Monthly Update (August 2021)
Final days before Lido for Solana launch, Sponsoring 5 scholarships at Preethi’s Ethereum Bootcamp and various network updates.
Sponsoring 5 Scholarships at Preethi’s Ethereum Bootcamp
Chorus One is committed to gender diversity in the crypto ecosystem. We actively run, support, and fund initiatives that help more non-male candidates enter the industry. Preethi’s drive to provide scholarships to women resonates with our values — which is why we decided to fund 5 women from across the world to be able to attend this Bootcamp. In addition, we extended our support via our own mentorship program to assist boot camp attendees in their further path into the blockchain industry.
Lido for Solana - Multisig Ceremony & $100k Bug Bounty with Immunefi
August was another busy month for Lido for Solana as we inch closer to going-live with liquid staking for Solana (stSOL). We introduced multisig administration for Lido for Solana, whereby LDO holders vote on a decision and the multisig administration is responsible for implementing it. We built the multisig to respond faster to issues such as bugs faster than what Lido DAO could to ensure we can make adequate upgrades to the program when required.
As well as our two ongoing audits with Brahmah Systems and Neodyme, we also went live with our Bug Bounty on Immunefi with $2m (originally $100k) up for grabs to anyone who could find any critical vulnerabilities in the Lido for Solana program.
Chorus One Podcast - Episodes in July
#44 Sommelier: Improving Tooling for Liquidity Providers with Jack Zampolin
#45 Axelar: Consensus Agnostic Interoperability with Sergey Gorbunov
#46 Umee: Building the Term Structure of Staking Reward Rates
Network Updates
Assets staked with Chorus One: $4,354,197,079
There was a successful governance proposal on Aave to accept real-world assets (RWA) issued by Centrifuge as collateral for borrowing in permissioned pools. The proposal passed with flying colours with 91% of voters being in favour and Centrifuge users will now be able to supply DROP liquidity to Aave ARC pools.
Cosmos governance successfully voted to increase the max validator size in the Cosmos ecosystem from 125 to 150.
Client diversity in Ethereum is becoming a hot topic as over 50% of clients on Eth2 are running Prysm, creating a single point of failure for the network. At Chorus, we are actively scaling and diversifying the clients that we run for eth2 to ensure redundancy and to improve the long-term stability of the network.
Helium has seen outstanding growth in recent months. There has been a 10x increase in Hotspots being set-up across the globe in just 8 months.
Injective is now ready to upgrade for IBC-compatibility. IBC-compatible assets will be able to flow into Injective in the near future and it could become the largest derivative DEX in the Cosmos ecosystem in a short amount of time. In fact the first derivatives market was just proposed on their canary chain too, talk about timing.
Kava upgraded to Kava 8 introducing Kava Swap (IBC is still to be added).
It has been a few months now since the initial launch of parachains. Polkadot released a nice overview of existing parachains on Kusama, which includes what each parachain has upgraded so far and what it plans to upgrade in the future.
A misconfiguration within our Lighthouse Lido Ethereum beacon chain setup led to a network-wide drop of participation of about 1% (measured by the so-called attestation rates) on the beacon chain. We posted a post-mortem about the incident here.
Our friends at ZKV have built a tool to evaluate block producers on Mina. This tool will improve the competition for validators to ensure their operating systems are available as their performance is more transparent for validators.
There is now $300m in TVL on Osmosis.
The CEO of Persistence, Tushar Aggarwal, released a great article into why staking is still underrated and how it will eat PoW networks for breakfast.
Secret Network has released an updated roadmap. There are 20 teams building products to be released on Secret in coming months and the network is preparing for the Supernova mainnet upgrade, where it will become IBC-compatible. preparing for secret network ecosystem roadmap
There is yet another multi-million dollar hackathon ongoing in the Solana ecosystem right now after the protocol entered the top 10 cryptoassets by market capitalization recently. The hackathon is called Ignition and it has $5m in prizes up for grabs.
We are hiring for the following roles: