SSV Network, a distributed validator network centered on Ethereum, has achieved a significant milestone in the restaking and staking ecosystems by achieving one million $ETH staked on its platform. After its permissionless network was unveiled in December 2023, the protocol went live officially, enabling a variety of partners and solo stakers to securely distribute ETH validators and get incentives for running nodes on the network.
Developers may build staking apps powered by distributed validator technology (DVT) on top of the open-sourced, DAO-owned protocol’s infrastructure. By distributing validator responsibilities among operators of trust-minimized nodes, the network promotes decentralization, resilience, and uptime.
The newest blockchain trend, restaking, enables developers to use a blockchain to secure additional decentralized apps. SSV Network may be used by restaking protocols permissionlessly to improve their restaking processes. SSV Network secures Ethereum’s base layer and so expands Ethereum’s crypto-economic security by providing a very strong and resilient infrastructure. In the restaking ecosystem, their partners and integrations account for over 11,500 validators, contributing $1.2 billion of the $3.2 billion total staked ETH.
SSV Network encourages improved application security and gives users the opportunity to increase their rewards via its extended incentivization program by achieving the milestone in ETH staked. Furthermore, it establishes the SSV Network as a “critical infrastructure” for staking and restaking by allocating validators to the best node operators in Ethereum that work inside the SSV Network.
The DVT infrastructure of SSV offers a layer that enables the geographical distribution of Eth validator nodes across many machines with various parts. So far, more than 700 distributed node operators across the world operate diverse consensus and execution clients using varying MEV relays and infrastructure types. Users benefit from more flexibility and resilience thanks to this as opposed to conventional non-DVT staking platforms. Lido Finance, Ether.fi (no. 1 LRT by TVL), P2P.org, Renzo, and other integrations with the SSV Network have a significant number of validators dispersed around the network.
A team member from SSV Labs (contributor to SSV Network) stated:
“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.”
It is anticipated that reaching 1 million staked ETH would spur further platform uptake and solidify SSV Network’s position in the top rankings of the staking and restaking validator ecosystems.
Lastly, SSV Network also revealed their revised scaling roadmap, which attempts to lower node operators’ hardware needs. The platform is switching to an 8-core CPU from the recommended 4-core CPU, which will increase the node operators’ hardware expenses. Nonetheless, during the course of the next 12 months, SSV Labs, one of the protocol’s development teams, is working on ways to cut the hardware needs by 75–90%.