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ssv.network Raises $10 Million to Boost Ethereum Staking Infrastructure


Key Takeaways ssv.network has raised $10 million from Digital Currency Group, Coinbase and other investors. ssv.network is a decentralized staking protocol for executing nodes on the consensus layer of Ethereum. Ethereum is expected to complete the merger with Proof-of-Stake this year. ssv.network, a decentralized staking protocol for Ethereum’s consensus layer, has raised $10 million to expand its platform. The project’s team said venture capital funds and partner companies have collectively contributed $10 million to the treasury, which is overseen by the decentralized autonomous organization of ssv.network. Contributors include Digital Currency Group, Coinbase, Lukka, and OKX. Eran Efrima, core contributor to ssv.network, told Crypto Briefing that the $10 million would be used “to fund initiatives, collaborations and future grants for developers and participants.” ssv.network aims to simplify the process of staking and executing validator nodes on Ethereum’s consensus layer, previously known as ETH 2.0. The project took off after receiving a grant from the Ethereum Foundation last year. It is currently in a testnet phase. Ethereum plans to switch from Proof-of-Work consensus to a Proof-of-Stake mechanism in an event dubbed “the merger.” The update is expected to be completed sometime in 2022. After that point, miners will no longer validate transactions. Instead, users who wager a minimum of 32 ETH to run a validator node will validate transactions and earn rewards for their service. However, staking and setting up a validator node can be technically complex for many users. The 32 ETH deposit requirement is also a high barrier to entry considering the market price of ETH. In response, several staking services for Ethereum’s Beacon Chain have emerged, but many of them have issues with validator key storage and checking. Some of the most popular Ethereum staking services require ETH holders to relinquish control of their assets, meaning they compromise on decentralization. While there are also non-custodial validator node solutions available, they are often difficult for newer users to understand and require frequent upgrades. high performance. The network uses internal research into the Secret Shared Validators protocol, which shares operation and key management for Ethereum validators. The team says users can deploy their ETH in SSV validator nodes without compromising security or worrying about the performance of the node.ssv.network uses a network of “operators” that reliably manage Ethereum validator nodes. to maintain. Many crypto companies offering staking services have joined ssv.network as operators. For joining the network, they can earn rewards in the form of SSV, protocol management, and token stakeout. Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies. Share this article The information on or accessible through this website was obtained from independent sources believed to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. 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