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SSV.network launches permissionless DVT-powered Ethereum staking.
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The solution aims to create a new standard for Ethereum staking.
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Validators will be rewarded with up to 1 million SSV tokens (~$25 million).
Developer-focused staking infrastructure SSV Network has announced the launch of its Ethereum Distributed Validator Technology (DVT), a permissionless ETH staking platform, as per a press release this Tuesday. The latest milestone aims to create a new standard for ETH staking, offering greater security for validators and strengthening the network by decentralizing its validation layer.
According to the team, the DVT-powered Ethereum staking will break the barriers to entry for ETH staking, giving users a wide range of benefits that it allows. First, the SSV Network narrows the gap for new entrants in ETH staking by offering a robust and permissionless infrastructure that helps developers build seamless platforms to stake ETH, stakers an easier platform to stake and zero-collateral node operations through a holistic solution.
Simply, SSV Network is a developer-based infrastructure that provides easy-to-use and scalable tools to build out staking platforms. The platform is powered by DVT technology, a permissionless framework that is designed specifically for ETH staking. With the latest permissionless ETH staking launch, public validators and node operators can join the network and stake their ETH in the first-of-its-kind DVT infrastructure.
The platform allows anyone to seamlessly stake their ETH and become a node validator on the network, contributing to the security and overall health of the second-largest blockchain. In support of the latest milestone reached, the SSV Network DAO has voted to distribute 1 million SSV tokens (~$25 million) to the community for simply registering new validators to the network. This can be done by staking directly on the SSV Network or via staking services that embed the DVT infrastructure. This means that users who select this method will be eligible for double rewards — on SSV Network and other platforms that they stake on.
The launch will be marked by a celebratory online event held by the SSV Core team, aiming to thank the validators and open up the platform to new users.
A clear use case for DVT-powered ETH staking
Using DVT-powered ETH staking will have major benefits for users on the SSV network including boosting rewards for ETH validators and increasing diversity, location distribution, and extending infrastructure diversity. According to SSV Network’s CEO, the latest move towards a DVT-powered ETH staking mechanism is expected to offer users greater uptime, in addition to the rewards. Additionally, implementation via the SSV Network will strengthen the Ethereum ecosystem and allow seamless staking for diverse staking use cases.
First rolled out in September this year, the SSV Network has grown to include several selections of permissioned node operators. Following a successful beta phase rollout, the platform’s developers tested its security prowess and battle-tested the platform before rolling out the full permissionless product, adding staking applications built on the infrastructure. The final product allows users across the Ethereum ecosystem to stake their tokens seamlessly, build applications, and run an operator node that utilizes its framework.
Since the beta launch in September, the platform has helped users stake over $160 million across 74 validator node operators. Notwithstanding, over 2,200 validators are now using SSV’s DVT-based infrastructure.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
