Monthly Update (Mar 21)
Launch on Mina, Agoric incentivized testnet, Anchor Protocol guide, and updates from our ecosystem of networks!
We launched on Mina and started participating in the Agoric incentivized testnet. More below.
We became a strategic partner for Covalent, who are planning to decentralize their blockchain data API product that is already supporting multiple networks including Ethereum, Avalanche, Binance Smart Chain, and others. We are looking forward to helping them design and operate nodes for their protocol in the future!
We are one of the backers of Terra’s Anchor Protocol and part of the Lido validators that one can stake with to mint bLuna.
Assets staked with Chorus One: $1,221,353,797
We are hiring for the following roles:
See more at: https://chorus.one/careers
We’re excited to introduce a new section in our monthly newsletter, where we will be introducing one or two interesting staking opportunities to users and explain how to participate:
Our inaugural staking opportunity is focusing on Liquid Staking on Terra with Lido and Anchor. The Anchor protocol functions similarly to other money market protocols like Compound, with the twist that rates are stabilized by redirecting staking rewards from collateral assets from borrowers to depositors.
Check out our full guide and learn how to use LUNA with Anchor to mint the liquid staking asset bLUNA, deposit bLUNA as collateral to take out a loan in TerraUSD, and supply the stablecoins to earn up to 20% interest, while additionally earning the Anchor Protocol governance token ANC in the process.
Network Updates
Solana recently turned 1 year old. With 120 projects currently in their ecosystem and 13 billions transactions on their chain in the space of a year, we are excited to continue supporting their ecosystem and look forward to seeing Solana continue its sustained growth into their 2nd year. Project Serum on Solana has quickly broken $1.2 billion in trading volume since its inception and is fast becoming one of the most liquid DEXs too. Follow the progress on the freshly revamped Solanabeach block explorer.
The first cross-chain IBC transfer took place between the Cosmos Hub and the HackAtom testnet chain. It’s only a matter of time until more networks and the Cosmos ecosystem become interconnected! Check out the recording of the IBC Launch Party to learn more.
Agoric, a smart contract platform built on Cosmos SDK to enable developers to build composable dApps using Javascript, has finalised participation for it’s incentivised testnet. We have been selected and will be participating in the competition.
Sommelier, an Ethereum co-processor built on Cosmos SDK that can be used to manage DeFi positions on Ethereum has outlined the importance of their protocol for liquidity providers in their Uniswap V3 position paper. We are backers of Sommelier and we are excited to run a node on this network in the future to support a better user experience of interchain DeFi.
There has been a recent proposal (CGP-24) to mint cEuro and another proposal (CIP-25) for a ‘Donut’ hard fork to ensure Celo is EVM-compatible (enhancing interoperability). The Donut hard fork also contains our code contributions that enable Celo to verify cryptographic signatures used in the Cosmos, NEAR, and Solana ecosystems. Both of these network changes are quite timely, as there is a shortage of Euro stablecoins in the cryptocurrency ecosystem and Celo is likely to have greater liquidity due to its refreshed EVM-compatibility.
Anchor protocol was released on March 17th on Terra blockchain. Anchor protocol targets 20% APY for depositors of UST (TerraUSD) by transferring staking rewards of liquid LUNA (bLuna) from borrowers to depositors using a liquidation mechanism that converts bLuna rewards into UST. $1bn new TerraUSD has been minted in March alone making TerraUSD the second largest decentrally issued stablecoin with currently around 50% the supply of Maker’s DAI.
Concurrently with the release of Anchor, the Lido DAO announced their collaboration on the liquid derivatives of staked LUNA (known as bLuna) that would be used in the protocol. Chorus One is a proud partner of Lido DAO and we are one of 8 validators offering the service to users on Anchor to mint bLuna using LUNA. There has been 205m bLuna minted to date (USD $380m) by Lido DAO. Lido governance also voted to add 4 new validators (Blockscape, DSRV, Everstake, SkillZ) to improve decentralisation for the Lido staked ether product.
On March 23, Mina announced their mainnet launch. Mina protocol borrows Cardano's Ouroboros consensus and mixes it with recursive zero-knowledge snark cryptography to produce a succinct, secure, private, decentralised and scalable blockchain the size of a tweet. We are operating a node on Mina and we are the seventh largest validator by assets staked (2% of the validating pool / 14,784,005 $MINA)
As parachain on Polkadot come closer, an interesting article has been published by the network on Polkadot bridges, detailing the bridging mechanism between Polkadot parachains and other chains such as Ethereum.
On March 31st, $SEFI governance token will be airdropped to stakers of $SCRT. $SEFI is the native governance token of SecretSwap, a decentralised exchange (DEX) that removes the possibility of being frontrun by miners because of Secret’s privacy technology. The $ETH <> $SCRT bridge currently has $91m in TVL as users are choosing to transact privately to avoid miner manipulation of transactions that are seen on Ethereum.
Kava had some troubles upgrading its network to Kava-5, as there was a bug that caused staking rewards to be unfairly distributed when mainnet upgraded from Kava-6. Kava Labs shared a post-mortem on the staking rewards distribution bug that led the Kava Safety Committee to shut down and rolled back the network to the original Kava-6 version in the interim. The issue with the upgrade stemmed from a last-minute change to the accounting logic for HARD protocol liquidations in Kava. The upgrade to Kava-7, planned to be the bug-free version of the planned Kava-5 hard fork will follow in April 2021.
Near is offsetting its entire complete carbon footprint. We are proud to be supporting this network as we work towards a carbon neutral future.