#55: Multichain DeFi

ETH2 liquid staking dashboard, Cosmos Gravity DEX and bridge, Kusama parachains, NEAR Aurora & more.

💰Economics

Staking Pool Data on Ethereum
With liquid staking moving so fast, more tools are being built that help track the growth of the paradigm. Elias Simos has released a dashboard for liquid staking on Dune Analytics that shows metrics such as the amount of ETH in liquid staking pools and the % of ETH in pools compared to other ways of staking. To date there is 630k locked in ETH liquid staking (accounting for just over 20% of all ETH staked) with a clear lead by Lido, which has around 450k ETH staked with it. 

🌐 Ecosystem

Relaunch of the Staking Academy
The Staking Academy is a platform to aggregate educational content around blockchain, staking, and DeFi. It was initiated by Staking Facilities and everyone at Staking Economy is contributing to curate content for this awesome project that seeks to help newcomers break into the crypto community. Check the new website out here and use it as a resource to introduce your friends interested to learn more about staking and blockchain.

Multichain DeFi is coming to Cosmos
Gravity DEX is close to going live on Cosmos, the incentivised testnet saw 20,000 traders swap $900m in over 715,000 transactions. Gravity DEX will open up a new era for permissionless innovation on Cosmos, as developers will be able to bootstrap liquidity on a native Cosmos DEX when launching their own token and find price discovery much quicker. For example, users can participate in early-stage networks such as Regen Network, without having to wait for it to list on a centralised exchange. Gravity DEX is the first multi-chain DEX of its kind, utilising a new ‘equivalent swap pricing model’ (ESPM) that eliminates slippage and front-running. Gravity DEX leverages IBC and the Gravity Bridge (the first ETH <> ATOM bridge on Cosmos). Soon, a native DEX on Cosmos will exist that democratises access to DeFi for users, as liquidity is transported from Ethereum and IBC-connected Cosmos chains into one vortex of interconnected value.

Kusama Parachain Launches
The release of Polkadot version 0.9 marked the beginning of the final phase of Polkadots’ phased launch. It introduces the necessary logic to release parachains through slot auctions or crowdloans first on Kusama, and later on Polkadot once a new audit is completed and everything has been tested on Kusama. In this post, Gavin Wood shares more about the launch of parachains.

Track your Solana Staking Rewards 
Delegators on Solanas’ Mainnet Beta can now track their staking rewards on a per-epoch basis via Solana Beach for each of their Stake Accounts. Next to the SOL-amount of rewards, delegators also find their post-reward balance, the APR for the respective epoch as well the percentage change that came through their rewards. To track your rewards, look up your Stake Account and visit the ‘Stake Rewards’ tab at the bottom of your Stake Account Details page. 

⛓️ Network Updates

Dfinity Launch 
On May 7th, Dfinity, a smart contract platform often dubbed ‘The Internet Computer’, hosted their Genesis Launch event for Mercury, their Beta Mainnet. Dfinity is set out to build a scalable, decentralized, cloud-like computation platform that supports data storage and community-driven governance through locking $ICP tokens, which launched on May 10th. You can learn more about the utility and mechanics underpinning $ICP as well as how token holders can earn voting rewards through locking their $ICO into ‘Neurons’ in this blog post. On the same day, the Dfinity Foundation open sourced its source code, ultimately putting an end to the ‘black box’ narrative that has evolved around Dfinity in the months leading up to Mercury. 

Centrifuge Sale
Centrifuge, the substrate-based DeFi network connecting real-world assets (RWA) to the blockchain, completed their public token sale on Coinlist. There were 600,000 registrations to participate in the sale and only 36,000 were lucky enough to be allowed access to invest. In addition, Centrifuge announced their experimental Altair parachain on Kusama.

Celo Donut Hard Fork 
Celo underwent a hard fork, ‘Donut’. The Donut hardfork included CIP-20 (a cryptography upgrade) CIP-25 (a proposal by Chorus One to enhance interoperability of Celo) and CIP-35 (allowing metamask compatibility). The CIPs included in the Donut hardfork all target bridging and interoperable standards to enhance the developer experience and attract users from other networks. 

Aurora on NEAR 
Near launched ‘Aurora’. Aurora combines the EVM with their cross-chain bridge, ‘Rainbow’. Assets on Ethereum can be seamlessly bridged to NEAR and dApps built on Ethereum can now be deployed on NEAR with no code changes.


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Staking Economy is written by Felix Lutsch from Chorus One with contributions by Chris Remus (Chainflow), Robert Dörzbach (Staking Facilities), and Xavier Meegan (Chorus One). Join us in the Staking Economy Telegram to discuss staking.

Opinions expressed are our own and do not necessarily reflect the opinions of our companies. All content is for informational purposes only and not intended as investment advice.

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