SSV Network, an Ethereum-focused network of distributed validators, has recently made a significant achievement. As per the company, it has touched a huge landmark by staking nearly 1M ETH tokens on its platform, signifying its contribution to improving the decentralization and security of Ethereum. SSV Network emerged back in December last year with the introduction of a permissionless network.
SSV Network’s New Landmark of 1M Staked ETH Targets Enhancing Cryptoeconomic Security of Ethereum
It reportedly enables the solo stakers as well as the collaborators to securely distribute the ETH validators and get rewards. The open-sourced protocol operating under a decentralized autonomous organization (DAO) offers crucial infrastructure to facilitate developers. It lets them develop staking applications that leverage the distributed validator technology.
With the distribution of the validator duties among the node operators, the platform enhances decentralization, uptime, as well as resilience. Restaking is getting more and more attention in the blockchain sector. It enables the developers to utilize a blockchain for securing the rest of the decentralized applications. In addition to this, SSV Network backs operations with the provision of a strong infrastructure.
It fortifies the crypto-economic security of Ethereum as the base layer thereof. A TVL of up to $3.2B in terms of staked ETH coins includes almost $1.2B from the platform’s collaborators. The milestone of 1M staked ETH leads to improved security for dApps and provides consumers with additional rewards. It does this via the extended incentivization project of the network.
This achievement strengthens the critical infrastructure of the SSV Network in the restaking and staking landscapes. The DVT infrastructure of SSV lets validator nodes on Ethereum have a geographical distribution across several machines with diverse components. More than seven hundred worldwide disseminated node operators operate diverse consensus and execution clients.
The Endeavor Contributes to Elevate SSV Network’s Adoption
For this, it utilizes diverse infrastructure types along with more resilience and flexibility in comparison with conventional, non-DVT staking projects. Chief integrations with the platform take into account well-known entities such as Ether.Fi, Lido Finance, Renzo, and P2P.org. Each of them reportedly contributes several validators to the platform. The latest 1M staked ETH landmark will expectedly drive more adoption and solidify SSV Network’s status among fellow platforms.