Monthly Update (April 2022)
We are hiring for the following roles:
Our Q2 Retreat in Basel, Switzerland
We’re a remote organization but that doesn’t mean we don’t see each other frequently. Our retreats are a quarterly affair where all of us get together to dine, work, and have fun. It’s a great opportunity to come together and foster collaboration between different teams. This time we were in the beautiful city of Basel. Who knows? We might be in your city very soon!
Chorus One Podcast - April 2022
Ganesh Swami: Co-Founder, Covalent | Chorus One Podcast #52
Network Data
Assets staked with Chorus One: $3,024,083,558.74
Maple finance anticipated its Solana app to oversee $300 million in liquidity by the end of 2022. In Q1 2022, the average validator count increased from 1255 to 1579, a 25.8% increase. The average number of delegators increased from 426,370 to 654,279.
The Solana network showed poor TPS and a significant proportion of missed votes. This was mainly caused by "Candy Machine", an NFT minting tool, which at 4 million transactions per second, threw validators off of consensus.
The Theta Upgrade was triggered on April 12, 2022. Cosmos Hub's Theta Upgrade is the first of four quarterly upgrades scheduled for 2022. This introduces the Interchain Account module (IBC 3.0.0), which allows users to engage with contracts on supported IBC-integrated blockchains from a single interface on the hub. Theta will also provide a circuit breaker proposal type to the Gravity DEX module to prevent additional liquidity, allowing it to become a separate chain. Osmosis Labs released v7.2.1. This update fixes a major flaw enabling built-in pre-montery machines. The community also split over Cosmos Proposal #69 to integrate CosmWasm on the Cosmos Hub in v8-Rho.
Uniswap launched Uniswap Labs Ventures in Ethereum. From infrastructure to developer tools and consumer-facing apps, Uniswap Labs Ventures will invest in companies at various phases of the Web3 stack. The Ethereum Foundation released a report including its objective, philosophy, and financial overview for 2021. The Ethereum Foundation has $1.3 billion in cryptocurrencies and $300 million in non-crypto assets. As block production restarted on the network, Evmos validators coordinated to relaunch mainnet. The chain had been suspended since March 6, 2022. Lastly, Ethereum's limited scalability was yet again shown when the Bored Ape Yacht Club project debuted its "Otherdeed" land plot NFTs for its planned metaverse, Otherside, where fees reached up to 20,000$.
SpookySwap now has enough cross-chain liquidity to be supported by ChainLink, thanks to recent BOO governance proposals that established Ethereum Mainnet and CEX liquidity. Furthermore, Oddz Finance announced the inclusion of Chainlink Price Feeds on the Avalanche mainnet. Oddz Finance now has access to strong and decentralised pricing data, which is utilised to help secure the project's decentralised options trading protocol. Chainlink is also currently assisting @FiscusDAO on Avalanche in calculating bond discounts.
Lido had a strong month after its Binance listing. On May 9, 2022, trading for LDO/BTC, LDO/BUSD, and LDO/USDT will begin. In addition, deposits for Lido DAO (LDO) are now accepted on Kraken prior to trade. The Lido proposal approved the transfer of the Lido for Solana project to the P2P team. This implies that Chorus One will get a one-time payment of 650,000 LDO with a two-year linear vesting timeline to compensate for development efforts. During the transition period from P2P, 20% of the development fee share going to the Lido DAO treasury goes to P2P and 20% to Chorus, with 100% moving to P2P upon completion.
The Graph Foundation announced Wave 5 awards totalling $1.25M to over 30 beneficiaries. This wave marks the debut of the Graph AdvocatesDAO to manage community funding. The DAO got $250,000 in GRT to fund the Advocates Program and seed the community grant treasury. Until the DAO matures, the Foundation will manage higher-value ($20k or more) awards. In addition to community awards, the DAO treasury is anticipated to pay DAO members who donate to the DAO and recompense Advocates for their actions. Lastly, Graph Node v0.26.0 was released on Apr. 5, 2022. This release introduces a gas limit for subgraph mappings.
The Tezos protocol update proposal “Jakarta” was announced by Nomadic Labs, Trilitech, Oxhead Alpha, Tarides, DaiLambda, Functori, and Tweag teams. Ithaca 2 was released on April 1, 2022. The Jakarta protocol proposal improves the Tezos economic protocol and makes several small changes. This version includes optimistic rollups, safer Sapling integration, and an improved Michelsen interpreter. Tezos subsequently uncovered two vulnerabilities in the Jakarta protocol proposal linked to deploying Transaction Optimistic Rollups. Both bugs were addressed in "fairly small patches that were easy to review, and that are backed up with appropriate tests." The projected Jakarta 2 upgrade is now under Exploration. Currently, all non-abstention votes (2,669) are in support of the upgrading.
Terra began the month by becoming the third-largest stablecoin flipping BUSD. However, its trading volumes are still only around one-fifth worth of the Binance digital dollar. According to CoinGecko, UST’s total market capitalization has surged to roughly $17.5 billion. Later, Terraform Labs gifted Luna Foundation Guard $880M. Last month, Terraform Labs donated $1.1 billion to the Luna Foundation Guard. Finally, Terra's network performance deteriorated, and it lost its UST peg. The core team asked validators to raise the class of their validator node instance type. To further address the problem, LFG has spent $1.5 billion to strengthen the UST peg and develop BTC reserves. LFG said that it would initially lend $750 million in BTC to over-the-counter trading businesses in order to manage capital and "help protect" UST.
Agoric has had positive reactions whilst promoting “Staking awareness”. Also, the network saw 45,000+ new BLD holders. Agoric has furthermore announced that they will be present in the Gateway conference to connect with other Cosmos projects.