Lido Finance Integrates SSV Network into Simple DVT Model on Mainnet
Following a lengthy period of voting and testing, Lido Finance has integrated SSV Network's solution into its Simple DVT program on the Ethereum mainnet.
Lido Finance Integrates SSV Network into Simple DVT Model on Mainnet
The news was also shared by SSV Network on their official X account on the evening of July 11.
Excited to announce that SSV Network clusters are now LIVE on the @LidoFinance Simple DVT Module on Ethereum Mainnet!
— SSV Network (@ssv_network) July 11, 2024
This is a game changer for Liquid Staking. 🧵 👇 pic.twitter.com/HAvRSct5dZ
Simple DVT is an experimental model of Distributed Validator Technology (DVT) by Lido Finance. This proposal was approved by Lido in November 2023, in collaboration with two entities: Obol and SSV Network. Building on the original proposal, Lido Finance also aimed to expand the Simple DVT testing scope to 4% of the protocol's total value by May 2024.
However, it wasn't until early July 2024 that SSV Network officially attached its DVT solution to Lido Finance's Simple DVT module on the Ethereum mainnet.
Integrating Simple DVT alongside the original Curated Module mechanism will help Lido scale up its Node Operators. This move will decentralize the protocol and mitigate slashing risks.
Integrating SSV will serve as a significant expansion of Lido's Operator Set, as previously it was DAO-curated with a high barrier of entry, with a net of 37 Node Operators.
— SSV Network (@ssv_network) July 11, 2024
In fact, SSV's portion in the Simple DVT module will introduce more than 140 additional Node Operators! pic.twitter.com/hinAl9e9CK
For SSV Network, this integration will provide easier access to staked ETH from a broad user base through Lido's Liquid Staking protocol. As of early July 2024, SSV Network reported the milestone of 1 million ETH locked into its network.
❓What is Charon and Charon 1.0?
— Obol Collective (@Obol_Collective) July 1, 2024
Charon is the world's first DV middleware client.
Charon 1.0 is the first long-term support (LTS) version of Charon, which will remain compatible with future releases and serve as a foundation for large-scale use cases and deployments of DVs.
The Distributed Validator Technology market is seeing foundational advancements. SSV Network's competitor, Obol, released a new software update, Charon 1.0, in June 2024, enhancing compatibility with various Node Operators and accelerating the scalability of DVT technology.
