SSV.Network Reaches $1Billion TVL in Staked ETH
Tel-Aviv, Israel, March 26th, 2024, Chainwire
SSV.Network has announced through its DAO that the protocol’s Total Value Locked (TVL) has surpassed $1B. The milestone marks a 10x increase in TVL since SSV’s permissionless mainnet launch in December and attests to the growing demand for SSV’s DVT-powered staking technology.
More than 8,500 Ethereum validators now use SSV.Network, with 266 independent operators having now integrated its technology. The $1B in TVL equates to over 272,000 ETH. SSV’s Distributed Validator Technology (DVT) implementation is recognized as setting the standard for secure staking that reduces centralized risk.
The rapid adoption of SSV’s decentralized staking technology has been aided by its integration into major third-party protocols. Dozens of dapps have also been created by developers making use of SSV’s open source technology.
Alon Muroch, SSV.Network Core Team Founder, said: “As a fully DAO-governed public good ecosystem that fortifies staking and restaking protocols as well as solo stakers, SSV enables permissionless access to a highly diverse infrastructure. With $1 billion now staked through SSV-powered staking infrastructure, the Ethereum ecosystem is more robust than ever.”
Following SSV’s permissionless launch in December, TVL has accelerated fueled by a spate of integrations into existing staking infrastructure. SSV’s growing TVL directly correlates to the increased diversity of its staking set. Since SSV.Network requires a minimum of four operators, these operators are typically diverse in their location and client usage.
SSV’s composable design enables it to be easily integrated into staking and restaking protocols. Its technology forms a vital DeFi building block, allowing staking applications to be rapidly developed using SSV infrastructure.
Growing adoption of SSV’s technology is helping to reduce the centralization that has formed around the Ethereum staking industry. Because the majority of staked ETH is overseen by a handful of major protocols, there is a risk of creeping centralization creating points of failure. Through implementing SSV’s implementation of DVT, these protocols can increase the size of their validator set, strengthening the entire staking ecosystem.
About SSV.Network
SSV.Network creates easy-to-use and scalable infrastructure for developers. SSV is powered by DVT technology, a pioneering architectural framework designed specifically for Ethereum staking. Thanks to its permissionless design, SSV empowers staking operators and validators to join the network and participate in Ethereum staking.
Learn more: https://ssv.network/
