SSV Network Achieves Milestone with 1 Million ETH Staked Using DVT

Blockonomics
SSV Network Achieves Milestone with 1 Million ETH Staked Using DVT
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The SSV Network DAO (SSV DAO) has announced that the SSV Network has officially staked 1 million ETH, according to ssv.network. This significant milestone comes less than a year after its permissionless launch in December 2023, marking a notable achievement in the Ethereum staking ecosystem.

Journey from Testnet to Mainnet

The SSV Network began as a collaborative research project with the Ethereum Foundation in 2020/2021. Initially focused on developing a secure method for splitting Eth2 validator keys among non-trusting operators, the project completed its first phase of testing by mid-May 2021. The network’s first incentivized testnet, Primus, launched in January 2022, featuring 10,000 validators and 1,066 operators.

Following the Ethereum merge, the Shifu testnet (SSV testnet v2) was released in August 2022, introducing the SSV token integration and network configuration upgrades. Shifu V2 went live in January 2023, enabling all Beacon Chain duties for SSV nodes. The final testnet, JATO (SSV testnet v3), launched in March 2023, leading to a phased mainnet rollout starting in July 2023 and concluding in December 2023 with 10 Launch Partners.

Today, the SSV Network celebrates the staking of 1 million ETH, a testament to the importance of Decentralized Validator Technology (DVT) in the Ethereum staking landscape.

Ledger

Security and Audits

Security has been a top priority throughout the development of the SSV Network. Multiple security tests and audits have been conducted on the smart contracts, SSV Node & Spec, and DKG tool to ensure robust infrastructure and code security. Notable audits include:

SSV Specification audit by Least Authority in June 2023 SSV Node audit by Least Authority in August 2023 Smart Contracts audit by Quantstamp in March 2023 Subsequent audits by Quantstamp and Slowmist in 2023 and 2024

Additionally, since September 2023, SSV has maintained a $1 million bug bounty on Immunefi, with $30,000 already awarded to whitehats for identifying vulnerabilities.

Growing Ecosystem & Integrations

Since its permissionless launch, more than 10 staking applications built on SSV have gone live, with 41 grants in progress. SSV DAO has allocated over $3 million to grants, fostering a vibrant ecosystem for new and existing stakers to access DVT-powered staking. Integrations with platforms like Lido, Ether.fi, P2P.org, and Stakewise DVT Vaults have further solidified SSV’s role in the Ethereum staking industry.

SSV Network currently secures over $1.2 billion for restaking services, offering decentralized node operations to safeguard the Ethereum base layer.

A Free Market for Node Operators

In just over six months, more than 700 node operators have joined the SSV Network, ranging from solo stakers to enterprise operators. This marketplace allows validators to be split between nodes with different locations, clients, and infrastructure types, ensuring decentralization and cost-effective operations.

SSV’s composable marketplace enables developers to utilize a globally distributed network of nodes, reducing infrastructure costs and accelerating product development.

Creating an Open-Source Public Good

SSV Network aims to be an open-source, community-owned protocol. The SSV DAO has grown into a self-sustaining engine with various committees and an active community driving the protocol forward. Initiatives like the SSVdivers Ambassador program and Community Associates Program encourage community participation and reward contributors for their efforts.

Looking Ahead: The Future of SSV

The SSV Network DAO is focused on scaling the network to accommodate increased usage, as outlined in its scaling roadmap. The DAO and contributors are working on integrating high-value components and tooling to support the ecosystem’s growth. The community is encouraged to join the vibrant network and contribute to the future of Ethereum staking.

Reflecting on the journey to 1 million ETH staked, the SSV community celebrates the significant milestones achieved from early testnet phases to the robust mainnet we have today. This accomplishment underscores the importance of the SSV Network and DVT in decentralizing and securing the Ethereum network.

The SSV DAO extends its heartfelt gratitude to the SSV community, partners, and operators who have been instrumental in this journey. Your support and contributions have been pivotal in reaching this remarkable milestone.

Image source: Shutterstock



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