Welcome to a new issue of The Staking Standard,
yes, it’s a new name. Thoughts? We changed the name, because we’ll also change the cadence of the newsletter a bit - as you might have noticed already. The main focus of our newsletter remains the same: updating you about developments of the projects we work with as well as our company.
Voices of a bull market are getting louder and louder. Apart from price action, which we tend to focus on only a litte, events such as TradFi craving BTC and, now, ETH spot ETFs (more below); Disney launching Pinnacle, a NFT marketplace; Commerzbank obtaining a crypto custody license, SBF found guilty of all seven criminal counts against him (justice!), or the settlement between the CFTC, the Treasury Department and Binance/CZ, ending years-long legal issues for the biggest CEX, asignify the ongoing maturation of our industry. This could lead to increased adoption as it gaiins more credibility and gives founders more room to breath - let’s see how the next few months play out.
Meanwhile, we'll focus on what matters most: the teams and projects building the industry's foundation. Time for the updates. Buckle up.
Staking. Made in Germany.
Long time in the making, we were incredibly proud to announce this back in September: we’re collaborating with Boerse Stuttgart Digital and Munich Re, to enhance our staking services for institutional investors. This collaboration brings together Boerse Stuttgart Digital's expertise in digital asset brokerage and custody, Munich Re's risk management solutions, and our robust infrastructure.
Not only does this strengthen our institutional services, but also paves the way for broader participation in the staking ecosystem by traditional players. End-to-end staking for institutional investors. Made in Germany. LFG.
If you want to support us on our mission and help with bridging web2 and web3 at the base layer, please check out our job postings here - we also love initiative applications!
Summit Season.
Fall is for crypto conference’s - unfortunately, there are just too many to go to all of them. We’ve been to Breakpoint physically (short recap in Solana section) and to the Staking Summit, which we sponsored again this year, virtually. On Solanas’ YouTube channel and Staking Rewards YouTube channel, respectively, you can watch recordings of most of the presentations given during the conferences. Happy binge watching 🍿
Stake you must. A personal highlight for us during Breakpoint was how well our ‘Quest for Decentralization’ was received by the community - we hooked up attendees with an commemorative NFT and one of our premium fleece hoodies. All they had to do is foster the decentralization of the Solana network by staking at least 1 SOL via Marinade or Jito.
We put aside 5 of those hoodies for our dear subscribers or anyone becoming one within the next weeks. All you have to do is:
Be subscribed to this NL
Let us know the address of the same wallet that you used for step 2. via an eMail to info@stakingfacilties.com with the subject ‘Newsletter Raffle’ - please use the same eMail address that you subscribed to our NL with.
We draw 5 lucky winners on December 6th and will reach out to them in order to obtain size and shipping details shortly after. Feel free to share this raffle with friends and family that have not yet subscribed to our NL.
Solana
Breakpoint Highlights. Breakpoint was filled with amazing people, great vibes, and big announcements. Covering them all, would go beyond the scope of this newsletter, so we are limiting it to a few major ones - cheers to this awesome thread by Wolfgang Vitale, who did a great job summarizing them. Here are our main highlights:
Client Architecture: Key client projects like 'Frankendancer' and 'Firedancer' by Jump are making significant strides. 'Frankendancer' is currently in testnet, with the capability to handle up to 1 million transactions per second per core, while 'Firedancer' is being developed in C for optimal performance, targeting a mainnet launch in late 2024. Syndica has developed a new client, Sig, using Zig to optimize read calls and reduce slot lag, addressing current inefficiencies. Additionally, Tinydancer, Solana's first light client supported by an ecosystem grant, is set to reduce verification costs and is working towards features like simple payment verification and SVM fraud proofing.
Infrastructure: Solana's growth continues with notable collaborations and technical strides. AWS Cloud's Node Runner App now supports Solana for easy deployment of RPC nodes and validators, following Ethereum. Google Cloud integration marks another leap, with Solana data indexed in Google Cloud BigQuery and compatible with AI-driven tools like Duet. Additionally, Solana becomes the first non-EVM chain supported by Google's Blockchain Node Engine, streamlining non-voting RPC node deployment.
Mobile Adoption & Fee Markets: Solana Mobile's Wallet-Standard launch on iOS is a key move for mobile Web3 adoption. Additionally, Solana is innovating with multi-dimensional fee markets to boost network operations' efficiency and diversity.
Make sure to check out Wolfgang Vitales’ thread in full as it covers way more highlights.
Be good. Do good. We're teaming up with SuperteamDE for an amazing cause: the Solana Validator, "SuperteamDE x Staking Facilities," goes beyond the ordinary. It's a pledge to the greater good, funneling all rewards into SuperteamDE's community initiatives. With just a 5% commission and top performance, this MEV-enabled Validator offers more than mere staking rewards, it's your chance to support the Solana ecosystem from the ground up.
Built at Build Station. At the Berlin Build station for the Hyperdrive Hackathon, we sponsored the local Infrastructure Track and picked epPlex as the winner, a choice echoed by Neodyme and global judges. EpPlex brings permissionless, self-destructing features and a no-code setup to Solana NFTs, opening new doors in promotions, gaming, and art. This isn't our first winner this year – remember Bunkr? Check out this video on them for more!
Ethereum
First Bitcoin, now Ethereum. While everyone is waiting for the approval of several BTC Spot ETF applications by a bunch of TradFi heavy-weights, some, such as BlackRock and Fidelity, are already on to the next application: a spot ETF for Ethereum. BlackRock has filed an S-1 form with the SEC for a spot Ether ETF, indicating a strong interest in offering direct Ethereum investment opportunities. Similarly, Fidelity has also expressed its intention to create an Ether ETF.
Diversity is key. This also holds true for clients, both consensus and execution clients (read this to learn about their differences). While we already run one of the most diverse setups i.t.o. consensus client compared to our peers, we are at par with the rest of the network i.t.o. execution client diversity - this is not because we favour one over the other, but rather that there are not that many alternatives for Geth, the execution client of Ethereum. A topic, which all validators on Ethereum face. To address this, Ethereum core-dev, Péter Szilágyi, raised an interesting discussion by his proposal / idea of validators verifying blocks statelessly using multiple clients without actually running them all. This process involves generating a witness for each block during execution and then sending this witness to other clients for cross-validation. This method is computationally cheap and doesn't require maintaining the full state across all clients, just the necessary parts for verification. It will be interesting to follow the discussion and see how this plays out.
Going Mainnet (Beta). Speaking of the above, Obol Network has announced the launch of its Mainnet Beta for December 1st. This will introduce Distributed Validator Technology (DVT), which enhances the security and reliability of Ethereum staking through distributing a single validator's operations across multiple machines, to a broader audience. DVT addresses key risks like slashing and single points of failure, making staking more resilient. The beta phase will allow for testing and refining this technology, ensuring it meets the high standards necessary for secure and decentralized staking.
On to the next one. Chainlink's Staking v0.2, launching in Q4, brings technical enhancements to its network. The upgrade expands the staking pool to 45 million LINK and introduces a more flexible, secure architecture. This modular framework, improved from v0.1 insights, focuses on robust security for oracle services and an efficient staking mechanism, signifying a major step forward in Chainlink's development.
Tendermint
Hello, Mainnet. On October 31st, Celestia has officially launched its mainnet, bringing a novel modular blockchain approach to the table. Celestia simplifies the creation of decentralized applications by separating consensus and data availability layers, enhancing scalability and flexibility for developers. Since having been with the network from the start and initiating TiaScan, the first network dashboard, we're excited to see our nodes supporting mainnet now. You can stake your $TIA tokens with us, contributing to the network's decentralization. For those interested, we've prepared a step-by-step guide on staking through the Keplr wallet, available here. Dive into the details of Celestia's mainnet and its broader impact in their blog post.
Citizens united. The Cosmos Citizens’ Assembly's did a great job discussing the Atom Economic Zone (AEZ). In their inaugural session, the assembly outlined critical criteria and processes for integrating chains into the AEZ:
Inclusion Principles: Projects must align with AEZ's purpose, demonstrate real-world utility, and ensure economic balance. Compatibility in tokenomics, ethical values, and technical expertise is crucial, alongside clarity in processes.
Onboarding Process: Chains seeking AEZ integration must submit a detailed proposal highlighting their purpose, viability, and value addition to AEZ. This includes community engagement through discussions and AMAs, followed by a comprehensive proposal addressing financial and technical specifics.
Monitoring and Management: Continuous assessment of economic and technical performance, adherence to commitments, and governance will be conducted. Tools like Mintscan and regular quarterly reviews will facilitate this.
Offboarding Considerations: Discussions are ongoing to define offboarding protocols, including reasons for exit and conflict resolution principles.
The Atom Economic Zone (AEZ) within the Cosmos ecosystem serves as an ATOM-aligned ecosystem of chains and dApps, aiming to bring direct value to the Cosmos Hub. It is driven primarily by new chains using Interchain Security, leveraging the Cosmos Hub's market cap and validators to secure their chains, with rewards flowing back to ATOM stakers. Check out this community led resource for more info on the AEZ.
Substrate
Circle 🤝 Polkadot. Recently, Circle announced the integration of USD Coin (USDC) with Polkadot's Asset Hub. This move brings one of the leading stablecoins into the Polkadot ecosystem, potentially enhancing transactional options and providing stability. The integration aims to broaden the utility and liquidity within the network.
Put your money where your mouth is. The Web3 Foundation has launched the Decentralized Futures program, dedicating US$ 20 million and 5 million DOT to support innovative teams on Polkadot. Additionally, the Polkadot Blockchain Academy is now welcoming applications for its Developer and Project Founder tracks, with new sessions in Hong Kong and Singapore.
Bill Laboon on TPS. In this thread, the head of education of theWeb3 Foundation, shares his take on Polkadot's transactions per second (TPS). He clarifies that defining a "transaction" can vary, ranging from simple system remarks to token transfers. Using "sTPS" for standard transactions. Testnet benchmarks show over 1,000 TPS for Substrate-based chains, with potential for around 716 TPS/parachain. So the entire network, with 50 active parachains, could theoretically achieve about 35,800 TPS.
Network quick takes
Dawn of a new era. The Graph's roadmap for a new era outlines a transformative vision for addressing comprehensive data service needs. It includes expanding beyond subgraphs, supporting developers with enhanced tools, optimizing indexer performance, creating interconnected data graphs, and evolving protocols for resilience and flexibility. These developments aim to cater to web3's growing demands, offer a diverse market of data services, and ensure an efficient, reliable network with an improved user experience.
Up. up. Aptos? Aptos been on a growth spurt since its mainnet launch in 4Q22, with daily transactions rising to 489,000 in 3Q23, and daily active wallets increasing to 69,000 in the same quarter. This growth is supported by consistent developer activity, with around 60 contributors and an increasing rate of weekly commits. Aptos is also enhancing its ecosystem through key partnerships, including integrating the "Aptos Assistant" with Microsoft for AI-blockchain synergy and collaborating with Pyth for Oracle solutions to support dApp development. For more, check out the Q3 report by Xangle.
Across the cryptoverse. Wormhole has recently unveiled WormholeScan, a cross-chain block explorer designed to enhance the UX of navigating cross-chain data. WormholeScan provides a unified view of transactions across various blockchains supported by Wormhole. It simplifies the process of tracking and verifying cross-chain activities, making it easier for users to understand and engage with the complex world of multi-chain interactions.
Pyth. PYTH. Pyth Network has detailed its tokenomics, shedding light on the PYTH token's role in its ecosystem. The post highlights how PYTH is integral to governance, security, and reward mechanisms, ensuring the effectiveness of its price feeds. This might be interesting to a few folks now that they concluded their airdrop successfully. Is Solana Airdrop season upon us?