Monthly Update (May 2022)
In our February 2022 newsletter, we announced that Chorus One had grown to a team of 30 passionate people working from more than 18 countries in the world. Three months later, we’re now a team of 42! We’re still hiring for the following roles, come join us -
Chorus One Podcast - May 2022
Billy Rennekamp: Cosmos Hub Product Lead| Chorus One Podcast #53
David Minarsch & Oaksprout the Tan: Autonolas| Chorus One Podcast #54
Network Data
Assets staked with Chorus One: $1,061,917,720.18
By the end of the quarter, Solana became the second-largest protocol by secondary NFT sales volume, trailing only behind Ethereum. However, like most networks, Solana suffered a significant price drop after the Terra UST collapse. Following this, Terra transfers with Wormhole were disabled for a few hours. In more recent news, Injective has partnered with Wormhole to add ten more blockchains to the platform. In addition, cryptocurrency giants like Solana and Binance have teamed up to establish the Chainabuse platform to combat crypto scams.
The ‘Gateway to Cosmos’ conference was held this month in Prague, where Brian, our CEO, had the chance to make an appearance. Watch the after movie here. In network news, KYVE, the Web3 data lake solution, has decided to employ Cosmos and its SDK to launch a scalable and streamlined layer 1 Solution. The Kava Network has announced a partnership with Sushi, one of the top Blue Chip DeFi application ecosystems in terms of Total Value Locked (TVL), total users, and trade volume. Sushi and Kava have committed a total of $14 million to the Kava Rise programme.
The Ropsten testnet merge is slated for June 8, a 'major testing milestone' for Ethereum. The Ropsten testnet Merge will merge the proof-of-work (PoW) network with a new proof-of-stake (PoS) consensus layer testnet, with a May 30 genesis date. Furthermore, core developer Preston Van Loon has hinted that ‘The Merge’ will most likely happen in August. On Ethereum Networks, the SAND ERC20 token employed in the Sandbox metaverse has been listed on Coinbase. Lastly, Immutable X is activating the “protocol fee” preparation for the upcoming launch of IMX staking in June.
The Terra collapse had an impact on Chainlink as well. As Chainlink suspended the LUNA oracle, Venus Protocol and Blizz Finance stated that their protocols had been exploited owing to the discrepancy between LUNA market price and price feed. In network updates, The LTON Network has announced the debut of Proofi, an identification solution that makes it simpler for DeFi protocols to integrate individuals into the smart contract economy. Proofi can enable dApps across several chains by delivering data to the Chainlink Network. Multiple Chainlink oracle networks have also gained self-sustainability via dApp fees alone on blockchains like BNB Chain and Polygon. Finally, Dragons of Zobrotera and other GameFi projects are employing transparent and verifiable randomization from Chainlink to improve their game loot distribution systems.
The Graph is opening its first ecosystem funding with a $50k grant for Subgraph Scholarships, which will be matched in $GRT. The Graph’s proposal will complement their current ‘The Graph Grants’ programme. Furthermore, Data Nexus has declared that it would begin operating on The Graph as an indexer and subgraph development business. Finally, keep an eye out for Graph Day on June 2nd, which will include Platinum sponsors such as Coinbase and the Ethereum Foundation.
Oracle Red Bull Racing (ORBR), F1's quickest pit crew, partnered with crypto exchange Bybit to unveil ORBR's 2022 NFT collection – minted on the Tezos blockchain. An auction was held to sell the limited-edition NFT collection. Furthermore, TZ APAC CEO Colin Miles claims that a new collaboration with the National University of Singapore's School of Computing would assist students to learn about Tezos and blockchain. Most recently, LGT Bank has announced a partnership with the Swiss crypto bank Seba to provide custody and trading services for Bitcoin and Ether. LGT Bank will first provide BTC and ETH custody and trading services. Seba now supports over 14 cryptocurrencies, including Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the Tether (USDT) stablecoin, and others.
Covalent, the premier supplier of blockchain indexing solutions with their Unified API, has partnered with Aurora mainnet. This connection gives developers dependable, high-quality data, allowing them to create quicker and more easily. By modifying the chain ID parameter, a multichain may be enabled in minutes.
Terra suffered a collapse over the month of May. TerraUSD (UST) is a stablecoin tied to the US dollar that its backers anticipated would upend established payment systems throughout the globe. However, it was wiped away in a matter of days as investors panicked and attempted to withdraw their funds, resulting in a violent, self-enforcing bank run. The catastrophe erased $60 Bn in value from Terra, now practically worthless. The team later proposed to launch a new chain, Luna 2.0, without its stablecoin UST.
Following internal study and debates, as well as broad talks with Terra stakeholders and the community, we decided to vote ABSTAIN on the Terra Rebirth proposal 1623.
While we did believe that the proposal was the most legitimate attempt to realign the Terra community and chart a course forward, we chose to abstain because it was unclear whether this vote adequately represented the Terra community as a whole, and because the proposal did not adhere to a legitimate governance process. You can read more about our stand here.
Following the end of this vote, we chose to wind down our current Terra infrastructure and will not be joining the restarted Terra chain as a genesis validator for the time being.
The Luna 2.0 chain proposal was finally accepted by the community. 24h after its launch, its market cap dropped by 70%.
The Decentralized Cooperation Foundation ("DCF") intends to allocate a portion of its tokens to validators that run nodes on the Agoric network in order to promote and foster healthy decentralisation in the BLD ecosystem.