SSV Network is a decentralized staking infrastructure for Ethereum 2.0. It provides secure, fault-tolerant staking by splitting validator keys into multiple nodes, adding to the decentralization and resilience of the protocol. The SSV Network team has announced revisions to its incentivized mainnet program (IMP) as a result of a successful decentralized governance vote. These updates aim to boost the APR rewards and improve the program's structure to encourage more participation.

The SSV Incentives program is an initiative by the SSV DAO that aims to reward early users of the SSV protocol to foster and accelerate DVT usage.

Key highlights:

  • The IMP has been extended to December 2024.

  • APR rewards are significantly boosted for early validators.

  • SAFE multisig wallets are now excluded from eligibility.

DIP 18 proposal

The DIP 18 proposal, introduced by SSV user ‘BenAffleck’, received overwhelming support, with over 99% of voters in favor. This proposal aims to extend the IMP to December 2024, restructure the reward tiers, and boost APR rewards to incentivize participation.

SSV.Network Hits $1B Locked Value

The proposal includes:

  • Extension of Program Duration: The IMP will now run until December 2024, adding three more months to the initial period.

  • Restructured Reward Tiers

Tier Amount of Validators APR Boost 1 20000-35000 30.00% 2 35001-45000 20.00% 3 45001-100000 10.00%

  • Eligibility Updates: The program now excludes SAFE multisig wallets from eligibility, ensuring rewards are attributed directly to the users rather than their deployers.

How to claim rewards

Validators can claim their rewards using the following 4-step process:

  1. A snapshot is taken of all validators on the SSV Network every month.

  2. After the snapshot, calculations are made and published on the SSV governance forum.

  3. Validators are rewarded according to their days online via on-chain Merkle proofs and claim contracts.

  4. Rewards for a given month can be claimed by the community by the 15th of the following month on the Ethereum mainnet using this process.

Conclusion

The revised incentivized mainnet program proposed by SSV user ‘BenAffleck’, received overwhelming support. By extending the program duration, restructuring reward tiers, and updating eligibility criteria, SSV Network aims to increase engagement by existing and potential validators.