SSV Network Achieves 1M ETH Staked Milestone, Strengthening Ethereum’s Cryptoeconomic Security by Chainwire

Tel-Aviv, Israel, July 9th, 2024

SSV Network has achieved a significant milestone, boasting over $3 billion in total value locked (TVL) and welcoming nearly 30,000 validators and over 700 node operators into its ecosystem.

The Ethereum-focused distributed validator network has marked a pivotal advancement in the restaking and staking landscapes by reaching 1 million ETH staked on its platform. Following the launch of its permissionless network in December 2023, SSV Network allows various partners and individual stakers to securely manage ETH validators and earn rewards by participating as node operators.

As a DAO-owned and open-source protocol, SSV Network provides the necessary infrastructure for developers to create staking applications utilizing distributed validator technology (DVT). This network facilitates the distribution of validator duties among trust-minimized node operators, enhancing resilience, uptime, and decentralization.

Restaking, a growing trend in blockchain, permits developers to utilize a blockchain for securing other decentralized applications. By employing SSV Network, restaking protocols can enhance their operations in a permissionless manner. The platform strengthens Ethereum’s crypto-economic security by securing its base layer. Approximately 11,500 validators, representing $1.2 billion of the total $3.2 billion in TVL, stem from partnerships within the restaking ecosystem.

The achievement of 1 million staked ETH promotes not just security for applications but also provides users with the potential for increased rewards through an extended incentivization program. This accomplishment positions SSV Network as essential infrastructure within the staking and restaking domains, effectively distributing validators among top Ethereum node operators operating within the network.

SSV’s DVT infrastructure allows for the geographical distribution of ETH validator nodes across multiple machines and components. Currently, over 700 node operators from around the world run various execution and consensus clients along with different infrastructure types and MEV relays. This structure offers users more flexibility and resilience compared to traditional non-DVT staking platforms. Notable integrations with SSV Network include Lido Finance, Ether.fi, P2P.org, and Renzo, each operating a significant number of validators scattered throughout the network.

A representative from SSV Labs, a contributor to SSV Network, emphasized, “SSV Network is establishing a new standard for ETH staking, aligning with the community’s values of openness, permissionlessness, and trustlessness.”

The milestone of 1 million staked ETH is anticipated to drive greater adoption of the platform and solidify SSV Network’s position within the prominent staking and restaking validator ecosystem.

Moreover, SSV Network has unveiled its updated scaling roadmap, aimed at reducing hardware requirements for node operators. The platform is transitioning from recommending a 4-core CPU to an 8-core setup, which could increase hardware costs for operators. However, SSV Labs is committed to developing solutions that could lower hardware requirements by 75-90% within the next year.

About SSV Network

SSV Network utilizes its Distributed Validator Technology (DVT) protocol to enhance the mechanisms of Ethereum staking and restaking. DVT is an innovative framework specifically designed for ETH staking, enabling the distribution of validator operations across independent operators through the QBFT consensus protocol and threshold signatures. By providing a robust and resilient protocol for restaking, SSV Network aims to ensure a secure environment for executing validator operations.

Contact:
Alon Askal
[email protected]