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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…

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Filed under: News - @ July 9, 2024 12:16 am