SSV Network Reaches 1M ETH Staked Milestone Enhancing Ethereum’s Cryptoeconomic Security
Tel-Aviv, Israel, July 9th, 2024, Chainwire
SSV Network boasts over $3 billion in total value locked (TVL) and welcomes nearly 30,000 validators and 700+ node operators across its network.
Ethereum-focused distributed validator network SSV Network marks a ‘huge step forward’ across the restaking and staking ecosystems, reaching 1 Million $ETH staked on its platform. The protocol officially went live following the unveiling of its permissionless network in December 2023, allowing various partners and solo stakers to securely distribute ETH validators and earn rewards for becoming node operators on the platform.
The DAO-owned and open-sourced protocol provides infrastructure that allows developers to build distributed validator technology (DVT) powered staking applications atop it. The network enables the distribution of validator duties to trust-minimized node operators to increase resilience, uptime, and decentralization.
Restaking, the latest trend in blockchain, allows developers to use a blockchain to secure other decentralized applications. Restaking protocols can permissionlessly utilize SSV Network to enhance their restaking operations. By offering a highly resilient and robust infrastructure, SSV Network further extends Ethereum’s crypto-economic security by securing its base layer. Around 11,500 validators ($1.2b out of the $3.2b total tvl) of staked ETH is from their partners and integrations in the restaking ecosystem.
By reaching the landmark in ETH staked, SSV Network promotes enhanced security for applications and an opportunity for users to earn more rewards through it’s extended incentivization program. Additionally, it solidifies SSV Network as a “critical infrastructure” in staking and restaking, distributing validators among Ethereum’s finest node operators that operate inside the SSV Network.
SSV’s DVT infrastructure provides a layer whereby Eth validator nodes can be distributed geographically between multiple machines with multiple components. So far, over 700 globally distributed node operators run various execution and consensus clients with different infrastructure types and MEV 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 (no 1. LRT by TVL), P2P.org, Renzo, etc., each with a considerable amount of validators spread across the network.
“SSV Network is creating the new gold standard for ETH staking and taking the industry by storm because it builds on the Ethereum community’s open-source, permissionless, and trustless ethos,” a team member from SSV Labs (contributor to SSV Network) stated.
Reaching 1 million staked ETH is expected to spark increased adoption of the platform and cement SSV Network’s place in the leading staking and restaking validator ecosystem charts.
Finally, SSV Network also announced its updated scaling roadmap, which aims to reduce the hardware requirements for node operators. The platform is moving from the recommended 4-core CPU to 8-core, increasing the hardware costs for node operators. However, SSV Labs, one of the protocol’s development teams, is working on solutions to reduce the hardware requirements by 75–90% over the next 12 months.
About SSV Network
SSV Network leverages its Distributed Validator Technology (DVT) protocol to enhance Ethereum staking and restaking mechanisms. DVT, a groundbreaking architectural framework designed specifically for ETH staking allows the distribution of validator operations across independent operators, leveraging 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 the execution of validator operations.
