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State of Stake #19

18th April — 2nd May

“I like the concept of ‘not spending more money to spend money’. Let’s scale it.”

Mohith Agadi

Market overview


Tezos has surpassed EOS by Total Value Locked in Staking!


Current Value in Staking by Asset


Think & Stake

In this episode, Brendan and Felix are joined by Soravis Srinawakoon, Co-Founder and CEO of Band Protocol, a data governance framework for Web3. Band is soon launching its own Cosmos SDK chain focused on provisioning oracle data for blockchain applications.

They cover what the oracle problem is, how Band is able to provide off-chain data to blockchain applications in a single transaction, what the team imagines the role of Band Chain to be within the ecosystem and take a look at the parties involved in Band’s ecosystem. The second part of their conversation focuses on decentralized finance and the need for reliable oracle solutions, as well as a discussion of recent events following the “Black Thursday” crash that shook the Ethereum DeFi ecosystem. They wrap up with Soravis telling about upcoming hackathons and the current state of the network leading up to mainnet.

A key part of running incentivized testnets is to break things. The premise is that the more successful attacks there are on a testnet, the more prepared a network is for mainnet. The best sign that a network has been put through its paces is to find the Holy Grail of bugs: a priority one, severe bug that is a showstopper for the network launch.

Chorus One engineer, Reisen, did just that. He demonstrated a critical flaw with the Solana network that allowed him to steal 500M Sol tokens on the testnet. What follows is the story of how he did it.

They are going to be releasing NEAR’s MainNet in stages. Each stage is identified by the restrictions that it has and each stage has different goals. It’s important as they open up the network more and more to test at every stage and provide flexibility to address issues early in the process.

Here are more specific dimensions to compare different release stages of the MainNet:

In addition, Co-Founder Illia released an in-depth explainer of NEAR economics using examples to illustrate what stakers and developers on the network can expect. Together with their economics whitepaper NEAR’s design is well defined and documented, which will hopefully serve as an inspiration to other protocols going forward.

Upcoming Staking Events

  • 4th-5th May 2020Ready Layer One. A cross-chain collaborative virtual conference with participants from Cosmos, NEAR, Polkadot, Protocol Labs, and Tezos ecosystems.
  • 6th May 2020 — Liquid Staking Working Group. They have got the draft of the research report, the main deliverable of the ICF grant, into a stage that they want to share with the audience! There is still some work to be done, but feel free to read through it here. The invitation link is accessible on GitHub.
  • 12th May 2020 — Cosmos is hosting an online-conference at Consensys.

Recent Staking Updates

The team behind Props, a network built to reward application users with a financial stake in the network they contribute to, announced today that it has raised approximately $2M* in token-sale financing from a number of funds and strategic partners led by Union Square Ventures (USV) and Borderless Capital, with participation from GSR, Lvna Capital, SPiCE VC, CoinFund and the Group. Props will use the capital to scale its user network through integrations by additional consumer apps, and to evolve its infrastructure, including a transition of its PropsChain to the Algorand blockchain, the first open-source, permissionless, pure proof-of-stake blockchain protocol.

Truffle, a popular suite of Ethereum developer tools, has announced support for Tezos. Developers can now construct, test, and deploy smart contracts onto the Tezos blockchain using Truffle’s flagship command-line tool. The former ConsenSys spoke said this current integration is experimental, but it has plans to expand tooling for Tezos down the road. The Truffle team also noted that this is their first foray into supporting chains that do not feature the Ethereum Virtual Machine (EVM), the smart contract execution engine popularized by Ethereum.

Why it matters:

  1. Truffle’s tooling played a significant role in the rapid growth of Ethereum’s developer community and application ecosystem. According to the tool suite’s dashboard, developers have downloaded Truffle over 3.2 million times, the vast majority of which have come within the last two years. The arrival of Truffle could provide a substantial boost to development on Tezos outside of one-off security token sales.
  2. Based on a recent forum post, smart contract development on Tezos still has some pain points. While specific issues may arise from the network’s design, there’s a chance enhanced tooling like the suite offered by Truffle could help circumvent these same complexities. The rate of Tezos development and adoption could hinge on overcoming these purported challenges.

The BSN initiative, a joint effort led by the State Information Center of China, China Mobile, China UnionPay, and Red Date Technology, is a standardized, nationwide public infrastructure network across different regions and business sectors to support faster and cheaper blockchain development and deployment. BSN introduces three network participant roles: 1)Cloud service providers; 2)Blockchain framework providers (particularly Consortium Blockchain); 3)Application developers. IRITA falls into the second category and the Shanghai-based IRISnet dev team Bianjie has closely followed BSN’s design to get IRITA on board. The end goal is to provide the application developers to be able to build applications using IRITA on BSN.

On April 18th, IOST Enterprise Edition Aiou Technology officially becomes a qualified developer of China nationwide blockchain network, the Blockchain-based Ser­vice Net­work BSN.

BSN is China’s first nationwide blockchain network that:

  1. Backed by Chinese government policy think tank the State Information Center (SIC), and jointly developed by major China’s state-run telecom China Mobile and the Chinese government-supported payment card network China UnionPay, and Red Date Technology
  2. Provides a cross-network, cross-regions, and cross-institution global blockchain service infrastructure
  3. Provides developers with a public blockchain resource environment based on the Internet concept, which greatly reduces the development, deployment, operation and maintenance, interoperability, and regulatory costs of blockchain applications, so as to promote the rapid development and adoption of blockchain technology.

Binance and Elrond have entered into an agreement that will make the Binance-backed BUSD stable coin available on the Elrond Network. The cooperation between the leading provider of services in the crypto space and the first blockchain with a working state sharded architecture will enable fast and inexpensive stablecoin transactions thanks to Elrond’s high throughput processing capacity. This integration will expose Binance’s $BUSD to a broader user-base, who will be able to exchange value at high speed and negligible cost on Elrond’s imminent mainnet. BUSD will use the Elrond Standard Digital Token model, which makes token transfers as fast and inexpensive as the native protocol coin. This innovation enables existing DeFi scenarios to run on Elrond at increased speed and lower cost.

Band Protocol is announcing the first strategic wallet partnership with one of the largest cryptocurrency wallets, Atomic Wallet, that has over 300K users, over $20M in total value staked, and a 4.6/5 score on Trustpilot. Atomic Wallet will integrate full support of the BAND token on both their desktop and mobile wallet which will allow token holders to safely HODL and stake their BAND tokens without any fees.

With a successful pre-registration and overwhelming interest in KuCoin’s COTI staking program, there is now more demand than supply for the new COTI staking 2.0 program. With over 700 users and a total of over 200M COTI requested to be staked, this new model will ensure that more users are able to join in with a higher staking volume.

The official registration to join the COTI Staking program is now made available through the COTI website or from a COTI CPS account. Staking itself is initiated directly from within the user’s wallet and from there only.

{Binance Smart Chain to Feature Staking}

Binance released a whitepaper describing a smart contract platform design that would use BNB as a staking token. This blockchain will be separate from the current Binance Chain (BC), which will continue operating fully focused on its exchange capabilities. Binance Smart Chain (BSC) will be fully EVM-compatible and support existing tooling, which further consolidates that Binance is developing into something larger than a venue to exchange cryptoassets.

The whitepaper describes a “Proof of Staked Authority” scheme, in which 21 validators will be elected to produce blocks every 24 hours based on their stake-backing in BNB tokens. The two chains will be interoperable and BNB holders will be able to delegate their tokens on BC with reward and slashing mechanisms, similar to what is implemented on Cosmos. Since there is no inflation on BNB tokens, only gas fees paid in BNB will be paid out to validators and their delegators. It will be interesting to see if the chain will be able to sustain itself purely on transaction fees — so far there is no information on what kind of applications to expect.

{Celo Mainnet Release Candidate and Auction}

Celo’s mainnet release candidate launched this week on Earth Day, April 22. Check the live network with currently 65 validating nodes out at

Celo will host a live dutch auction on CoinList May 7, similar to Solana’s a few weeks back. If you’re interested to participate or to learn more about, visit the official CoinList page that contains all the details.

{Quick Updates}

  1. Keep Stakedrop: The Keep team announced a stakedrop of KEEP tokens to ETH holders participating in the mechanism that borrows from Edgeware’s lockdrop. Signers for Keep’s tBTC bridge will be required to hold both KEEP and ETH. The event will start Jun 8.
  2. Token Terminal: A new website focused on providing interesting fundamental financial information on DeFi protocols and staking tokens. The team also releases a lot of basic explainers of protocols on their Twitter and Medium.
  3. Staking as the New Saving: 1confirmation’s Nick Tomaino on what needs to happen to make non-custodial staking a success, a sentiment that resonates and shows that there still is a lot of work to be done in the space.
  1. The number of Substrate nodes being tracked by telemetry continues to increase. Substrate is the blockchain development framework on which the Polkadot and Kusama relay chains are built, along with their proposed parachains (aka shards). It is not necessary to connect one’s node to a telemetry server, and so these numbers are an established lower bound but may not reflect the true number of nodes running. As of this writing, they know of 422 Kusama relay chain nodes being run, along with 124 nodes on the Edgeware chain, 67 nodes on the Acala Mandala testnet, and 241 on other Substrate-based chains, for a total of 854 nodes. You can view current telemetry statistics here.
  2. Kusama (and Polkadot) use nominated proof-of-stake, the security of the system is directly related to the amount of stake bonded to validators, as that economically secures the network. The current active validator set is staked by over 4.7 million Kusama tokens, or over 54.6% of the entire circulating supply. This is slightly over the targeted staking rate of 50%, which means that staking rewards have been automatically reduced to encourage other uses of tokens.
  3. Development on Substrate continues at a rapid clip, with at least 17 commits, and often much more, every week for the last year on the Substrate repository. As Polkadot is built on top of Substrate, all code which is part of Substrate is also part of Polkadot. All of this work is done open-source and transparently on Github.
Polkadot Github Commits Over Time
Substrate Github Commits Over Time


  1. Tezster Bundles: Boilerplates for Dapp Development on Tezos
  2. Vertalo, tZERO to bring $300M in real-estate to the Tezos blockchain
  3. Support for Tezos is now live in Truffle
  4. Tezos surpasses EOS for first time in crypto history
  5. Regression testing by utilizing pytest-regtest tool
  6. The first beta release of Thanos wallet
  7. UAE’s largest cryptocurrency platform BitOasis launches Tezos
  8. Phoenix wallet is open for beta testing


  1. South Korea Media’s Perspective on Recent ICON Project
  2. Comprehensive ICON staking guide from staking rewards
  3. Official IISS 3.0 Text Proposal will be ready for voting on UTC 2020–04–23 07:30 AM
  4. ICON Foundation announced the media collaboration with @btc_manager
  5. ICON Governance Meeting #3
  6. ICON secures the 4th position for DApps with highest USD volume in Q1 2020
  7. EU P-reps Block42, Everstake, Iconsolidation, Stakin collaborated to create the ICONEurope Project
  8. The 5th P-rep community meeting has been successfully conducted
  9. Everstake & Staking Rewards created a staking tutorial for ICON
  10. Complete List of ICON (ICX) Partnerships (2020)
  11. Read the latest ICON Newsletter #16


  1. Internet of Blockchains: Introduced by China’s Blockchain Service Network (BSN)
  2. Zerio releases their SDK, allowing everyone to connect to the Bancor
  3. Chinese EOS-based wallet app reportedly shuts down, leaving $52M in user funds inaccessible
  4. The latest EOS Hot Sauce video is now live
  5. LiquidScheduler for Scheduled and Recurring Tasks within dApps
  6. Boid Mining Season 4 has been announced
  7. EOS Canada shutting down BP and focusing on dfuse
  8. Coding For Change: New EOSIO Virtual Hackathon
  9. BlockBase Beta Is Officially Live on EOS
  10. EOS WPS Smart Contract Security Audit Report


  1. Useful tool-kit is ready for launching Cosmos-SDK and Tendermint-based projects
  2. IBC and Game of Zones — Virtual Meetup April 19th
  3. Cosmos Cross-Chain Hackathon Has Been Started
  4. Cosmos Community Newsletter is out


  1. Crypto Exchange Bithumb to Launch Staking As a Service With IOST
  2. IOST — Unchecked JavaScript Class Crashes Miners
  3. IOST moved up to top 5 in China’s Research Institute Updates Crypto Ranking along with EOS, TRON, ETH & LISK
  4. IOST Foundation and OKEx conduct the IOST giveaway
  5. Africa transformation through the IOST ecosystem
  6. IOSToken announces 6 new partner nodes
  7. China Ranks IOST As the Third Most Secured and Decentralized Network

Citadel Updates

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:

Source: GitHub + GitLab metrics

The Citadel project is under development. The team is operating extremely hard on the major releases as a very significant milestone is about to happen. Ledger integration for ICON and ERC20 tokens coming soon as well as the launch of the stable version of Citadel 1.0! Good news is, the Citadel team was replenished with a quality assurance specialist to improve the quality of the product. Stay tuned for more exciting news soon!

According to the recent Citadel development report, the service works much faster and more stable than before. The initial task of fully deploying the system on a single server without intermediaries has been completed. As for additional tasks, the output of staking nodes has been finalized and now correctly displays information when staking to different nodes. The ability to delegate to several validators at once with one transaction was realized (both ICON and IOST are supported). The lists of staking nodes have been completely updated and now contain relevant information and can be updated in a timely manner. Moreover, the transition to a new transaction storage architecture has been completed. Speed ​​and stability are good. A professional monitoring system for the database has been developed.

The one seed algorithm is improving. The one seed works the same in the Citadel, Magnum, etc. And it allows creating many wallets from one key. For now, it is only for Tezos, the improving algorithms for other networks are in process. Furthermore, support for adding multiple keys and ledgers was added. Separate delegation for ICON and IOST improved as well as the ability to use several accounts and manage different wallets from one browser. In addition, the wallet address is now displayed in the header, so you can see the entire address, copy it in one click, or see the QR code.

Learn more about Citadel:

  1. Citadel Telegram chat
  2. Citadel Twitter page
  • 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
  9. Chainlink
  10. Algorand

This is not financial advice.

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Paradigm is an ecosystem that incorporates a venture fund, a research agency and an accelerator focused on crypto, DLT, neuroscience, space technologies, robotics, and biometrics — technologies that combined together will alter how we perceive reality.

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