SSV Network, a network of distributed validators that focuses on Ethereum, has achieved a significant milestone. According to the company, it has successfully staked nearly 1 million ETH tokens on its platform, which demonstrates its commitment to improving the decentralization and security of Ethereum. SSV Network was launched in December last year as a permissionless network.
The platform allows both individual stakers and collaborators to securely distribute ETH validators and receive rewards. It operates as an open-source protocol under a decentralized autonomous organization (DAO) and provides essential infrastructure for developers to create staking applications that utilize distributed validator technology.
By distributing the responsibilities of validators among node operators, the platform enhances decentralization, uptime, and resilience. Restaking is becoming increasingly popular in the blockchain industry as it allows developers to use a blockchain to secure decentralized applications. SSV Network supports these operations by offering a robust infrastructure.
This infrastructure plays a crucial role in fortifying the crypto-economic security of Ethereum as a foundational layer. The total value locked (TVL) of staked ETH coins on the platform is up to $3.2 billion, with approximately $1.2 billion contributed by collaborators. The milestone of 1 million staked ETH tokens not only enhances security for dApps but also provides additional rewards for users through the network’s extended incentivization project.
This achievement strengthens the critical infrastructure of SSV Network in the restaking and staking landscapes. The distributed validator technology (DVT) infrastructure of SSV enables validator nodes on Ethereum to be geographically distributed across multiple machines with different components. More than 700 node operators from around the world utilize diverse consensus and execution clients.
This endeavor contributes to the increased adoption of SSV Network. The platform integrates with well-known entities such as Ether.Fi, Lido Finance, Renzo, and P2P.org, each of which contributes multiple validators to the platform. The recent milestone of 1 million staked ETH tokens is expected to drive further adoption and solidify SSV Network’s position among other platforms.
Tags: ETH