Monthly Update (June 2022)
The month of June 2022 was action-packed for us. From network launches, podcasts, and research, we had our hands full. Here’s a short glimpse -
You can now stake your AVAX with Chorus One. To read the announcement and staking guide, click here
Have EVMOS? You can now stake them with Chorus One too. More information here
That’s not all. We went live on Covalent and you can now stake your CQT with us too. More information here
Our Research Team has been writing some stellar articles on the subject of MEV(Maximal Extractable Value). Check them out here
We’re a remote team but we catch up every quarter and a few weeks back, we were in Switzerland. We just released the aftermovie, go watch it!
Feel left out after watching that video? Don’t be. We’re still hiring -
Chorus One Podcast - June 2022
Federico Kunze Küllmer : Co-Founder, Evmos
Griffin Anderson & Michael Cullinan - Archway
Network Data
Assets staked with Chorus One: $737,571,679.43
Solana Mainnet Beta was halted at the beginning of the month. The pause was caused by a flaw in the durable nonce transaction functionality, which is currently temporarily disabled. The Solana team has brought mobile phones to Web3 after announcing Saga, Solana's Android mobile device that will be released alongside the project's latest stack for Web3 developers, the Solana Mobile Stack. In other news, Solana NFT marketplace Magic Eden closed a $130M Series B investment at a $1.6B value. Magic Eden accounts for more than 90% of NFT trade volume on Solana.
Established DeFi projects rarely pivot to develop an independent blockchain. But that is precisely what is planned, as the derivatives-focused decentralized exchange dYdX has announced ambitions to build its own blockchain. The Cosmos SDK and the Tendermint Proof-of-Stake consensus mechanism will be used to build the dYdX chain. Regarding the Cosmos Hub, the Rho upgrade, which was originally expected for Q2 2022, has been pushed back due to additional work on IBC, according to Cosmos Hub developers. The upgrade's new target date has not been published. The update will bring Interchain Accounts to the IBC. Finally, Binance US has enabled staking for various proof of stake coins, including ATOM.
Vitalik expressed his support for Optimism's governance structure as well as the OP gas idea. The Ethereum co-founder has frequently called for projects to abandon coin voting in DeFi and DeGov in order to let smaller holders participate in governance. Paypal allows you to transfer digital currency to other wallets. The decision comes nearly two years after PayPal made it possible for customers to purchase and trade Ether and Bitcoin on its platform. During one of the first months of the bear market, Ethereum's price dropped below $950 on Uniswap after a whale dumped 93K ETH. The price quickly rebounded. However, the ETH/USD bearish continuation situation may cause it to revisit it. In the stablecoin rivalry, USDC's 'real volume' flipped Tether on Ethereum as total supply reached 55.9 billion, which might be another evidence that the top stablecoin's supremacy is fading.
The Chainlink team has stated that a staking mechanism would be added to the Chainlink Network in the second half of 2022. Chainlink staking will evolve over time, with the first v0.1 release focusing on the introduction of a reputation structure and staker alerting mechanism. The first staking pool in v0.1 will be limited, with different allotments going to node operators, community members, and the coordinator of Oracle networks. The pool will begin with an aggregate size of 25M LINK tokens, with the intention of expanding to a pool size of 75M LINK tokens based on demand in the months after launch. The pool capacity will be increased for future versions, as will support for new Data Feeds and Oracle services. Furthermore, Chainlink has partnered with Moonbeam to offer Polkadot developers with price data. Moonbeam creator Derek Yoo stated that the connection allows their platform to supply "building blocks" to DeFi developers.
The Graph has announced the integration of its Hosted Service with the first Cosmos Chain: Cosmos Hub. This integration will improve compatibility between The Graph and the Cosmos ecosystem, as well as enable dApp developers utilizing Cosmos Hub to query on-chain data using subgraphs. Staking for the Graph has also been offered by Binance US. The Graph team also unveiled Substreams, which provide much better indexing performance for Subgraphs. To enhance the program, the main developers collaborate with a small number of developers.
Tether has launched a new USDT coin on the Tezos platform. The asset will also be available on 12 other networks, with the goal of broadening its digital presence throughout the digital payments and decentralized finance (DeFi) sectors.
The Tezos team revealed further information regarding their work on Smart Contract Optimistic Rollups in an update on the impending Kathmandu network upgrade (SCORUs). The Jakarta 2 update, which is set to be live on June 28, 2022, will allow Transaction Optimistic Rollups (TORUs) with limited programmability. SCORUs offer a general architecture for implementing any computational device whose semantics can be defined as a Proof-producing Virtual Machine (PVM) in the Tezos protocol. PVMs establish the groundwork for introducing new execution contexts, which may be achieved through protocol changes. Developers will be able to design bespoke rollup kernels ranging from application-specific to full-scale general-purpose Layer 2s using the PVM architecture. Finally, core developers are scheduled to launch a proof-of-concept rollup kernel, enabling token trades with BLS signature verification.
Chorus One has recently onboarded Covalent. Covalent is a mechanism for gathering information from several blockchain networks. Covalent tries to collect granular information held inside smart contracts that isn't available with current technologies by indexing whole blockchains and accessing their data through a single API. Watch this video to hear the CEO of Covalent chat with our team about their long-term goals and how they plan to reach them. Covalent has also collaborated with Astar to provide indexing solutions. This collaboration is part of our goal to make Astar the greatest blockchain to build on. Another step in achieving that objective is to provide developers with accurate, high-quality data that will help them to build quicker and more easily.
The Agoric community has passed proposal #6 to enable staking rewards. See the results and the rich discussion thread.
Other Updates
Axelar
Osmosis DAO Selects Axelar as Bridge Service Provider, Launches Cross-Ecosystem SwapsOsmosis
Introducing OWallet: Support Cosmos-based and EVM-based networks
Attackers loot $5M from Osmosis in LP exploit, $2M returned soon afterStargaze
Starbot fresh mint is liveMina
Huobi listingRegen Network
Refi SummitAkash
Number of GB of memory leased before and after the bear marketVega
Tech updatePersistence
How Liquid Staking is Supercharging DeFi: Deep DiveSecret Network
SecretSwap v3 is hereCelo
Celo universityKusama
Darwinia Integrates with Talisman
Kusama available on Guarda WalletInjective
Smart contracts are liveEvmos
Reduced block timeAvalanche
MetaDerby Launches Play-to-Earn Horse Racing Game on Avalanche