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. Now weekly! This is our 29th 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 20th August — 27th August 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.
- The current Staking Market Cap (valuation of all projects that have staking mechanism) is now about 43,4 billion USD, while a week ago it was nearly 39,7 billion.
- Offline Staking, Explained
Offline staking allows users to stake their cryptocurrency in an offline wallet and earn staking rewards for doing so. An offline wallet is also known as a hardware wallet or a cold storage wallet, meaning it is not connected to the internet. Staking rewards offer users an opportunity to earn interest on their cryptocurrencies. They don’t necessarily have to operate a validating node under the proof-of-stake consensus model, as will be the case with Ethereum 2.0 staking. It is possible to stake offline against another individual who does operate a node and still earn the rewards. Offline staking operates differently compared to established delegated staking models, which usually require the holder to delegate their cryptocurrency to a select group of validators.
- Ethermint v0.1.0 has been released
A scalable, high-throughput PoS blockchain, fully compatible and interoperable with Ethereum, Ethermint was launched. It’s built with Cosmos SDK and Tendermint.
- Medalla Testnet Problems ‘Will Not Delay ETH 2.0’ Says Prysmatic Labs
Prysmatic Labs calls the Medalla testnet incident a “learning experience” and says the launch of ETH 2.0 can proceed as planned. Medalla — the final multi-client testnet before ETH 2.0’s phase 0 launch — came to a shuddering halt on August 14 when a bug took most of the testnet’s validators offline. The incident saw one of the testnet’s six servers report the time and date as being one day into the future, which the system responded to by averaging out the discrepancy — resulting in the time kept by each of the servers being wrong by four hours.
- Guide: Becoming a Validator on the Eth2 Testnet
A step by step guide on how to become an Eth2 validator on the Medalla testnet. It covers recommended hardware, choosing & Installing Your Client, setting up an Eth1 Node, using the Eth2 LaunchPad, bonus content, and resources.
- SKALE Token Launch Update
The new SKALE launch will commence on September 3rd at 12:00pm EDT and conclude 48hrs later on September 5th at 12:00pm EDT. The available token supply has been increased by 40% from 125M to 175M SKL. The second round, if required, will take place from September 10th at 12:00pm EDT until September 11th at 12:00pm EDT.
- NuCypher WorkLock Participation Details
WorkLock escrow period: September 1, 00:00 UTC — September 28, 23:59 UTC. NU stake locked for 6 months (starting at mainnet launch, not from when you escrow). Mainnet launch expected in October.
- Phase Three of Orion’s Orbit Test Net is now live
Over the last two months, the Orion development team, led by Lead Blockchain Engineer Simon Kruse from Bounty0x, have been working on rewriting the trading terminal based on feedback from beta testing. The team has now fixed most bugs raised in the beta testing program, and integrated improvements from the community feedback. The third phase of the terminal is now live, with a key focus on UI overhaul and prioritization on mobile support.
- Binance Launches DeFi Staking With Cryptos Kava and Dai
Binance’s DeFi staking program was announced with DAI, the stablecoin generated by loans on MakerDAO. The Binance initiative aims to tap into this year’s booming DeFi market by offering the ability for users to earn staking rewards (akin to interest) on select digital assets. Recently, Binance added KAVA as the second asset to its staking product.
- Citadel updates
The team set up the infrastructure for working with the Cosmos Network, and currently testing transactions. The team added the ability to choose the size of the commission for the transaction as well as the integration of KT addresses for Tezos. As for frontend tasks, the team updated interface for navigation menu, stake, adding an address to analytics and import via Ledger, Trezor; automatic update of transactions and balances were added; import of an existing address is now available immediately after authorization.
…and a lot more!
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