Tel-Aviv, Israel, July 9, 2024, Chainwire
The SSV Community boasts over $3 billion in Whole Locked Worth (TVL) and welcomes almost 30,000 validators and over 700 node operators throughout its community.
Ethereum-centric distributed validator community SSV Community represents a “big step ahead” throughout the restaking and staking ecosystems and has reached $1 million ETH staked on its platform. The protocol was formally launched after revealing its permissionless community in December 2023, permitting numerous companions and particular person stakeholders to securely distribute ETH validators and earn rewards for changing into node operators on the platform.
The DAO-owned open supply protocol supplies an infrastructure that enables builders to construct functions on prime of it for staking out distributed validator applied sciences (DVT). The community permits validator tasks to be distributed to node operators with minimal belief to extend resilience, uptime and decentralization.
Restaking, the most recent development in blockchain, permits builders to make use of blockchain to safe different decentralized functions. Reassembly protocols can exploit the SSV community with out permission to boost reassembly operations. By providing a extremely resilient and sturdy infrastructure, SSV Community additional extends Ethereum's crypto-economic safety by securing its core layer. Roughly 11,500 validators ($1.2 billion of the entire $3.2 billion) of ETH staked got here from their companions and integrations within the restaking ecosystem.
By reaching the ETH staking milestone, the SSV community helps improved utility safety and the chance for customers to earn extra rewards via an expanded incentive program. As well as, it solidifies the SSV community as “important infrastructure” in staking and re-staking and distributes validators among the many prime Ethereum node operators working on the SSV community.
The DVT SSV infrastructure supplies a layer by which Eth validator nodes might be distributed geographically amongst a number of computer systems with a number of elements. To this point, greater than 700 globally distributed node operators function numerous execution and consensus shoppers with numerous varieties of infrastructure and MEV relays. This supplies customers with higher flexibility and sturdiness than conventional non-DVT staking platforms. SSV community integrations embrace Lido Finance, Ether.fi (TVL's #1 LRT), P2P.org, Renzo, and so forth., every with a big variety of validators unfold throughout the community.
“SSV Community is creating a brand new gold normal for ETH staking and is taking the trade by storm because it builds on an open supply, permissionless and trustless neighborhood ethos,” mentioned a workforce member from SSV Labs (contributor to SSV Community).
Reaching 1 million ETH staked is anticipated to drive higher adoption of the platform and solidify SSV Community's place on the forefront of the staking and restaking validator ecosystem.
Lastly, SSV Community additionally introduced its up to date scaling plan, which goals to cut back {hardware} necessities for node operators. The platform strikes from a advisable 4-core CPU to an 8-core one, which will increase {hardware} prices for node operators. Nevertheless, SSV Labs, one of many protocol growth groups, is engaged on options that can cut back {hardware} necessities by 75-90% over the subsequent 12 months.
About SSV community
SSV Community makes use of its Distributed Validator Expertise (DVT) protocol to enhance Ethereum's staking and restaking mechanisms. DVT, a pioneering architectural framework designed particularly for ETH staking, permits the distribution of validator operations amongst unbiased operators utilizing the QBFT consensus protocol and threshold signatures.
By offering a sturdy and resilient recomposition protocol, the SSV Community goals to help a safe atmosphere for performing validator operations.
ContactAlon Askalaskal@ssvlabs.io
This text was initially revealed on Chainwire
