State of Stake vol. 32
Paradigm’s biweekly update on Proof-of-Stake ecosystem, 4th September — 18th September
Global Market Overview
The current Staking Market Cap (valuation of all projects that have a staking mechanism) is now about $36.1 billion USD, while a week ago it was nearly 44.4 billion.
PoS Dominance decreased a bit since our last update and has a point of nearly 23,09%. The average reward almost reached 23,6%.
Polkadot remains the first position in top-5! Now, the leading projects by locked in staking are Polkadot, Tezos, EOS, Cardano, and Algorand. Cosmos is currently rated 6th. Unfortunately, top-7 iincludes TRON.
Current Value in Staking by Asset
Think & Stake
by Aiya Li, Xianhua Wei, Zhou He
This paper proposes a new Robust Proof of Stake (RPoS) consensus protocol, which uses the amount of coins to select miners and limits the maximum value of the coin age to effectively avoid coin age accumulation attack and Nothing-at-Stake (N@S) attack. Under a comparison framework, the authors show that the RPoS equals or outperforms Proof of Work protocol and Proof of Stake protocol in three dimensions: energy consumption, robustness, and transaction processing speed.
Live Networks Updates
Ethereum 2.0 is near at hand!
First Official Ethereum 2.0 Proposal For Phase 0 Launch Just Submitted: Core researcher Danny Ryan has just submitted an EIP for Ethereum 2.0 Phase 0. The proposal, dubbed “Serenity Phase 0,” is responsible for bringing about the highly anticipated PoS. So we will have dates soon!
The Prysmatic Labs team has published a Phase 0 Launch Checklist.
- Spadina (deposit and genesis dress rehearsal) testnet coming up
- Medalla Data Challenge in progress
- RFP for audit of blst super fast BLS12–381 signature library
Check out our latest Ethereum biweekly vol.52 covering following topics: Eth2 updates, ESP Q2 allocation update, MetaMask mobile now available, SushiSwap saga, Etherscan releases yield farm list, Muse teams up with Cryptokitties, Gitcoin Grants Round 7 is ready to start, and more!
Here is our recently-published Defi in Ether — biweekly update on Ethereum DeFi ecosystem vol.13 full of news from the ecosystem.
Pseudonymous SushiSwap Founder Returns 38,000 ETH: Chef Nomi, the pseudonymous founder of decentralized exchange protocol SushiSwap, said Friday that they returned some 38,000 ETH — worth some $14 million at press time — to the project’s treasury fund. The development comes less than a week after Nomi converted some of the SUSHI tokens apportioned to the project’s development team into ETH, sparking furor and triggering a market drop in the process, as well as allegations of an exit scam. That move ultimately kicked off a process that saw control of SushiSwap shifted to the chief executive of FTX. Earlier this week, more than $800 million in funds was then moved from Uniswap liquidity pools to SushiSwap as part of a migration process.
“I would like to apologize to everyone who I have caused troubles to. I was emotional, I was greedy, I was afraid. I made bad controversial decisions under pressure. And it hurt everyone. I failed your expectation and I am sorry,” Nomi wrote in one post.
Upgrade Complete: Secret Contracts are LIVE on Mainnet: The secret is out! Privacy-preserving smart contracts are now LIVE on Secret Network. Learn about this launch, the exciting initial apps, the new strategic partnership with Hashed, and what comes next as “programmable privacy” comes to public blockchains.
Learn how Secret Network enables privacy-preserving, CosmWasm-based smart contracts by reading about the Enigma dev team’s collaboration with Confio, and how to get involved and earn rewards by participating in Secret ecosystem.
As the industry heats up, the cost of transactions on Ethereum continues to rise. An uptick in user demand for decentralized finance applications has made low value transactions on the network less economical. While this signals a positive inflection point for the industry as a whole, it presents challenges for users and developers alike.
To ensure high demand doesn’t mean low adoption, Gnosis teamed up with xDai, an Ethereum sidechain designed for fast and inexpensive transactions, providing a developer-friendly environment that retains real world economic incentives.
As part of the partnership, they’ve invested in the xDai Ecosystem Fund to become significant holders of the STAKE Governance token, with a lock-in period of one year. This investment, committed in part with the Gnosis GNO token, further aligns the objectives of xDai and Gnosis communities. In addition, they’ll bring the product suite to xDai, including deployments of:
- Gnosis Protocol, a top-ten Ethereum DEX by volume
- Gnosis Safe Multisig, a wallet holding more than $1 Billion in assets
- Conditional tokens framework, built on by prediction markets Omen and Polymarket
The team will also assist in deploying Omen prediction markets on xDai, support xDai in future releases of the OpenEthereum client, and back further development of the Burner Wallet, as well as other critical tooling that makes decentralized applications like prediction markets more accessible to users.
Projects & DApps are coming to xDai in droves to find relief from crazy gas prices. So far this week:
Stafi Mainnet is Live: FIS holders can now stake $FIS, earn staking rewards (current ARP is 2.5%~10%) while providing security to the network. It is NOT recommended to transfer FIS Token at the beginning, due to the fact that the mainnet may not be fully stable just yet. Node operators can register as validators: 60 seats are open, the numbers will increase from 60 ~ 120 within a few days.
Stargate-2 testnet is Live: This release fixes issues with Legacy Amino that were discovered in stargate-1. The team believes that this version is now good to test for exchanges and wallets. The testnet is intended for testing wallets, exchanges and block explorers against the legacy Amino REST interface; giving node operators and validators an opportunity to test their integrations against a work in progress version; playing with new Stargate features including IBC but real testing of IBC will wait on Akash updating the Relayer and possibly a future testnet.
Daily Cosmos Outpost Sep 17 UTC Inflation 7.0% Bonded 63.5% cosmosoutpost.io:
IRIS Bifrost-0 Testnet Launched: As the current version is still in rapid development, incentives and rewarded tasks will not be released in this phase. This phase is intended for either testing wallets, exchanges and block explorers against the legacy Amino REST interface, and iving node operators and validators an opportunity to test their integrations against a work in progress version.
Check out our latest biweekly update on Cosmos ecosystem vol. 30 covering following topics: Starport v0.0.10, HackAtom V, NFT & Metadata Technical Working Group announced, ‘Cosmos Unchained: Bitcoin Peggy Showdown’, the latest funding updates, IRISnet’s Bifrost testnet has launched Phase-0, and more!
Tezos Harbinger and Delphi Upgrade: The Tezos protocol is gearing up to nurture the development of a DeFi ecosystem running on top of it by introducing a decentralized price oracle named Harbinger. This set of tools and reference contracts allows price feeds to be posted onto the Tezos blockchain. Harbinger also includes a reference signer that can be deployed at low cost by exchanges. Furthermore, Delphi, an interim upgrade proposal has been suggested and injected to be voted on by governance. If implemented, Delphi improves the performance of the Michelson interpreter and Tezos’s gas model.
Check out Paradigm’s biweekly update on Tezos: Delphi — A New Protocol Proposal, Significant Growth Of The Smart Contract Activity, Kiln For MacOS, Michelson Labs, Q&A With Tezos Ukraine Co-Founder Mihai Tsybuliak.
Introducing Launchpool, a Secure Way to Farm New Assets — Farm Launchpool’s First Project, Bella Protocol (BEL) By Staking BNB, BUSD, or ARPA Tokens: Binance is excited to release Launchpool, a new product where users will be able to acquire new token rewards in return for staking BNB, BUSD and other tokens. The first project to be hosted on Launchpool is Bella Protocol (BEL). Users will be able to stake their BNB, BUSD or ARPA tokens into three separate pools to farm BEL tokens over 30 days, starting from 9th September.
First successful inter-chain asset transfer on Polkadot using the new XCM format/standard/protocol:
Polkadot Digest September 18th, 2020:
Transitioning NEAR MainNet to the Next Phase: It is Time to Stake, Delegate and Vote: As announced in April by this roadmap blog post, NEAR is entering into Phase I, called “MainNet Restricted.” This transition will be complete on September 24th.
Tether to bring USDt to the Solana Network: This strategic initiative is a significant step for Solana and will be instrumental in advancing the network. After the technical integration is complete, USDt holders will be able to exchange tethers at speeds greater than 50,000 transactions per second — often for less than $0.00001 per transaction — using the Solana network. Both are step-function improvements to the status quo. Speed and costs are two of the largest barriers holding back DeFi today. This new initiative will open up an entirely new design space and use cases for stablecoins within the DeFi ecosystem.
Amid Stablecoin Boom, Coinbase’s USDC Expands to Algorand: The second-most popular US dollar-pegged stablecoin, USDC, found a new home on the Algorand blockchain.This means that the stablecoin developed by Centre — a partnership between leading US crypto exchange Coinbase and payments firm Circle — has finally reduced its reliance on Ethereum, the other major blockchain network that houses USDC, since announcing its intention to migrate in June.
Check out Paradigm’s biweekly update on Algorand: Wallet upgrade features & new capabilities, Update on period 2 of 200M ALGO Staking Rewards Program, Algorand became an official chain for USDC, Attestiv Inc. receives investment from Borderless Capital.
BATANG — ICON 2.0 is already built and ready to GO: The Icon team announced their next significant technical advancement — ICON 2.0: BATANG, a new blockchain software architecture based on Go. The word “Batang” means “base” or “foundation” in the Korean language and they sees ICON 2.0 as the base or foundational technology that will support the future growth of the ICON network.
Check out Paradigm’s biweekly update on Icon: ICONLOOP & Saramin partnership, Revision 11 Proposal, Monthly grant recap for August, ICONLOOP interview, A business agreement with Initech.
Injective Protocol to Introduce eGold-based Products & Integrate Elrond Tech Into their Layer-2 DeFi Protocol: The Elrond team announced that eGold-based products will be available on the derivatives exchange built by Injective Protocol, who are also looking at integrating Elrond tech to further their mission.
Previously, Autonio migrated to Elrond.
PoS Token Bridge is Now Live on Matic Mainnet: Matic’s PoS (Proof-of-Stake) token bridge is now live on the Matic mainnet for deposits and withdrawals from Ethereum to Matic and vice versa. DApps can now use the robust validator-run token bridge to move ERC20, ERC721 and ERC1155 tokens from Ethereum to Matic and from Matic to Ethereum.
Introducing ROSE: The Oasis Network Token: The Oasis team has released an introduction to ROSE, its network token, as well as details concerning ROSE’s tokenomics. The primary token for the Oasis Network, ROSE will fuel all transactions, staking, and delegation on the Oasis Network at Mainnet launch.
COTI’s Extra Rewards on Uniswap Have Been Distributed, Clocking More Than a 100% APR: The distribution of the incentives will happen on a weekly basis. During the course of a week, at a random interval, snapshots of the liquidity pool will be taken to determine the eligibility for such incentives.
IOST to Securely Share Medical Records with Japanese Medical Health Tech Venture Pracs: Earlier in June, IOST announced the partnership with Japan’s Pracs to build a secure, transparent, and tamper-proof on-chain medical record platform. The team is now seeing progress in this development and they shares it with the community.
Check out our biweekly report IOST: Japan’s Largest Compliance Exchange Coincheck To List IOST, Mainnet Olympus V3.3.6 Updates, New User Guide, DeFi Article Contest, IOST’s Version Of SUSHI — Pumpkin.
Overview of Enterprise Projects and Partnerships
1st out of 6: Telecom: Communications Business Automation Network (CBAN)
Orbs has been chosen, along with other industry members, such as Consensys and Corda, to participate in the CBAN initiative. CBAN was initiated by the GLF (Global Leaders Forum), the main collaboration forum for the wholesale telecom business, backed by some of the biggest telecom carriers globally, including names like Orange, Deutsche Telekom, and Telefonica.
Zilliqa Monthly Newsletter: The Zilliqa team had a busy month, working behind-the-scenes to optimise its new operational and reporting structure, and pursuing promising commercial technology leads.
The biggest project on the technical side remains the seed node staking project or ‘ZIP-11’ proposal, which has been recently released to the community for feedback. In the meantime, the team has been making significant progress on the compiler / VM. This means that once in production, the Unstoppable Domains contracts will be able to execute 5x faster.
The Language team, on the other hand, is busy with a Scilla -TLA+ Verification Project. This feature will be able to verify temporal and safety properties of smart contracts written in Scilla. They are also working on a catalogue of typical properties to verify, which will benefit many many smart contract users out there. Developers can use this catalogue as a guide to create or recommend new properties for the platform
On the Ecosystem Front:
- Coinbase Wallet announced its support for $ZIL payments. Once downloaded, users can pay with .crypto & .zil domains
- Zilliqa announced its support for Switcheo TradeHub as a Validator. Users can stake their SWTH tokens with Zilliqa via the TradeHub staking interface
DFINITY Sodium Network Launch on September 30th: The Sodium Network will unveil the Network Nervous System (NNS), an open algorithmic governance system that controls the Internet Computer. In the coming weeks, the team will share details on the event, which will feature a series of presentations, discussions, and demos exploring algorithmic governance, DeFi, and the economics behind the Internet Computer.
Filecoin’s Token Economics, What to Expect for Mainnet: Filecoin has released a tokenomics paper describing how incentives will work on its distributed storage service. The project plans to beat its centralized competitors by offering faster, cheaper, and more reliable storage. Filecoin should go live by the end of September 2020, according to Protocol Labs.
Upcoming Staking Events
- 21st September 2020 — TezTalks Radio #10 — Carlo Van Driesten from ENVITED Group
- 29th September 2020 — TezTalks Live #12 — Andrew Paulicek on Domains
- 16th — 18th October 2020 — Liquidity2020 Virtual Summit
- 2nd-30th October 2020 — EthOnline hackathon
- 6th–7th November 2020 — Virtual Trufflecon
- Proof of Stake: A Brief History by stakefish.
- Deeper dive into Ethereum 2.0: Part 2: Part 2 of stakefish “Deeper dive into Ethereum 2.0” series is here. This time, the team gets down into the details of rewards, penalties and slashing, and how they’re calculated in different scenarios.
- How To Stake Kusama $KSM and Cosmos Stargate Explained by Stakin.
- Consensus and Proof of Stake in the Celo protocol: How Celo has reimagined Ethereum with Byzantine Fault Tolerance, Proof of Stake and incentives to serve mobile devices.
- Dive into Offline Staking: QTUM rewards and ETH 2.0 vs Elrond by Everstake.
- Polkadot Ledger Staking Guide by Staking Facilities.
- Advanced nomination guide for Polkadot and Kusama by Lunie.
- Overview of Polkadot Ecosystem V2020.09:
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