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 25th report that 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 11th July – 25th 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
Staking Market Cap steadily grows along with the increase of the Global Market Cap.
PoS Dominance decreased by about 1% since our last update and now is a bit above 19%. The average total amount staked is on its increase after a significant drop.
Top-5 leaders are still the same: Tezos, EOS, Algorand, Polkadot, and Cosmos. However, the recently launched Polkadot overtook Cosmos by Locked in Staking!
Current Value in Staking by Assset
Staking Overview by CryptoDiffer
Evaluation of Staking Rewards by Exchanges based on the Estimated Annualized Rate of Returns by CryptoDiffer
Think & Stake
Staking Services a Serious Risk to Earning Passive Ethereum, Says Report
The threat of centralized staking services poses existential risks to all Proof of Stake networks, including Ethereum. Here are some key takeaways:
- Events in 2020 have revealed the dangers of centralized staking services, like exchanges.
- Threats include governance mishaps and poor use of capital.
- In a new report, the Chorus One team has outlined a handful of alternative designs.
In the meantime, Brian Crain, a founder of Chorus One, a blockchain-as-a-service that runs validators for roughly ten staking networks, has a few words of caution.
“Proof of stake networks were not designed with the idea that exchanges would start offering staking services,” said Crain in an interview with Crypto Briefing. “Their inclusion in such networks poses serious challenges.”
Crypto & Muay Thai Podcast: Florian Liss of Staking Facilities, Crypto Episode #5
Florian and the host, Chris Brookins, chatted about proof of stake versus proof of work, Cosmos, PoS networks as hedge to ETH 2.0 collapse, greatest risks to PoS space, and much more.
Ethereum 2.0 Economic Review – An Analysis of Ethereum’s Proof of Stake Incentive Model by Tanner Hoban and Thomas Borgers
The Ethereum 2.0 network upgrade is an ambitious and gradual shift towards a Proof-of-Stake consensus algorithm and incentive system, which has far-reaching implications on the economic properties of the network. The design of the system is complex — the incentive mechanism rewards honest network participants for validating transactions and finalizing historical states of the network, while penalizing offline and malicious validators. In this paper, the researchers define, measure, and analyze Eth2’s cryptoeconomic security using a detailed economic model of the network and new economic evaluation tools.
- Ethereum 2.0’s Proof of Stake is highly complex relative to Proof of Work. Eth2 is a highly complex and elaborate system. It is elegantly constructed and thoughtfully designed, but from a validator’s perspective can be difficult to grasp, contributing to a sense of uncertainty and unpredictability, presenting a practical and narrative barrier for potential capital efficient validators.
- Security of the network in Eth2 is dependent upon three key variables: ETH staked, the price of ETH, and volatility. Each of these variables has a direct or indirect impact on the cost of attacking the network. Total ETH staked is the most controllable variable, while the price of ETH has a direct and potentially large impact on network security but is outside the control of the system. Volatility can come from different sources and impacts both ETH stake and price of ETH indirectly.
- Attacks on Eth2 are easier to scale than on Eth1. In Eth2, the physical and hardware-driven burdens of network participation recede to essentially minimal hardware and power consumption. Moreover, the flourishing of DeFi and eventual connectivity to Eth2 can vastly accelerate and magnify this trend.
- Capital efficient validators are more predictable. While participation from Ethereum enthusiasts is important for a successful Beacon Chain launch, it is ultimately inadequate to reach sufficient levels of security. Attracting capital efficient validators will lead to higher fidelity in targeting a sufficient level of ETH staked.
- Targeting 13.8% ETH staked will match security levels of Eth1 at historical prices. The researchers calculate that the target ETH stake rate for adequate security under historical price fluctuations is 13.8%. Economies of Scale for validating exist but are reduced at higher ETH prices. Unlike Proof of Work environments where profitability can only be accomplished by increasingly large-scale operations, Eth2 validating becomes progressively less expensive as the price of ETH increases. The network economy is found highly favorable for more decentralized network participation, meeting Eth2’s design objectives.
- 77.7% of the current ETH supply is in validator ‘qualified’ wallets (holding over 32 ETH). Approximately 86.6mm ETH (77.7% of total supply) is being held by non-exchange wallets with over 32 ETH. An additional 18.7mm ETH is managed by exchanges subject to staking services. This is a compelling serviceable addressable market, and a key objective of the incentive program to maximize network participation should be to convert these wallets into active validators.
- Eth2 is paying significantly less for security than Eth1. Using current beacon chain specs and 15.5mm ETH staked (13.8%), the researchers estimate network inflation of 0.55% per year, far less than the current 4-4.5% from Ethereum’s Proof of Work network.
- Network security is heavily reliant on the price stability of ETH. The primary concern with regards to the economic stability and security of Eth2 is the resilience of the network at low ETH prices. Combined with the ability for an adversary to rapidly scale attacks, they consider this a cause for concern.
- The lack of liquidity in Phase 0 and 1 might cause unpredictability and centralization. Given the lack of a two-way bridge between Eth1 and Eth2, and the lack of transaction capabilities in Phases 0 and 1, the researchers expect a secondary market to form facilitated through derivatives and centralized exchanges. A high concentration of validators leveraging these platforms creates centralization risk and unpredictability.
- Beware of Derivative attacks. The Ethereum ecosystem is rapidly evolving and so is Ether as an asset class, with options volume increasing and unique financial instruments like “flash loans” being used in malicious exploits. With this momentum, derivatives could become the favored avenue of attack for adversaries.
Passive Income for the Masses – an interview with Do Kwon, the Founder of Terra Blockchain, and the recently announced Anchor Protocol by Staking Rewards
Anchor is a protocol that provides an attractive and low-volatile yield on stablecoin deposits. The yield is powered by block rewards and transaction fees of multiple Proof of Stake Blockchains. At Staking Rewards they firmly believe that reliable passive income on crypto assets will be one of the main drivers for mass adoption. The team talked to Do Kwon about the essence of Anchor Protocol and what are his plans and challenges for building a sustainable and reliable passive income product for the masses.
Staking Rewards: What makes Anchor special and superior compared to other crypto savings accounts?
Do Kwon: Yields on Dai Savings Rate (DSR), Compound, and other DeFi protocols are driven by short term speculative demand for underlying tokens. When speculative interest dies down, the APR collapses, making it impossible for users to project future cash flows with respect to opportunity costs of capital. Anchor yield is powered by block rewards by the entire universe of PoS chains, most of which have steady block rewards via transaction fees and inflation, leading to a much more dependable APR.
Since launch, Chainlink Price Reference Feeds have grown to over 30+ oracle networks sponsored and supported by 24 DeFi projects on the Ethereum mainnet. Additionally, with over 200+ integrations in the pipeline, including 60 blockchains, adoption seems to have driven an increase in the on-chain activity of the LINK token on the Ethereum network as shown below. Below is the active address count of wallets each day that hold more than 10 LINK tokens. A year ago this resided around 10,000 addresses, but has since more tripled to 35,000 active addresses. 10,000 of these addresses have actually appeared in the last few weeks alone.
However, it is not just address count that has been growing, but transaction count has steadily been on the rise as well, growing from 30k daily transactions a year ago to now over 90k daily transactions. This growth is occurring from an increase in the amount of speculation, but more importantly it has also been driven by growth of Chainlink oracle networks as they require nodes to be paid in the LINK token. LINK transaction count spiked from 80k to over 140k and afterwards later leveled off at 60k transactions a day for the rest of 2020. This spike can largely be attributed to the increased network activity as most Chainlink oracle networks operate on a deviation based update schedule.
Live Networks Updates
Phase 0 of ETH 2.0 has been running on various testnets since the genesis block was created for Beacon Chain in April. Phase 0 is the first stage in the long awaited upgrade to Proof-of-Stake and will dramatically increase transaction speeds. Following the excellent stability of Altona and based on conversations with eth2 client teams, Medalla – the next multi-client testnet – will have a release date on August 4th, 2020, 1pm UTC. According to the announcement, the Medalla testnet will launch only 48 hours after a minimum of 16,384 deposits of 32 ETH each have been made. As this is the testnet which most closely mirrors the actual Ethereum 2.0 mainnet, deposits are included in preparation for the Phase 0 and beacon chain launch, where the staking mechanism and community validator system will first be introduced. This is a major step up from Altona in the sense that Medalla is a testnet built for and maintained by the community. The multi-client testnets prior to Medalla were considered “devnets”, run primarily by client teams and members of the EF, but with the launch of this network, the stability and health of the chain will be almost entirely in the community’s hands.
- Preparing for IBC 1.0 by Interchain GmbH
The upcoming Stargate upgrade will include version 1.0 of the Inter-Blockchain Communication protocol (IBC), the mechanism for interoperability between heterogeneous chains, which forms the connective substrate for the Cosmos Network. IBC has been in design and development since the release of the original Cosmos whitepaper. In suitable fashion for a technical interoperability protocol, interoperability between many organizations and individual contributors has been essential in bringing IBC to where it is today — Tendermint, Agoric, Informal Systems, Chorus One, Iqlusion, Interchain GmbH, and the Interchain Foundation have all contributed resources & personnel to the design, specification, and implementation of IBC. The 1.0 release of IBC is the culmination of years of diligent work by these organizations & individuals, but it is also the beginning of the next chapter in the trajectory of the Cosmos Network, and the inflection point at which the driving force behind protocol development & adoption must shift from a relatively tight-knit coalition of firms to a much wider community of blockchain developers, proof-of-stake validators, and protocol users. This blog post outlines what the 1.0 release of IBC will consist of, enumerates the expected sequence of steps for testing & deployment of IBC as part of the larger Stargate upgrade process, briefly catalogs ongoing IBC-related work which is not formally part of the 1.0 release process but will be of interest soon, and sketches a few nascent ideas for the future development of IBC after Stargate & the 1.0 release, some of which will also be outlined in greater detail in a future post.
Daily cosmos outpost Jul 24 UTC Inflation 7.0% Bonded 70.7%
- Delegate: 137,283
- Redelegate: 45,186
- Undelegate: 107,499
Cosmos ecosystem 90-day performance by Messari
xDai has announced EasyStaking is coming soon to the Ethereum Mainnet
Easy Staking allows users to place STAKE into a contract and receive STAKE emissions on Ethereum. It provides an accessible staking mechanism for users and increases STAKE utility and DeFi composability. EasyStaking also:
- Incentivizes liquidity providers on decentralized exchanges through unique reward mechanisms
- Creates staking opportunities via hardware wallets and other Ethereum applications
- Provides staking opportunities with no minimum STAKE requirements to participate
- Limits total circulating supply
Polkadot began life as a heavily controlled Proof of Authority, namely the authority of the Web3 Foundation, permissioned (with many key operations requiring the permission of said foundation) network, not unlike an enterprise blockchain. Over time, they relaxed the “PoA” and allowed community validators to maintain the nodes which run the network. As of now (which is Phase 2 in their launch process), 197 validators from the Polkadot community — backed by well over half of the DOT in circulation — run the Polkadot network. With a full council now elected, this afternoon (Zug time) Polkadot Chain Candidate 1 was upgraded to include full governance features, and with that to move into Phase 3 of its launch process. Unlike all previous upgrades on this chain, the Sudo (permissioning) module will not be used in order to make the upgrade but rather a special exception will be made to make a first use of the full governance mechanisms.
The First Polkadot Vote by Gavin Wood
The Foundation reached out to a wide variety of community members and Polkadot stakeholders to determine potential practical issues regarding a redenomination. This included prospective token ecosystem stakeholders such as exchanges as well as established community leaders. Infrastructure providers were generally sanguine about practical issues concerning a redenomination after launch and supported the effort, though (obviously) would prefer for it to happen before launch or hours within launch to minimize their own workload and risk. Community leaders indicated that some community stakeholders may have some degree of reliance on the DOT denomination remaining unchanged from the 2017 sale lest the meaning of what constitutes a “DOT” be misunderstood.
They have begun a final, “binding” vote on the redenomination. In the interests of simplicity and accessibility, a single poll will happen. Four options will be provided and may be voted upon via the Polkadot.js user interface as well as any wallets that build in support. All DOT holders will be able to take part.
The four options being polled are:
- No change from the original 2017 sale definitions; will mean a total of 10m DOT from genesis.
- Split of 10x from the original sale; will mean a total of 100m DOT from genesis. Apparent DOT price would be 10x lower.
- Split of 100x from the original sale; will mean a total of 1b DOT from genesis. Apparent DOT price would be 100x lower.
- Split of 1,000x from the original sale; will mean a total of 10b DOT from genesis. Apparent DOT price would be 1000x lower.
Top-7 Polkadot Networks Visualization by CryproDiffer
Top 3 Polkadot Networks are Kusama with 398 nodes, Stafi with 154 nodes and Edgeware with 118 nodes.
Ankr is using its expertise in node deployment/management to provide the easiest way possible for everyone to access the multi-billion PoS market. They seek to provide a decentralized and easy way to leverage Web3 solutions and the Polkadot ecosystem, including their Parachains. They presented four ways to get involved in Polkadot with Ankr.
- Put your DOTs to work by running a Validator
- Ankr provides easy access to transactions, usage data, and insights on the Polkadot network with the one-click full node deployment
- Ankr will contribute to the Polkadot ecosystem by deploying own NPoS Validators
- Collaboration on bringing easy node deployment with the teams of Acala Network, Bifrost, ChainX, Darwinia and more to integrate their nodes on Ankr platform. In addition, they already supported the Edgeware and the Kusama Network.
Polkadot Ecoproject Bifrost Overview by CryptoDiffer
Bifrost is a Polkadot Parachain designed to liberate Staking’s liquidity. It has granted from the Web3 Foundation and is also a member of the Substrate Builder Program.
Explore the proposals submitted to Celo Governance system. Also, you can track their progress via @CeloGov Twitter and Celo Forum.
CeloVote: cGLD earnings on Autopilot with Ankr
Basically, the Celo network needs users to participate in daily elections in order to determine which 100 Validators secure the blockchain for the next 24 hours. Holders of cGLD can lock their tokens in order to receive votes (1 cGLD = 1 vote). Don’t worry, you can unlock them again; you will never lose your cGLD.
Now, for each vote you cast for a Validator that gets elected, you receive a reward. For a perfect voting record, this amounts to approximately 6% profit on your locked cGLD over the course of a year. Ankr built and integrated an automated Celo Voting Application on the Ankr platform which handles voting in the daily elections seamlessly. It only takes a few clicks to get started. When you use CeloVote dApp, the technical knowledge barrier is completely removed.
Networks’ governance updates of ICON, IOST, Orbs, and Tezos
As projects mature, users and team members analyze mainnet data, validators provide feedback, and the community shares their thoughts, some design flaws and room for improvements become apparent. That’s when the governance mechanism kicks in, and proposals are made to apply changes to the protocol. In this article, the latest significant governance changes of ICON, IOST, Orbs, and Tezos are analyzed.
7,200 TPS Achieved on Matic Network’s Counter Stake Testnet
During recent stress testing of the Counter Stake CS-2008 testnet, which was running uninterrupted for over two months, the network achieved astounding performance levels. Read a reflection of the performance of the mainnet, and has huge implications for the future of the Ethereum ecosystem.
Also, read their recent article on Introducing Matic Build-n-Earn: Earn Rewards by Making Your DApps Superior.
SKALE Validator & Delegator Token Economics
This document details the opportunity provided by staking (validating and/or delegating) within the SKALE Network. Those supporting the network through these actions will yield a token return consisting of Network Issuance and Decentralized App Rental fees. Detailed token economics information with supporting background can be found throughout the document and through supplemental articles on the SKALE blog. Supporting FAQ for this document can be found here.
COTI Pay VIPER is coming — a Preview of the New Design
This new COTI wallet is not only redesigned but will also include more features, to be released as the year progresses, such as iOS/Android native apps, Multi-Asset support (including BTC and Stable Coins), full Staking 2.0 console, Interoperability Bridge integration, Optimized Fiat On-Ramp, 1-click payments, easy Send/Receive, DeFi, and Virtual Debit Card.
Vote on BRR-1: the first KyberDAO Proposal
This is the first time KNC holders can cast an on-chain vote on protocol decisions via the KyberDAO. Since the Katalyst launch just 7 days ago, over 3400 unique addresses have staked 56M KNC (US$80M+) on the KyberDAO, representing about 24% of the total KNC supply.
Read more in the article above.
Upcoming Networks Updates
- Major Upcoming Events in July/August by CryptoDiffer
Stafi’s Incentivized Testnet, Sitara, is an upgraded version based on the public testnet Seiya. Since the public testnet Seiya on July 1, more than 121 nodes have joined in. The Polkadot Telemetry tool shows that the number of Seiya nodes ranks 3 behind PolkadotCC1.
There are 120 validator seats in Seiya testnet but the number of applications is increasing. Meanwhile, the block height has reached 237530. All functions work normal and no obvious problems have occurred. The duration of Sitara Incentivized Testnet will last about 1 month with 500,000 FIS (0.5% of total supply) as rewards for validators.
Also read on Cointelegraph – A Polkadot-Based Project Wants to Unlock Staked Coins for DeFi Collateral.
“Stafi has closed a seed fundraising round for $600,000 with investments from Focus Labs, Spark Digital Capital and B-Tech, a Bitmax-affiliated accelerator. It has also previously received grants from the Web3 Foundation, which supports development for the Polkadot ecosystem.”
BandChain GuanYu Testnet#1: How to Join as a Validator
Recently, it was announced that Band Protocol is now ready to proceed towards the mainnet upgrade to Phase 1 which will bring oracle functionality to the BandChain Mainnet. Read this guide on how to join the Phase 1 (GuanYu) Testnet #1 as a validator and learn more about the responsibilities going forward. Validators participating in the Guan Yu Testnet #1 will have the first-mover advantage to set up a Phase 1 Mainnet node, being the first to capture data request fee upon Mainnet release and opportunity for delegation from the Band Foundation.
To go deeper in Band Protocol, read:
- Understanding Band Oracle #1 — Oracle Scripts and Data Sources
- Understanding Band Oracle #2 — Requesting Data on BandChain
- Understanding Band Oracle #3 — Lite Client Verification
Band Protocol Successfully Integrates with ICON to Provide Secure Decentralized Oracles for Leading DApps
ICON has been collaborating with Band Protocol to support various leading decentralized applications with customizable decentralized oracles, ensuring resistance to manipulation and the highest security guarantee for end-users. ICON’s extensive ecosystem combined with Band Protocol’s scalable oracles bridging the highest quality off-chain data sources will allow truly reliable and decentralized applications in DeFi, gaming, prediction, betting and lottery to be built.
Neutrino has created a custom oracle on BandChain for WAVES/USD price feed from five trusted data sources: CoinGecko, Binance, OKEx, HuobiGlobal, Kraken, CryptoCompare. Price update parameters such as time and deviation are customizable and can be changed anytime.
Secret Games Update: Incentivized Testnet Phase 1
During this phase, node operators will work together to stress-test secret contract functionality on Secret Network. Operators will set up their own “secret nodes” and receive rewards for successfully completing node-related missions. They will be supported and joined by existing validators on the Secret Network mainnet, including the Enigma team, Chain of Secrets, Secretnodes.org, and others. The Secret Foundation will also provide active guidance and communication. Over 250 individual validators have so far expressed interest in participating in the incentivized Secret Network testnet, meaning only around 5% of applicants have received an invite for Phase 1.
RiveX Foundation Released a Roadmap
The first half of 2020 includes the launch of WRDEX, RX Wallet desktop version, League of Stakes and various integrations.
Staking with Bluzelle: Best Practices & Preventing Misbehaviours
To maintain a healthy Bluzelle network and protect everyone’s crypto assets, it is important for all the validators to follow best practices and preserve the integrity of the network. Validators may choose to leave the network at a certain point of time. However, this is not a simple ON AND OFF. If you do so irresponsibly, it can harm the network and will result in a partial loss of your stake. The blog above explains some of the situations that a validator can run into and what they should do.
Staking Providers Update
Staking Economy #41: Empirical Economics
This newsletter is supported by Chorus One, a provider of staking services in decentralized networks and written by Felix Lutsch from Chorus One with assistance from Chris Remus, operator of the Chainflow validators. This time Eth2 Economic Review, Tezos Staking Study, and some essential networks’ updates were highlighted.
[PoS Round-Up] Polkadot Goes Permissionless, Cosmos Stargate Upgrade Gathers Steam by Stake.fish
Beginner’s guide to Ethereum 2.0 by JK of Stake.fish
Check an all-encompassing article on Ethereum 2.0 general information, PoS, phases, rewards, penalties and slashing.
#TheAtomicSpreadOut — Easy2Stake
On the 29th of June, Dokia Capital redelegated 4 million ATOMs to smaller validators that perform well and have consistently contributed to this ecosystem.
Dokia Capital leads by the power of its own example with #TheAtomSpreadOut, by putting their “ATOMs where their values are” and transferring their trust value towards smaller validators. They’ve always promoted the equality of chances and rewarded hardworking teams in this space. — Liviu Nica @Easy2Stake
Update of the Oasis-monitor blockchain explorer: improved list of validators, charts, and more by Everstake
Everstake team continues to improve the explorer and expand the its functionality. Read more about what they have done in the past two weeks.
Also, read What is Chainlink and why is this blockchain platform so interesting? and What is Elrond and how important is this project for the blockchain industry in articles by Everstake team.
BitGo Now Supports Custody and Staking of Tezos’ XTZ
Investors who store their XTZ with BitGo will earn an annual staking return of around 6% across BitGo’s hot and cold wallets, the custodial firm told CoinDesk on Thursday.
Ankr enables BNB Staking for Binance Smart Chain Testnet
Binance Smart Chain enables smart contracts integration with Binance Chain and will make it possible to run your own Validator and earn a passive income by staking BNB. In the continued partnership with Binance, Ankr announced that they support easy deployment for Binance Smart Chain Validators and staking BNB on their platform.
[How to] create a Solana Address & delegate your SOL tokens using the Terminal (CLI) on your Mac by Staking Facilities
In this beginner-friendly, step-by-step tutorial you learn how to become a Delegator on the Solana Proof-of-Stake Blockchain using your Ledger Nano S and the Command Line Interface (CLI) on your Mac.
Solana Smart Contracts Overview by Stakin
Stakin team takes a look on the Smart Contracts in Solana, network that operates on a Proof-of-History consensus. Solana’s approach to smart contract execution is based on how operating systems load and execute dynamic code.
Also, read ICON Vote — Forming DAOs and Stakin Bi-Weekly Newsletter Vol. 7, where they highlight:
- Akashian Challenge Phase 2 Wk. 2
- Irisnet gets a prominent role in China’s BSN
- Desmos Testnet Phase 5
- ICON As Digital Gold?!
- ICON NFT Released
- Cosmos Stargate Update
COTI and KuCoin Pool-X Staking Campaign — Round 3
COTI’s exchange-based staking program continues with KuCoin Pool-X for a third round. This time, as part of the continuous celebrations of COTI being now available for direct purchase on KuCoin through credit and debit cards, facilitated by the partnership with Simplex.
Seeking Yield by Staked.us
- №73 – Tracking ETH 2.0, ️ETH Staking Webinar, Third RAY Liquidity Incentive Realization, Polkadot Is Now Permissionless, Current Staking and Lending Yields, & More
- №72 – Tracking ETH 2.0, ️ ETH Staking Webinar, NEAR Mainnet, Second RAY Liquidity Incentive Realization, Elrond Support, Current Staking and Lending Yields, & More
Dogfooding DataHub, a Hubble Case Study by Figment Networks
Upcoming Staking Events
- July 29th, 2020 – Proof of Stake Networks: Privacy, Data Rights and the Future of Blockchain as a part of SKALE Mainnet Launch Global Roadshow
- July 29th, 2020 – AMA with Secret Network
- July 30th, 2020 — TezTalks Live #8 — AirGap x Beacon
- July 30th, 2020 — EEA’s Ethereum in the Enterprise 2020 virtual conference
- August 4th, 2020 – ETH Staking Webinar by Staked.us’ Tim Ogilvie
- Until 14th August 2020 – Hackusama, Hack on Polkadot’s Wild Cousin. Feel free to join right now!
- August 22nd – 23rd, 2020 – #FutureProof Technical Summit
- 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:
First and foremost, we are glad to announce that on July 13th Citadel beta finally went live! Our congratulations to all the fantastic teams and the community! We welcome you to test Citadel.one out as much as possible and give the team feedback so that they could make you experience much better!
And we never cease to wonder at the progress the Citadel team has made within the later days! As part of the development report, they have shared what they’ve been working on these days. Firstly, they integrated Bitcoin wallets, optimized the storage of Ethereum transactions, and improved the data exchange from other networks (Tezos, IOST, Icon, Orbs). A new developer has joined the team which allowed them to increase the pace of backend development. As for frontend tasks, the Citadel developers implemented the creation of a Bitcoin wallet, finish import/export and work with BTC through cold wallets, added import of third-party keys via mnemonic phrase and private key, implemented saving addresses in backup file and wallet recovery using it, integrated Trezor wallets, added crypto-to-crypto centralized swaps, and prepared a new landing Citadel.one.
These weeks, the Citadel Founders had a series of calls with some great members of the POS ecosystem (Chorus.One, Staked, Staking Facilities, Ubik Capital, Bake’n’Rolls). Moreover, they talked about possible collaborations and participating in Citadel beta-testing with DeFi Pulse and 1inch.exchange teams — some of the key Decentralized Finance (DeFi) movement partakers.
What’s more, the Citadel team has recently interviewed JK (Strategy & Operations Lead of Stake.fish — a quality staking service provider), and a person who shares their passion for DeFi products and PoS protocols, Mirko Schmiedl (CEO and Co-founder of Staking Rewards), an early staking adopter and enthusiast. Find the interviews below. Also, they wrote an article on Citadel’s features and ICON integration and on DeFi “yield farming”, one of the hottest topics in crypto world so far.
On July 3rd, the first Citadel Community Gathering took place. Founders and the team answered the questions and discuss latest PoS and upcoming launch in the Citadel official Telegram chat. On July 9th, the Citadel team attended ‘Cosmos Unchained: Ethereum Peggy Showdown’ virtual meetup. The team joined Chjango Unchained (Cosmos), Greg Markou (ChainBridge), Justin Kilpatrick (Peggy), and Christopher Goes (IBC) who discussed the design differences between IBC, Peggy, and ChainBridge and how each project approaches the problem of interoperating with the Ethereum mainchain. They also discussed CosmWasm 0.9 release, Cosm JS, workshops and hackathon at CosmWasm 9th bi-weekly community call.
The Citadel team has recently interviewed a person who shares their passion for DeFi products and PoS protocols, Mirko Schmiedl (CEO and Co-founder of Staking Rewards), an early staking adopter and enthusiast. They discovered that the Citadel team shares his vision in many ways as they touched upon the topics of blockchain adoption, PoS protocol challenges and Bitcoin.
Citadel’s fresh interview with Strategy & Operations Lead of Stake.fish, a quality staking service provider.
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: