Coinspeaker SSV Network Hits New Milestone with 1M ETH Staked
The Ethereum-focused distributed validator network SSV Network recently hit a new milestone across the staking and restaking ecosystem with a total of 1 million staked ETH. The permissionless SSV Network went live last year in December 2023 while allowing solo stakers and other partners to securely distribute ETH validators and earn rewards thereby becoming the node operators of the platform.
Thus, this is a significant milestone achieved by SSV Network in a very short period of time. The SSV Network is a DAO-based open protocol providing developers the necessary infrastructure to build distributed validator technology (DVT) powered staking applications.
This network enables the distribution of validator duties to trust-minimized node operators thereby increasing uptime, resilience, and decentralization. Restaking is the latest trend within the blockchain ecosystem, allowing blockchain developers to secure other decentralized applications.
Restaking protocols can leverage the SSV Network permissionlessly to improve their operations. By providing a highly resilient and robust infrastructure, the SSV Network enhances Ethereum’s crypto-economic security, strengthening its foundational layer.
By reaching this milestone of 1 million staked ETH, the SSV Network is promoting enhanced security for applications along with an opportunity for users to earn more rewards via its extended incentivization program. This would further bolster the SSV Network as a “critical infrastructure” in staking and restaking services. Speaking on the development, an SSV Network spokesperson said:
“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.”
SSV Network Enhances Ethereum Staking with Advanced DVT Infrastructure
The DVT infrastructure employed by the SSV Network allows the distribution of Ethereum validator nodes across multiple machines and components worldwide. At present more than 700 globally distributed node operators use different execution and consensus clients with different infrastructure types and MEV relays.
This gives users greater flexibility and resilience compared to traditional non-DVT staking platforms. Key integrations with the SSV Network include Lido Finance, Ether.Fi , P2P.org , and Renzo, each contribute a significant number of validators to the network.
The current milestone of reaching 1 million in staked ETH will boost the SSV Network platform’s adoption and solidify its position in the leading staking and restaking validator ecosystem rankings.
Additionally, SSV Network has announced an updated scaling roadmap aimed at reducing hardware requirements for node operators. The platform is transitioning from a recommended 4-core CPU to an 8-core CPU, which increases hardware costs. However, SSV Labs, one of the protocol’s development teams, is working on solutions to decrease these hardware requirements by 75–90% over the next 12 months.
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SSV Network Hits New Milestone with 1M ETH Staked
