Exploring New Crypto Staking Possibilities with Chorus One

Investing in cryptocurrencies often involves two options: mining the digital currency or buying it directly on a cryptocurrency market. On the other hand, the crypto-curious have another option: staking their crypto holdings. 

Everyone in the crypto world needs to understand what “staking” means. Furthermore, to reap the benefits of this technique, investors must understand how staking works.

Let us look into Chorus One together in today’s guide. Chorus One is a popular staking choice on the crypto market, as we explain below.

About Chorus One

Since 2018, Chorus One has been a leading player in the Proof-of-Stake market. At its heart, Chorus One is a decentralized network and infrastructure corporation that provides staking services. 

Proof-of-Stake assets are at the core of this project. The team relies on validators and other nodes on promising protocols to appeal to investors. This promotion mainly leverages the promise of engaging in governance and developing tools that improve the staking experience.

Whitelabel Staking

Clients with assets worth more than $10 million can run their own branded nodes using the project’s managed Node-as-a-Service offering. Staking services are available to customers while Chorus One takes care of the infrastructure.

This feature revolves around five pillars:

  • Security: SLAs guarantee that nodes will always be up and secure on Chorus One’s industry-leading infrastructure.
  • Network insights: You may benefit from Chorus One’s protocol knowledge and receive quarterly financial reports.
  • Reliability: The project’s DevOps staff is available around the clock to help you with updates and unforeseen situations.
  • Support: The project is always available to assist you with any questions about its services.
  • Customization: You may charge any commission rate you like for your node. This project also lets you name your node.

As of today, this system supports 13 different networks, such as Solana, Ethereum, Polkadot, and others. The whitelabel staking feature is a classic example of the Node-as-a-Service trend in the crypto world. 

Staking relies heavily on the fact that tokens are in escrow for a certain period. You cannot withdraw staked tokens from some networks until an agreed period has elapsed. The unbonding or lockup period describes the time it takes to withdraw funds. 

These limits help protocols maintain a good level of liquidity and avoid running out of funds. Lockup periods assure the safety of customers and restrict validator turnover. Moreover, lockup durations are helpful for a wide range of additional purposes.

However, many investors would like to have the possibility to use their staked funds. The solution to this issue comes with the liquid staking technique, as explained in the following section.

Discovering Liquid Staking

You can delegate your tokens to a service that will stake them for you without losing access to your coins. Using liquid staking, you may still access your funds after staking them. There is no “locked” or “inaccessible” money in escrow, unlike with PoS staking.

Chorus One offers the chance to join a liquid staking network on Solana and Ethereum. For example, if you wanted to liquid stake your Solana token (SOL), you’d have to follow the steps below:

  • Connect your crypto wallet to Chorus One.
  • Deposit the amount of SOL you wish to liquid stake on the platform.
  • Receive an amount of stSOL from the portal.
  • Meanwhile, the system will distribute your SOL across all the validators in the network.
  • The value of your stSOL grows over time, bringing you a level of rewards.
  • You can use your stSOL as collateral in multiple DeFi applications.

According to Chorus One, liquid staking is on the verge of becoming a significant trend on the market. As a result, the team argued that Proof-of-Stake protocols should not fear liquid staking. On the contrary, they think they should embrace it. 

According to Chorus One, liquid staking may speed up innovation and open the door to new business models. Decentralized exchanges are becoming increasingly powerful, and this method may offer a decentralized way to grow even more.

What Does Chorus One Promise?

In order to ensure that Chorus One’s nodes operate reliably, the team has specialized its infrastructure and processes. The group wants to ensure that its infrastructure manages to safeguard cryptographic key material. 

The team supports various decentralized networks, an operation that lets them acquire experience with different blockchain systems.

Newsletters and other network-related information often inform Chorus One’s community of important announcements. On top of that, Telegram is a channel the team uses to provide support to its users. 

The project’s staking services are a source of confidence in this ecosystem, according to Chorus One’s founders. The team frequently mentions that its staked funds amount to millions of dollars.

Custodian and Non-Custodial Services

Non-custodial usage of Chorus One’s services is possible by setting up a wallet and owning your private key. You’d need to transfer your tokens to your wallet if you purchased them on a centralized exchange site. 

In order to understand more about wallet choices and non-custodial staking, consult the platform’s staking documentation.

However, if you prefer to use a custodian system, Chorus One also offers this possibility. Customers of Finoa, a German-based cryptocurrency custodian, may now stake their coins with this initiative.

Coinbase Custody (and other custodians) typically allow anyone to employ the services of Chorus One.

An Eco-Friendly System

One of the many reasons the Proof-of-Stake became so popular is its lower environmental cost than the Proof-of-Work system. In order to safeguard decentralized networks, Chorus One aims to build a long-term sustainable infrastructure. 

No energy-intensive mining is necessary for the company’s support for Proof of Stake networks. In addition, the team members said that it continuously offsets its carbon output.

Chorus Ventures

Chorus One has refined its decentralized network skills to an unmatched level over the years. This success was possible thanks to the launch and operation of some of the most widely used protocols. 

The team has seen what works and what doesn’t regarding decentralized networks. This team worked intensively on tokenomics, node operations, and other blockchain-related operations.

As a result, these professionals chose to introduce Chorus Ventures. The operation aims to invest $30 million in notable decentralized initiatives.

Chorus One Vision

Token holders and blockchain users may count on the team to provide as many options as possible in decentralized services. 

Protecting their rights, encouraging open access, and empowering users to influence protocol governance are all part of Chorus One’s plans. 

Chorus One also pledges to provide investors with products of the highest quality and security. This group’s goal is to create a dependable and secure system. Chorus One refuses to follow the decentralized trend of sacrificing quality for speed. 

Finally, the group is dedicated to positively impacting the networks with which it works in the long run. Chorus One strives to strike a balance between its business goals and those of the broader ecosystem.

Our Last Thoughts on Chorus One

Since the PoS system replaced the energy-intensive PoW protocol, staking has become a common practice in crypto. However, the staking world is evolving in new directions, as the liquid staking practice shows.

BUY NOW

Chorus One is one of the projects researching new solutions in this rapidly evolving market. You can find out more about the project on its website and Medium page.

Stay up to date with our latest articles

Source