissions in fees they receive must be equal to over 20,000 USD per year minimum. Therefore, you simply can’t have professional validators if you are a coin outside of the TOP100. More precisely, you must have CMC of at least 50M USD. This long journey of numbers was to demonstrate something much more clear: professional validators cannot support unit economics of staking on smaller networks.”
A Closer look at the Proof of Stake Alliance (POSA)
An overview of the Proof of Stake Alliance and the need for regulatory clarity on the tax structure of various PoS based blockchain networks like Tezos. In summation, one can ascertain the regulatory landscape around Proof of Stake is still nascent. However, with an alliance such as POSA working toward reducing legal and regulatory uncertainty around the PoS industry — we can hope to see greater clarity among these principal issues.
What is the secret weapon of DeFi? – an Interview by Staking Rewards
A talk between Staking Rewards and Stani Kulechov, who is the Founder and CEO of Aave.
SR: What is your take on the upcoming dynamics between staking and lending proof-of-stake crypto assets? Will there be a competition? Possibly harmful?
Stani: I think staking for blockchain networks plays a vital role in providing security for the network. Some proof-of-stake cryptographic assets might have a function that aims to secure the protocol itself. For example, part of the “Aavenomics” is a staking mechanism that allows stakers to provide safety for the Aave Protocol’s liquidity providers. That is a vital part of the protocol scalability and to attract liquidity providers. I don’t see various staking mechanisms competing, rather different kinds of ways to participate in networks and each of them with their own risk and reward mechanisms. Hence, stakers can choose what they want to subscribe to.
Contributed by Emre Tekisalp, 0(1) Labs
Coda Protocol, the world’s lightest blockchain, is about to celebrate the first year anniversary of its public testnet. Over the past year, it has steadily grown to be one of the largest public testnets, with a total of 855 unique users from all around the world. Almost 400 of these users were actively connected to the last release (source).
Coda Protocol’s PoS consensus mechanism, Ouroboros Samasika, supports an uncapped number of block producers. This is in contrast to the ~100 cap in BFT based PoS chains, such as Cosmos and Libra. As such, it’s important for Coda’s networking layer to support as many concurrent nodes as possible. Its latest testnet saw at least 275 nodes connected and staking at the same time without any performance degradation. The high performance allows the blockchain to support many more when mainnet launches. (Source)
Live Networks Updates
The SKALE Network lives both on the Ethereum Mainnet and on SKALE Network nodes. SKALE Network node endpoints will be published soon for block exploration and visibility.
To recall, the phases are:
- Phase 1: A restricted Mainnet that does not have staking or transfers enabled. Live since June 30th.
- Phase 2: A Proof of Use Mainnet with staking and bounty enabled, but transfers and exchange listings not active for a 90 Day period. Target early Q3. ConsenSys will announce the date their platform will be ready which is required for Phase 2.
- Phase 3: Restrictions come off the network and unlocked tokens can be transferred. This will be 90 days after the Phase 2 Launch.
Also, read in an article by Decrypt “Winklevoss-backed SKALE rolls out mainnet launch on Ethereum”.
Staking on Matic Network Mainnet is Now Live – How to Delegate MATIC
This is a step-by-step guide to help you become a delegator on the Matic mainnet. There are no prerequisites to becoming a delegator on Matic. All you have to do is have an Ethereum account. You can also find the below information in the documentation here.
Also in Matic: Launching of Large Scale Developer Initiatives for Mainnet Adoption.
See Matic page on Staking Rewards.
Katalyst and KyberDAO are now live
Epoch 0 has commenced! Kyber Network is a fully on-chain liquidity protocol that aggregates liquidity from diverse sources and enables decentralized token swaps in any application. KNC holders can stake their tokens on the KyberDAO and govern the protocol by voting on important proposals and parameters, while earning rewards (in ETH) for their efforts. Any KNC holder can contribute to Kyber’s development by participating in the KyberDAO. You can start staking KNC anytime this week in Epoch 0. Epoch 0 ends on 14th July 7.07 am GMT. You can start voting on the first KyberDAO proposal in Epoch 1 next week. The first batch of rewards (in ETH) will be received at Epoch 2.
You can additionally check Kyber Ecosystem Report #16 — Katalyst Launch Special.
Also, see Kyber on Staking Rewards.
StakerDAO has launched its governance token STKR on Tezos
StakerDAO combines 3 strengths in 1:
- Tezos’ on-chain governance (Using the staker governance token “STKR”. Later more about STKR.)
- Tezos’ provable secure smart contracts (by formal verification, the same methodology used to ensure safety in mission critical settings, such as in aerospace technologies and the $500 billion semiconductor industry)
- MakerDAO’s concept of offering Decentralized Financial products.
StakerDAO works with “a multi-token model, one token that governs and other tokens that deliver financial products to their users. While doing so, we acknowledge that some of these tokens offer an expectation of profit and that there are regulatory responsibilities that come with that understanding.” This means that StakerDAO’s tokens are registered as a security token and issued according to applicable regulations.
Also read June 2020 Retrospective by StakerDAO team – With the STKR token distribution, StakerDAO became the first company to move “tokenized Equity” on Tezos!
Polkadot Ecosystem 2020 by CryptoDiffer
Acala Network is a dual-protocol platform that plans to offer stable currency and staking liquidity on Polkadot while being entirely governed by Acala Network (ACA) token holders. On July 1st, Acala Network Cofounder Ruitao Su and COO Bette Chen joined the AMA to answer all of the Acala-related questions.
- Honzon Protocol will bring a multi-collateral stablecoin to Polkadot.
- Homa Protocol will provide staking derivative to DOT holders.
- ACA, aUSD, and L-DOT will have wallet support and cross-chain transfer capability at launch.
- ACA tokens will be rewarded to DOT holders who help secure a parachain slot for Acala.
- ACA tokens will be rewarded to collators on Acala.
- Expected that L-DOT holders will be able to vote for validators and participate in Polkadot’s on-chain governance.
- DOTs staked via Homa protocol are still subject to slashing.
The Interchain Foundation (ICF) is excited to announce that six leading blockchain architects are joining the growing ranks of organizations taking leadership roles in the Cosmos ecosystem to advance the development of “The Internet of Blockchains”. These grants awarded by the ICF will fund leading blockchain architects to contribute to Cosmos core technology; Althea, ChainSafe, Confio, Lunie, Iqlusion and Regen Network. The funding will help these projects build the software, applications, and ideas to galvanize the success of Cosmos. Check the details via the link above.
- Cosmos Hub heading into July 2020 by Gavin Birch
- Effective rewards rate on Jul 3: 8.72% (know the difference between inflation & rewards)
- Jul 3 reported inflation bottomed out at 7.00%, but it’s effectively 6.32% (why?)
- Jul 3 Community Pool balance: ~398.5k ATOM (increasing by ~28k ATOM per month)
- Stargate upgrade on the horizon
- Spent 25k ATOM from Community Pool on Prop25 (Proposal for 25k ATOM for CosmWasm smart contracts)
- Gov Prop26 rejected (Proposal for 10k ATOM in exchange for CYB tokens) – stats are here
- while validator voting power appears to be decentralizing, DPoS makes governance power challenging to assess
- UPDATE: correction to governance power analysis–I reported that Dokia Capital appears to control 16.84M ATOM, but this was due to mistake and there is not sufficient evidence for this claim.
Daily Cosmos Outpost – Inflation 7.0% Bonded 71.5%
- Delegate: 1,521,103
- Redelegate: 21,728
- Undelegate: 712,030
HitHub Launches “Global Blockchain Open-Source Node Program” with IOST being the First Strategic Partner
HitHub launches this program with the vision to empower open-source ecology and offer innovative solutions to challenges faced by developers such as product security management, capability assessment, timely value delivery, rapid implementation of ideas, and proprietary authentication.
HitHub, in conjunction with IOST, will migrate and copy codes, put custody on HitHub and provide assistance in building public chain networks through IOST’s advanced technologies. Different from GitHub’s centralized code custody, codes custodial on HitHub will be stored and custodial on decentralized networks such as IPFS, with improvement in both security and level of decentralization.
Terra announced the establishment of the Interchain Asset Association to support Anchor Protocol
Anchor Protocol offers a principal-protected stablecoin savings product that pays depositors a stable interest rate. It achieves this by stabilizing the deposit interest rate with block rewards accruing to assets that are used to borrow stablecoins. Anchor will thus offer DeFi’s benchmark interest rate, determined by the yield of the PoS blockchains with the highest demand. Terra, Cosmos, and Polkadot will be a part of the governing body furthering research, development, and support.
Public multi-client Ethereum Beacon Chain testnet Altona is now live
Almost 3k active validators on Ethereum!
Algorand Provides Native Support of the Pocket Network’s Next-Generation Decentralized Infrastructure
Algorand, the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol, announced Pocket Network, a decentralized infrastructure platform for the development of peer-to-peer applications, will now be natively supported on the Algorand network. Through the AlgoSDK, Algorand will be the first blockchain to natively point to Pocket’s API protocol, which connects developers to a decentralized relay network of node operators and infrastructure providers, thereby lowering the barrier to blockchain application development.
Algorand Joins The Blockchain Game Alliance
Algorand was recently selected to store official chess ratings as FIDE Online Arena announced the launch of digital games. Over 5 million chess games per day are played online and this groundbreaking announcement that was kicked off by the first-ever recorded digital chess ratings on the blockchain – a chess match between Silvio Micali (Founder of Algorand), and Chessmaster Sergey Karjakin (watch it here).
Some example benefits of Algorand’s blockchain in the gaming space include:
- Scalability that the gaming industry has come to require
- Simple creation of non-fungible tokens (NFT)
- Network speed and finality that unleashes new gaming possibilities
- Miniscule transaction costs
- Robust set of developer tools and resources
- Community ownership of the entire gaming ecosystem
- New monetization models
- Expanded market opportunities for players and publishers
Ontology Ecosystem in 2019-2020 by CryptoDiffer
Ontology is a high-performance public blockchain and distributed collaboration platform. It was created in 2017 and from its inception managed to develop a complex ecosystem. At present state, the Ontology ecosystem consists of over 100 partners.
Celo Dollars: Powerful new digital money in circulation – It will unlock the potential of stablecoins
About 2 years since Celo was introduced to the world, and 2 months since Mainnet went live, Celo Dollars (cUSD) are live on the Celo Network! This milestone brings a stable asset to the Celo Platform, a new financial system accessible to anyone with a mobile phone.
The team has successfully tested and released a patch that resolves the issue with the bep3 asset supply limit not being upgradable. The patch took effect on July 10th, 2020 at 14:00
With LTO Network becoming one of the most widely adopted blockchains, they’re not slowing down. The team welcomed not just a client or an integrator, but a whole product suite that’s already running at various government agencies and private companies – Sphereon.
Upcoming Networks Updates
Zero to One: The Elrond Mainnet is Coming
The moment for the Elrond mainnet launch has come. July 30th, 2020 will reveal to the world what they’ve been working on. Over the next 4 weeks, the team will continue to announce new exciting collaborations, increasing Elrond’s exposure and momentum in preparation for the mainnet launch.
Pocket Core RC-0.4.1 Protocol Update by Pocket Network
Pocket Core RC-0.4.1 will be tying up loose ends and improve the Quality of Life(QOL) for our node operators. Some of those improvements are:
- Fixed Force Unstaked Validators Never Get Removed
- Fixed App unstake requires 4 arguments but only needs 3
- Fixed Account-txs and block-txs CLI commands not working
- Now your node is allowed to miss two consecutive blocks before it’s jailed.
- And more!
It was also announced recently that they have locked in accounts that will be included in the genesis file for Pocket Network’s mainnet release July 28th. Among them are Figment Networks, DappNode, Rivet, Simply VC, ChainFlow, Everstake, Stakin, Skillz.
Updates to Avalanche (AVAX) Public Sale
Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create powerful, reliable, and secure applications and custom blockchain networks with complex rulesets or build on existing private or public subnets. Check more details on some updates to their public sale that incorporate the feedback the community shared in recent days while sharpening the long-term positioning for sustainable growth. View all changes in their public sale info page here.
On May 27, 2020, it was publicly announced, the public Mainnet launch of BandChain Phase 0 — the first step to layout the building blocks of a cross-chain decentralized oracle network. Since then, the team has accomplished numerous critical milestones including migrating BAND tokens from Ethereum to BandChain, onboarding validators to produce blocks and secure BandChain. They are now ready to proceed towards the launch of Phase 1 which will bring oracle functionality to the BandChain Mainnet.
Band Protocol Strategically Partners With Waves To Power DeFi & Web 3.0 Applications
Band Protocol has strategically partnered with Waves Platform, an open blockchain protocol and development toolset for Web 3.0 applications and decentralized solutions in DeFi, gaming, identity, DAOs, voting, and more. Both teams have been working together to integrate Band Protocol’s decentralized and customizable oracles having completed bridge implementation and work with various Web 3.0 applications in the Waves ecosystem.
Cardano Virtual Summit 2020 Shelley Edition Recap | TCE 96
A great deal of information for the future of Cardano. More than 9100 people signed up to attend the Cardano Virtual Summit 2020. This summit was essential to understand how far the team has come and where are they going. Shelley is here. Goguen and Voltaire are around the corner. Coinbase Custody, voting apps, C and DC funds, ATALA Prism and so much more were announced. Check the video above and enjoy!
xToken is a platform for simple, efficient staking and liquidity strategies. The inaugural assets are xKNC — launching with Kyber’s Katalyst upgrade — and xSNX — a wrapper for the Synthetix staking process, launching in the coming weeks. Kyber and Synthetix are linchpins of DeFi and two of the most prominent staking projects. In building xToken, they’re excited to make investing in KNC and SNX more accessible to DeFi experts and beginners alike.
Learn more in the article.
The Dragon Awaits — League of Stakes Part Two by RiveX
A guide on how to stake your RVX tokens with the League of Stakes release – This guide includes how to participate using the League of Stakes web app as well as the League of Stakes Dapp in the RX Wallet. Deep dive into Part One here if you haven’t already – it covers the in-depth League of Stakes reward structure as well as the Stake-to-Burn mechanism.
Seiya is live! Stafi is inviting validators to join its first testnet
After 1.5 years of development — Seiya, the first testnet of Stafi Protocol, is ready to be rolled out! Seiya is the main network of Stafi protocol. In the future, Stafi protocol will create many staking contracts (SC) on Seiya to provide liquidity for staking assets. For more than a year, they have been comprehensively developing SC and tested it on Tezos, Cosmos, Polkadot and Ethereum. Seiya at the current stage does not include the code of SC. They plan to test the functions of different types of SC when Seiya is stable enough. In order to run a stable staking network, they will start node recruitment — welcoming validators to join Stafi’s node ecosystem.
Also, read Stafi Protocol Monthly— June Community Updates.
Staking Providers Update
Evaluation of Staking Rewards by Exchanges based on the Estimated Annualized Rate of Returns by CryptoDiffer
- Another interesting infographic by CryptoDiffer team is Top staking providers by the number of assets featured
The most widespread assets among staking providers are Cosmos, IRIS, Kava, and Tezos. Staking fee ranges from 0 to 50%. 0% fee provided by the Staking platform for staking Cosmos and Icon. While the highest fee (50%) is taken by InfStones for staking Aion. Data was taken from Staking Rewards. Digital assets exchanges were not added to the list.
Introducing Data Hub: The Web 3 Gateway by Figment Networks
Data Hub is the easiest way for developers to build and launch new apps on Web 3 protocols. It handles the complexities of blockchain technology so they can focus on building powerful applications.
Today, building and running an application on a Web 3 protocol is an extremely costly and difficult process. Figment Networks is launching Data Hub to empower blockchain app developers by opening a gateway to Web 3 protocols. Developers can now use the most powerful and unique features of a protocol without having to become protocol experts themselves. Data Hub users can easily integrate the suite of APIs to power their applications and significantly cut development time and costs. Data Hub also abstracts the need for custom middleware as it indexes Web 3 data across protocols. Developers can now read, write, and interact with Web 3 protocols the way they want to, not the way the blockchain requires them to.
Also read about it in the article “It just got easier for developers to build on Tezos, Cosmos” by Decrypt.
Coinbase Custody to Support Secure Cardano Staking This Year
At the Cardano Virtual Summit Friday that we’ve mentioned above, chief developer house IOHK announced it had signed an agreement with Coinbase Custody. From Q4 2020, users will be able to stake their ADA tokens from inside Coinbase’s cold storage. Cardano’s staking protocol, Shelley, is expected to come online later this month with staking rewards beginning in mid-August. Sam McIngvale, Coinbase Custody’s head of product, said the regulated product would help projects, like Cardano, find more mainstream acceptance.
Bison Trails Announces Support for Eth2
As Ethereum transitions to eth2 & Proof of Stake, Bison Trails will offer a suite of products to interact with the Beacon Chain and enable network participants to easily add validators and scale their infrastructure automatically. The Bison Trails platform will make it easy to interact with the Beacon Chain, stake ETH, and automatically manage validators, validator clients, and beacon nodes.
Bison Trails’ autoscaling software will manage customers’ infrastructure automatically, as network requirements change and customers choose to add more validators. This innovation will enable Bison Trails’ customers to continue earning rewards without the hassle of manually managing participation.
Node Operator Spotlight: Chorus One with Oasis Protocol
Read an interview with some essential questions for Chorus.One team.
Monthly Update by Chorus.One – Liquid Staking Report, Polkadot validators, Celo stablecoins, and more
What Everstake has done for the ICON ecosystem in the second quarter of 2020
Get acquainted with what they’ve been busy with, including completion of the validator monitor for ICON – Vote Monitor, a script for detecting inactive nodes, Bug Bounty, and a lot more!
Introducing The Lunie Monorepo
The team decided to push the remaining portion of the Lunie codebase, the API and browser extension, open-source. You can find the code for the API and browser extension in a mono-repo here.
xDai Stake is Now Available on Poloniex
The xDai Chain is a stable payments blockchain that aims to provide fast and inexpensive transactions. The xDai Chain has a dual token model where xDai can be used for transactions, payments, and fees, and STAKE is used to support their Proof-of-Stake consensus. STAKE is a multi-chain staking token designed to secure the payment layer of xDai Chain. Similar to other staking assets, STAKE allows block validators (and their delegators) to provide transaction consensus and receive rewards.
PoS Round-Up by Stake.fish SKALE Mainnet Launches, Elrond Announces Launch Date
PoS Round-Up is a focused biweekly report on the major news in and around the Proof of Stake ecosystem.
Also read their article “How We Built Our GoZ Tamagotchi Zone: A Technical Overview”. After telling the story of designing our Tamagotchi Zone for the Cosmos Network Game of Zones, they wanted to share something for our technical users. In this article, they provide a high-level overview of how Tamagotchi Zone was built, plus some notes on the general experience participating in the competition.
Understanding staking with Nexus Mutual
Since launch, Nexus Mutual has grown to write $9.6m of cover, welcomed 899 members and has protected its members by paying its first claims. The community has given them regular feedback and suggestions and one thing that was raised was the limitations of the staking system. So they’ve designed a new staking system called pooled staking which will mean a few things:
- Decreasing the knowledge barrier to staking with Nexus.
- A simpler, easier to understand system to encourage more input from our members.
- Increased rewards for Risk Assessors.
- More even distribution of rewards for Risk Assessors.
- Removing the queue system.
- Decreasing lock-up periods.
Just to name few, Staked team launched support for the Polkadot mainnet, provisioned a number of validators on the ETH 2.0 Onyx testnet, continued to prepare as a genesis validator for the SKALE mainnet launch. What’s more, they upgraded RAY so that depositors get all the benefits of supplying funds to the underlying protocols, including any liquidity incentives. Get the details on RAY incorporating liquidity incentives.
Also read Validator Views: SKALE Update and Validator Views: Kyber Network Update by Staked
ICONLOOP — Enterprise Use Cases by Stakin
- DID refers to Decentralized ID, a technology that provides a safe and straightforward take on the digital identification process. Users of this application can create a Self-Sovereign Identity that lets them control their data without relying on third parties.
- MyID is a blockchain-based mobile identity service that is realized through utilizing the DID (see below) technology. Personal data is stored on the user’s smartphone application.
- VisitMe is also based on the DID technology and eliminates the multiple steps involved in visiting an office building. Users can make a reservation to visit the office using the app and get a QR code to access the building.
- Broof is a blockchain-based certificate issuance service that supports the function of issuing certificates that are impossible to forge or falsify with additional internal storage. By using this service, organizations like schools can be free from setting up a database and save the costs of issuing and storing paper certificates.
- DPASS is a blockchain-based self-sovereign identity service realized through the DID technology. Users can safely manage their personal information on the DPASS app and use different services without repeatedly adding their data.
Other articles by Stakin team:
- An Introduction to Near Protocol
- Stakin Bi-Weekly Reads Vol. 6
- KAVA’s Cross-Chain CDP Platform
- Understanding ICON Global Commission Rate
Coda 101 — An introduction to the blockchain protocol by Indra Crypto Capital, the team behind YieldWallet.io
Upcoming Staking Events
- July 15th, 2020 – AMA with Pocket Network with Michael O’Rourke, Luis C. de Leon, and Alberto Jauregui
- July 15th, 2020 — TezTalks Live #7 — Nelly Chatue-Diop on Tezos West Africa
- July 18th, 2020 — Tezos Commons x SimpleStaking AMA with Juraj Selep
- July 22nd, 2020 — TezTalks Radio #6 — Tezsure and Tezos India with Bernd Oostrum
- July 23rd, 2020 — GOVERNANCE IN POS NETWORKS – A Conversation on One of the Most Important Topics in Crypto Today by SKALE
- July 30th, 2020 — TezTalks Live #8 — AirGap x Beacon
- July 30th, 2020 — EEA’s Ethereum in the Enterprise 2020 virtual conference
- Until 14th August 2020 – Hackusama, Hack on Polkadot’s Wild Cousin. Feel free to join right now!
- October 2nd -October 30th, 2020 — EthOnline hackathon
Citadel is a multi-asset non-custodial platform for the management and storage of crypto assets established by Paradigm Fund. One of the main functions of the service is participating in the PoS consensus. The platform allows you to delegate crypto assets, analyze market conditions and transaction status, as well as create several cryptocurrency wallets using a single seed phrase. Moreover, the software part is configured so that all private keys are stored encrypted on your device. Currently, the Citadel project is under development.
According to the last biweekly update:
The Citadel team is operating extremely hard on the major releases as a very significant milestone is about to happen! The launch of the stable version of Citadel 1.0 is near at hand! As part of the latest development report, the Citadel team has shared what they’ve been working on over the past two weeks. Firstly, they updated calculation logic to display exact balance values, rewards, and staked funds, and optimized the work with transactions stored in the Ethereum database. As for front-end tasks, the Citadel developers optimized the balance and rewards charts and updated several interface modules and fixed minor bugs. The team continues to work on integration with Trezor wallets, creating a BTC wallet, saving a backup file, and restoring wallet data from it. Considering mobile development, they implemented sending and viewing transactions in Ethereum, USDT, Orbs, Tezos, and ICON. Currently, the team is working on adding an IOST wallet.
These weeks, the Citadel Founders had a series of calls with validators (stakefish, block42, ICX Station). Moreover, they demonstrated an alpha-test of Citadel to the IOST and the Orbs teams. Some exciting news to come!
As for the social side, the Citadel team regularly attends community events. These weeks, they were at ‘Cosmos Unchained: Cosmos vs Ethereum 2.0’. In this live meetup Chjango Unchained, Sunny Aggarwal, and Danny Ryan discussed the differences between Cosmos and Ethereum 2.0. The team took part in CosmWasm 8th bi-weekly community call. They also joined Cosmos developers to see a relayer demo and ask IBC engineers anything and everything about IBC. On June 25th, the team was at Ethereum Staker Community Call #7. The general topic was “defining the Ethereum Staker community”.
And last but not least, the Citadel marketing team has prepared a little quiz for you with five not so simple questions that will help you identify your favorite cryptocurrency and blockchain personality. Click here to pass it and let them know your results in the Citadel Telegram chat!
Our contribution to the ecosystem of this fast-growing project originates from the ICO stage, it was then in 2017 that ICON attracted our attention and became part of the investment portfolio. Since then, there have been many events in the ecosystem: decentralization and government, transparency as opposed to buying votes, critical changes in the economic model, transition to a new consensus, etc. The degree of our participation as a P-Rep also changed over time, starting with biweekly reports and in-depth analysis of the project, we came to the deployment of a financial product. And now, we are pleased to announce the upcoming launch of Citadel, an all-in-one interface for decentralized finance, and ICON is one of the 6 cryptocurrencies supported by Citadel in the initial release!
Learn more about Citadel:
- Citadel Telegram chat
- Citadel Twitter page
- Citadel Facebook
- Citadel Reddit
- Citadel Medium
- Citadel Instagram
- Check the recent biweekly updates on PoS Networks, created by Paradigm Fund: