Tel Aviv, Israel, July 9, 2024, Chainwire
SSV Network has over $3 billion in total value locked (TVL) and welcomes nearly 30,000 validators and over 700 node operators across its network.
Ethereum-focused distributed validator network SSV Network marks a “major step forward” in the staking and resttaking ecosystems, reaching $1 million staked on its platform. The protocol officially went live following the introduction of its permissionless network in December 2023, allowing various partners and individual stakers to securely distribute ETH validators and earn rewards for becoming node operators on the platform.
The DAO’s open-source and proprietary protocol provides an infrastructure that allows developers to build staking applications based on distributed validation technology (DVT) on top of it. The network allows for the distribution of validation tasks to trust-minimized node operators to increase resilience, uptime, and decentralization.
Resttaking, the latest trend in blockchain, allows developers to use a blockchain to secure other decentralized applications. Resttaking protocols can utilize the permissionless SSV network to enhance their resttaking operations. By offering a highly resilient and robust infrastructure, the SSV network further extends Ethereum’s crypto-economic security by securing its base layer. Around 11,500 validators ($1.2 billion out of $3.2 billion total ETH) of staked ETH come from its partners and integrations in the resttaking ecosystem.
By reaching the milestone of ETH staked, SSV Network promotes increased security for applications and an opportunity for users to earn more rewards through its extended incentive program. It further cements SSV Network as a “critical infrastructure” in staking and resttaking, distributing validators among top Ethereum node operators operating within the SSV Network.
SSV’s DVT infrastructure provides a layer by which Eth validator nodes can be geographically distributed across multiple machines with multiple components. So far, over 700 globally distributed node operators run various execution and consensus clients with different types of MEV infrastructure and relays. This provides users with more flexibility and resilience than traditional non-DVT staking platforms. Integrations with the SSV network include Lido Finance, Ether.fi (#1 TVL LRT), P2P.org, Renzo, etc., each with a considerable number of validators distributed across the network.
“SSV Network is creating the new gold standard for ETH staking and is taking the industry by storm because it is built on the open-source, permissionless, and trustless spirit of the community,” said a member of the SSV Labs team (contributor to SSV Network).
Reaching 1 million ETH staked is expected to drive further adoption of the platform and cement SSV Network’s place on the lists of leading staking and resttaking validator ecosystems.
Lastly, SSV Network also announced its updated scaling roadmap, which aims to reduce hardware requirements for node operators. The platform is moving from the recommended 4-core CPU to 8-core CPU, which increases hardware costs for node operators. However, SSV Labs, one of the protocol’s development teams, is working on solutions to reduce hardware requirements by 75-90% over the next 12 months.
About SSV Network
SSV Network leverages its Distributed Validation Technology (DVT) protocol to enhance Ethereum’s staking and resttaking mechanisms. DVT, an innovative architectural framework specifically designed for ETH staking, enables the distribution of validation operations among independent operators, leveraging the QBFT consensus protocol and threshold signatures.
By providing a robust and resilient protocol for re/staking, SSV Network aims to foster a secure environment for executing validator operations.
ContactAlon Askal[email protected]
This article was originally published on Chainwire
