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- SSV Network launches permisionless mainnet using Distributed Validator Technology (DVT), allowing anyone to participate in Ethereum staking.
- With rewards in SSV tokens, SSV Network seeks to decentralize Ethereum staking, challenging the current centralization of providers such as Lido and Coinbase.
The news of the moment, SSV Network has announced its permisionless mainnet. This launch is not just a novelty; it’s a revolution in the way we understand Ethereum staking.Why? Well, let’s take a closer look.
Distributed Validator Technology (DVT)
First, let’s talk about Distributed Validator Technology (DVT). This technology allows Ethereum validators to share responsibilities with multiple parties, avoiding single points of failure and improving overall resilience. It’s like having a team of experts instead of a single player in the field, right?
Now, what does this mean for you and me? With the permisionless launch of SSV Network, anyone will be able to staking and contribute to the overall health of Ethereum. This is huge, considering Ethereum’ s current staking scenario has raised concerns about centralization. Large service providers, such as Lido and Coinbase, control a significant portion of the market. But this is where SSV Network comes in, as a breath of fresh air, promoting decentralization.
Alon Muroch, the founder of the SSV Network core team, puts it this way
“SSV is the first DVT network to go permisionless. DVT has the potential to make Ethereum much more secure and resilient, solving important challenges such as decentralization and censorship resistance.”
But that’s not all
SSV DAO is driving adoption of its DVT network by offering token rewards. They have approved a one-year incentive program, allocating 1 million SSV tokens (currently valued at around $24 million) to reward users for registering validators on the network. This means that operators of nodes on other protocols can double their rewards by also operating on SSV.Network.
After three years of development, SSV Network has launched its permisionless mainnet. Since the launch of its partner mainnet in September, nearly $160 million in ether has been wagered through SSV. Impressive, don’t you think?
Finally, Ethereum staking infrastructure projects like Obol and Diva are also adopting the DVT approach. Obol launched its mainnet open beta earlier this month, while Diva launched its operator testnet in September.
