SSV Network, an Ethereum-focused distributed validator network, announced it has reached 1 million $ETH staked on its platform. The protocol, which went live in December 2023, allows partners and solo stakers to securely distribute ETH validators and earn rewards for becoming node operators.
The DAO-owned and open-sourced protocol provides infrastructure for developers to build distributed validator technology (DVT) powered staking applications, increasing resilience, uptime, and decentralization.
Restaking, the latest trend in blockchain, allows developers to use a blockchain to secure other decentralized applications. In addition, the company said it offers a highly resilient and robust infrastructure, further extending Ethereum’s crypto-economic security by securing its base layer. Around 11,500 validators ($1.2b out of the $3.2b total tvl) of staked ETH are from their partners and integrations in the restaking ecosystem.
SSV Network emphasizes that it promotes enhanced security for applications and an opportunity for users to earn more rewards through its extended incentivization program. This solidifies SSV Network as a “critical infrastructure” in staking and restaking, distributing validators among Ethereum’s finest node operators operating inside the network.
The platform’s 1 million staked ETH is expected to spark increased adoption and cement its place in the leading staking and restaking validator ecosystem charts. SSV Labs, one of the protocol’s development teams, is working on solutions to reduce hardware requirements by 75-90% over the next 12 months.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
