SSV Network, a provider of Ethereum staking infrastructure, has unveiled its unrestricted mainnet, marking a groundbreaking achievement as the pioneer project to employ “distributed validator technology” (DVT).
DVT facilitates the delegation of Ethereum validation responsibilities across multiple entities, mitigating single points of failure and enhancing overall resilience. With the debut of SSV Network’s permissionless launch, anyone can participate in staking, contributing to the overall robustness of the Ethereum network.
SSV Network Tackles Ethereum Centralization with DVT
Alon Muroch, the core team founder of SSV Network, emphasized the significance of DVT. He stated that it has the potential to address critical challenges in Ethereum, such as decentralization and censorship resistance.
Presently, concerns about centralization loom over Ethereum staking, as a handful of major service providers, including Lido and Coinbase, command a significant 46% market share.
Ethereum co-founder Vitalik Buterin has expressed apprehensions about the concentration of staking providers and has emphasized the importance of distributed validators since at least 2021.
In a move towards decentralization, Lido is in discussions with SSV Network to augment its operational resilience. Muroch mentioned ongoing testing rounds with Lido and anticipates a mainnet collaboration in the first quarter of the upcoming year.
SSV DAO’s $24M Token Incentives Drive DVT Network Adoption
To promote the adoption of its DVT network, SSV DAO (Decentralized Autonomous Organization) has introduced a token rewards initiative.
The DAO has recently given the green light to a year-long incentivization program. In this initiative, they have set aside 1 million SSV tokens, valued at around $24 million. The purpose is to reward users who register validators on the network.
Users can engage directly with SSV Network for staking or leverage staking services incorporating SSV’s infrastructure. SSV Network emphasized the opportunity for node operators on other protocols to maximize rewards by concurrently participating on SSV Network.
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