Overview
With approximately 7.7 million FLIP staked and over 1400 holders (14 institutional), StakedFLIP has gone very well to date. The support from both retail and institutional sectors for the Chainflip blockchain has produced significant impacts across the ecosystem. The network has seen growth in all key metrics, including volume, minimum auction bid, social interaction, stability, and security, bolstered by 150 validators. The current minimum auction bid stands at 167,000 FLIP (approximately $835,000 per validator staked). In the realm of StakedFLIP, there’s been a sustained interest from the community in embracing the decentralization ethos, with many showing eagerness to serve the holders of StakedFLIP. The first governance vote, which led to the successful onboarding of Chorus One, marked a milestone. Following the approval, Chorus One was integrated into the network, now operating 10 validators for the StakedFLIP community. This marks only the beginning, as the vision for StakedFLIP is to be managed by a global community of operators over time.
Building on the momentum from Chorus One, Pier Two has been identified as the next candidate for onboarding. Pier Two boasts a record of managing complex blockchain infrastructure as a verified Chainlink Node Operator since 2019 and running high-performing non-custodial Ethereum validators. It is paramount that StakedFLIP operators possess not only high technical competence and robust security processes; Pier Two meets these criteria.
More information about Pier Two can be accessed here.
Logistics
A reminder that StakedFLIP is the first Liquid Staking Token to offer governance rights to its holders. Should the holders oppose the onboarding of Pier Two as a new operator, they have the right to veto the proposal, ensuring no changes are made to the protocol. For more detailed information on the process at a contractual level, please consult the protocol documentation.
Additionally, it is important to note that neither Thunderhead, Pier Two, nor any other individual or entity holds custody over stakers’ FLIP. The contracts serve purely as staking middleware, and this onboarding will not affect the protocol’s rewards fee rate.
Action Items
An offchain temperature check vote is currently live. If you are in favor of this onboarding, please vote “for.” If you oppose this onboarding, please vote “against.”
Following the attainment of a rough consensus via the forum, the governance multi-sig will initiate an onchain vote.
Should you have any opinions on this onboarding process, we encourage you to share them here. Questions for Pier Two representatives regarding their operations are also welcome.
Snapshot Temperature Check: Snapshot