ssv.network Launches Liquid Staking Solution on Ethereum Mainnet
ssv.network, the Ethereum liquid staking project utilizing Distributed Validator Technology (DVT), has officially launched on the mainnet.
ssv.network Launches Liquid Staking Solution on Ethereum Mainnet
ssv.network (SSV), an infrastructure provider for liquid staking on Ethereum, has announced its mainnet deployment, becoming the first project to support DVT technology.
DVT allows validators to share the task of transaction validation with other parties, reducing centralization risks and increasing decentralization. With the mainnet launch, users and network participants on Ethereum can start staking ETH through ssv.network.
Alon Muroch, a founding member of ssv.network, stated, "SSV is the first DVT solution to launch a permissionless mainnet. DVT has the potential to make Ethereum more secure and resistant to censorship."
The liquid staking sector on Ethereum has seen significant centralization, with Lido Finance (LDO) accounting for nearly 33% of all staked ETH. Ethereum co-founder Vitalik Buterin has previously expressed concerns about this centralization and called for more decentralized validator solutions.
Market Share of Liquid Staking on Ethereum
ssv.network has been in discussions with Lido Finance to enhance decentralization and plans to implement its solution on Lido by Q1 2024. Muroch also mentioned that the project is reaching out to other major Ethereum staking providers such as Binance, Coinbase, and Kraken to propose the adoption of DVT technology.
To incentivize the use of DVT, ssv.network will offer rewards in the form of SSV tokens. The project recently approved a proposal to allocate 1 million SSV tokens, worth approximately $24 million at the time of writing, as rewards for new users or those using solutions integrated with ssv.network.
Currently, nearly $160 million worth of ETH is staked through ssv.network, which is still far behind Lido's $20 billion TVL.
In November 2023, the price of the SSV token surged by over 100% before adjusting to the broader crypto market trend in the second week of December.
Stay tuned for more updates on ssv.network and its developments.
