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Paradigm

State of Stake #14

8th February — 22nd February

“Staking isn’t just a way to earn crypto money — and it shouldn’t be.”

— Jake Yocom-Piatt, the project lead for Decred and the creator of btcsuite in the article for Coindesk.

Market overview

Source: stakingrewards.com
Source: stakingrewards.com
Source: stakingrewards.com
Source: stakingrewards.com

Current Value in Staking by Asset

Source: stakingrewards.com
Source: stakingrewards.com
  • Staking Yearly Yield is the annualized yield for staking at current supply levels, as calculated by stakingrewards.com.
  • Real Staking Yield is the annual yield expected from staking, after accounting for the network’s inflation. Real Yield is calculated as the nominal staking yield adjusted for the inflation rate.
  • Token Staking is the number of tokens currently staking on the network, as reported by stakingrewards.com.
  • Network % Staking is the % of current circulating supply that is currently staking, using data provided by stakingrewards.com.
  • 5 Years Yield is counted like compound interest.

Think & Stake

  • Awesome discussions about Staking and Interoperability challenges in cryptos with Julien Bouteloup, Antoine Herzog, Edouard from POSBakerz & Gautier Marin, moderated by Pierre Laurent. See post.
  • Interview with Min Kim, Founder of ICON project & ICON Foundation Council Member and Ricky Dodds, Head of Institutional Markets at ICON Foundation. A multitude of topics was discussed, including partnerships, the ICON consensus protocol & governance structure, and adoption. Regardless of whether you’re new to or familiar with ICON, this is a webinar you don’t want to miss.
  • The Deep End Podcast by DigitalOcean. In this episode of the Hatch Storytellers’ Series, DigitalOcean VP of Product Apurva Joshi chats with Edouard Lavidalle, Co-Founder of POSBakerz. Listen to Edouard discuss how he built the POSBakerz team, remote work, the future of crypto, and where he finds his inspirations.
  • A Solana Podcast: Meher Roy & Reisen — Co-Founders of Chorus One Ep #14 — Chorus One is operating infrastructure to help you securely increase your crypto holdings. Meher & Reisen go into the founding history of Chorus One, the high availability validation project StrongGate and its implications for Solana, as well as the future of Proof-of-Stake and validation in general.
  • A Solana Podcast: Jill Carlson — Partner at Slow Ventures / Co-Founder Of The Open Money Initiative — For this episode they took a different approach; instead of doing a deep technical dive on a specific project Anatoly and Jill discuss the history of Bitcoin, practical uses for blockchain technology, ways to stay authentic and true to the vision in the crypto space, and so much more.
  • 32 Coda: Sound Money and SNARKs with Emre Tekisalp and Brad Cohn. In this episode, Meher and Felix are joined by Emre Tekisalp, director of BD, and Brad Cohn, strategy & operations from the O(1) Labs team to discuss Coda’s approach to building a new blockchain platform. The podcast starts out going into the background of the two, a high-level overview of Coda follows and they discuss what Coda’s unique design enables and cover the go-to-market strategy of the project. From there the discussion leads them to discuss monetary policy and the implications of taxes on Proof-of-Stake networks. After this quick detour, they get back to discussing how the Coda protocol technically works leading to an extensive celebration of zk-SNARK technology during which Brad and Emre explain the progress in the field and why zk-SNARKs are so exciting. Finally, they wrap up the episode with some information on Coda’s Genesis testnet program.
  • Recording of Liquid Staking group call (#3) is live, for those that didn’t join, they had presentations of the Everett Protocol and B-Harvest’s Delegation DEX (both Cosmos-based approaches to liquid staking).

+[Report] Contribution Guidelines #4 — A core outcome of the Liquid Staking Working Group (LSWG) is a research report that takes a holistic look at liquid staking solutions and their implications for Proof-of-Stake networks. There are a few deliverables to achieve this:

Defining what is liquid staking

A taxonomy to classify different implementations

Describing implementations and placing them in the taxonomy

Analyzing benefits of liquid staking solutions

Analyzing concerns with liquid staking solutions

Defining the ideal characteristics of a liquid staking solution

Analyzing the tradeoff space

Coming up with a framework to compare implementations

Compare implementations using the framework

Concluding recommendations

The plan is to periodically release section drafts overtime to foster focused discussions around particular parts. Upcoming working group calls will increasingly focus on specific sections and discussion-worthy pieces associated with liquid staking.

“With PoS blockchains now storing over $10 billion of value, and a batch of new PoS blockchains coming online including the crown jewel Ethereum 2.0, PoS is set for a huge year. Seeing the writing on the wall, staking-as-a-service providers are falling over each other to attract user deposits, even as fees for staking services trend towards zero. The name of the game, after all, is capital aggregation.”

Speakers of the night (FOR THE SUMMIT):

  1. Tezos Isreal showed about what they’re doing in Israel and some of the upcoming events that have planned. Tezos On the Road and community building;
  2. Baker Tools; Tezos Reward Distributor(“TRD”) by StakeNOW; Daniel showed some cool things he was building on which will make batch reward distribution a lot simpler for bakers.
  3. TezosUK showed some of their upcoming events and some of their partnerships. Very neat stuff!
  4. Jonas from Tezos Capital and StakerDAO showed his plans for Staker DAO and how they’re pushing forward with sophisticated smart contract building using the Tezos network.

The Tezos blockchain has some unique features that make financial instruments easier to implement in a trustless, fully decentralized manner. This paper explores design for a synthetic financial product based on the stake delegation rewards process intrinsic to the Tezos platform. This instrument has several features to make it appealing to various classes of investors and serves to demonstrate the vibrant possibilities of blockchain-based finance. This smart contract, henceforth referred to as “Trustless Staking Token” or “TST”, has the following properties:

  1. Guaranteed returns
  2. Fully unsupervised life-cycle
  3. Tokenized
  4. Independent of external information

Upcoming Staking Events

  1. Stake Capital DAO — LTokens (Julien Bouteloup) (30–40min) — Presentation and Follow-On Discussion.
  2. Matic Network’s Delegation Voucher Implementation (Ashish Rajpurohit) (30–40min). — Presentation and Follow-On Discussion
  3. Wrap Up and Next Steps (5–10min) — Information on Contribution Guidelines and Plans for the Report
  • Staking Economy EthCC Meetup — Chris is thinking about organizing a Staking Economy Meetup during the event, similar to the one during DevCon in Osaka last fall.
  • 25th April 2020 — Tezos Baking Tour: Thailand by Tezos Southeast Asia & Blockspaper. Tezos Southeast Asia’s next stop in the Tezos Baking Tour is Bangkok, Thailand! Join TSA and Blockspaper and learn why you should be part of the Tezos community and how you can earn a passive income through validating (a.k.a. ‘baking’) on the Tezos blockchain through this hands-on workshop. Bring down your laptop and interact with their developers at the workshop where they will guide you step-by-step.

Recent Staking Updates

  • Cardano forks as it prepares to introduce staking. Cardano had a planned hard fork at epoch 176 to help it transition from a federated network to a Proof-of-Stake (PoS) consensus model. Cardano’s current mainnet has operated with limited functionality since its launch in 2017. A hard fork, dubbed OBFT (Ouroboros BFT), bridges this old network to the new mainnet version, setting the stage for Cardano to launch Shelley mainnet possibly within the next few months. Once merged, Shelley allows users to stake their ADA and contribute to the network’s security in exchange for inflation rewards.

Why it matters:

  1. It’s a positive sign for ADA holders as Shelley introduces new use cases, namely staking, for the token beyond speculation and payments. With Shelley now around the corner, Cardano enters the crowded race of soon-to-launch layer-1 PoS networks vying for attention from prospective stakers.
  2. Despite a step forward in project maturation, Shelley does not include smart contract functionality. Cardano won’t support smart contracts until its next stage, called the Goguen era, which Cardano’s roadmap says could launch sometime in 2020.
  • [Tour de SOL] Stage 1 — Week 1 Recap. They’re officially a week into Stage 1 of Tour de SOL (TdS), and what a week it has been. The goal was to begin to stress test the latest release v0.23.3, and iron out any major issues in this release with the aim to use it to upgrade the Soft Launch Phase 1 (SLP1) cluster to the Global Cluster (GC), the first major release of the cluster. As of now, they’ve had 2 cluster restarts, 1 critical bug identified, and a series of smaller bugs identified which they’re currently working through.
  • Staking Rewards listed Harmony and BitGreen:
  • ConsenSys and Skale kick off new token issuing platform. Activate is making its inaugural token launch with Skale Network, according to a Feb. 11 press release. Activate is a token launch platform developed by ConsenSys Codefi, which seeks to jumpstart the actual usage of new networks. The platform was announced in October 2019, and it was created specifically to bootstrap adoption for new projects. Its first launch partner and the inaugural project are Skale Network, a smart contract platform based on Ethereum.
  • Cosmos Gaia v2.0.6 release is out! It includes the Cosmos SDK version bumped to v0.37.7 together with some minor event fixes. Check them out here! Down pointing backhand index: GearGaia Release, GearSDK Release.
  • Announcing the Acala Mandala Testnet, Proof-of-Liveness Partners, and Ecosystem projects. Mandala is the test network for Acala. It allows users, teams, and developers to test drive stablecoin functionalities, get a taste of Acala’s governance, and build integration in a risk-free environment. Mandala is meant to be Acala’s gateway into the two networks hereafter, where it is possible to try things out freely and safely in terms of functionality. Whereas economically and governance-wise, the Karura network will serve the experimental purposes for Acala. While the Acala Network will leverage Polkadot’s shared security and do not need dedicated validators itself, it will still require what’s called Proof-of-Liveness (PoL) nodes to maintain the operation of the Acala network, and propose new blocks to validators for verification.
  • An Update About the State of All in Bits Inc (DBA Tendermint Inc). In light of ongoing speculation about the internals of Tendermint Inc, they’ve issued a statement detailing the current state of affairs.
  • #34: Insuring Blockchain Risks by Staking Economy. Read a short recap about recent updates and learn more about insuring blockchain risks, corporate structures, building decentralized network infrastructure and State of Adoption Report.
  • Polkadot Approaches Beta Launch — Claim Your Dots Today with Coinbase Custody! Individuals and entities that hold allocations of dots — Polkadot’s native token that enables access to the protocol’s features — can now take the first step to prepare for Polkadot’s launch in the coming months. Dot holders have four options to claim their dots:
  1. Coinbase Custody
  2. Polkadot.js browser plug-in
  3. Subkey
  4. Polkadot.js user-interface.
  1. ICON Foundation releases the 2020 Roadmap Update for the technology development organized around 4 key themes.
  2. The community is excited about Balanced Network, a new DeFi project on ICON. The project is a full-on collaboration between ICX Station, PARROT9, Galen Danziger of Mousebelt, and Dan Brehmer of iBriz-ICONosphere.
  3. ICON network hits the goal of 100 P-reps. ICON is more decentralized than ever before.
  4. 2 grant recipients, Reliant Node and Sharpn publish first development update reports on MyIconWallet mobile app and DevBlockchain.tech, respectively.
  5. ICON Foundation hosts 1st P-rep Governance Meeting to discuss ways to improve ICON Incentive Score System (IISS), their staking and block reward distribution system.
  6. The ICON project is featured at ETHDenver 2020 by Fortmatic.
  7. ICONLOOP opens a new office in Busan, Korea!

{Tezos}

  1. MadFish Solutions continues to develop Tezos browser wallet called Thanos
  2. Serokell team reimplements Michelson core into Haskell
  3. Tezos Agora posts an update on the new Tenderbake consensus algorithm

{ICON}

  1. Korean’s Largest Job Portal Saramin implements BROOF and DID
  2. Leading university POSTECH issued blockchain diplomas on the ICON
  3. Everstake updates its ICON Vote Monitor.

{EOS}

  1. Block.one Offered $200,000 Prize intended for creation of Ethereum VM in EOS
  2. Lynx token converter is now officially live
  3. Medium user EOSUA Michael released an overview regarding Telos and the new EOS 2.0
  4. Jungle community has reached new maximum TPS accounted to 9656

{Cosmos}

  1. Figment Network published the January network analysis of the Cosmos
  2. Cosmos staking has become available for institutional investors on Anchorage
  3. Interchain foundation releases the statement related to sustainability of the Cosmos Network
  4. Cosmos Network has adds WebAssembly to the Cosmos SDK

{Tezos}

  1. Babylon and Carthage rewards comparison was published on Agora Forum
  2. Coinbase sets 25% commission for Tezos staking
  3. Tezos Core development AMA was conducted on February 13

{ICON}

  1. Yeosijae teams up with ICONLOOP to host a discussion on Feb 20 in Seoul regarding the blockchain future.
  2. ICON Foundation Releases The 2020 Roadmap Update
  3. RhizomeICX shoots the first P-Reps podcast and it’s available on Spotify

{EOS}

  1. Unbiased wants to launch data marketplace to resolve problems associated with flawed AI
  2. cc32d9 user publishes a guide on microcontrollers usage with EOSIO
  3. Voice Beta goes live
  4. BOS and Telos became available for trading on eoslocally.com

{Cosmos}

  1. Cosmos India organized an event called ‘When CeFi meets DeFi”
  2. PersistenceOne has conducted the first-ever non-standard IBC transaction.
  3. EtherGavin to build an open system for staking rewards reporting.
  • Check the recent biweekly updates on PoS Networks, created by Paradigm Fund:
  1. Tezos
  2. Orbs
  3. Cosmos
  4. Theta
  5. ICON
  6. IOST
  7. Ethereum
  8. Polkadot

This is not financial advice.

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