Ethereum staking platform SSV Network enhances Ethereum staking for all users by launching its DVT-powered staking mechanism.
In an announcement this Tuesday, SSV.Network, an Ethereum Distributed Validator Technology (DVT) staking infrastructure announced its permissionless launch. The latest landmark marks a new standard for Etheum node validators and stakers, offering more robust security for the second-largest chain and decentralizing its validation layer.
The new technology allows users, for the first time since the switch to ETH 2.0 (proof-of-stake), to seamlessly and in a decentralized fashion, stake any Ethereum-based token, giving them double rewards for their efforts. Following a three-year developmental period. The platform aims to decentralize staking and make it more accessible to all ETH staking participants.
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Distributed Validator Technology, or DVT, is a novel Ethereum-based infrastructure that decentralizes ETH validators, and the whole ETH blockchain, by increasing client diversity, location distribution, and extending infrastructure diversity, resulting in greater uptime and rewards. The latest implementation by SSV.Network aims to strengthen staking on the platform, hence providing greater security, strengthening the Ethereum ecosystem and allowing seamless staking for diverse staking use cases.
Simply, the permissionless DVT-powered staking platform unites all the ETH staking participants giving them multiple benefits in their staking journey while offering greater security to the blockchain. SSV Network breaks down entry barriers to Ethereum staking, offering a robust and permissionless infrastructure, enabling seamless building, staking, and zero-collateral node operations through one holistic solution.
As per the press release, the new technology will open up ETH staking for all participants and public validators to join the network via the first-of-its-kind DVT infrastructure. Via the permissionless platform, any validator or ETH holder will be able to stake and contribute to the overall security and health of the Ethereum network.
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In support of the latest launch, the SSV.Network DAO will disburse over 1 million $SSV tokens (roughly $25 million) to its community members. To be eligible for the ‘airdrop’ users are required to register validators on the network and become validators themselves. To become a validator, any ETH user can stake directly on the SSV Network or via staking services that embed the DVT infrastructure. This also means that node operators running on other protocols can double up on rewards by also operating on SSV.Network.
A Gradual Growth to the TopÂ
The SSV.Network first rolled out this September, offering users a selection of permissioned node operators. Following numerous audits from third parties and ensuring a stable network, the SSV.Network team ensuring security and battle testing before becoming fully permissionless with various staking applications built on the infrastructure. The latest rollout further opens the community-owned platform to the wider Ethereum community, allowing them to stake, build applications, and run an operator node that utilizes its framework.
Since its September launch, SSV.Network has seen over $160 million in staking inflows via its network from 74 node operators. Additionally, over 2,200 validators are now using SSV’s DVT-based infrastructure.
