SSV Network Launches Partner Mainnet for Decentralized Staking Services
The SSV Network has introduced its partner mainnet, which aims to provide decentralized staking services to users through distributed validator technology. Over ten launch partners, including Stader, Ankr, and Stakestar, will integrate their staking dApps with SSV.
The mainnet deployment occurred in multiple phases, with the current stage allowing the public to stake in SSV through partner apps. However, during this launch phase, users can only stake through the partner staking applications. In the fourth quarter, when the network reaches the “permissionless launch” phase, users will be able to stake directly with SSV Network and become a node operator.
What is SSV Network?
The SSV Network offers a decentralized staking mechanism that connects users to a network of operators responsible for managing Ethereum validator nodes in a trust-minimized way. It provides an alternative to centralized exchanges or liquid staking services that may require users to give up custody of their ETH holdings.
The SSV team addresses challenges related to integrating multiple users onto a single staking validator, such as validator key storage and management. Their distributed validator technology (DVT) enables the sharing of each validator among multiple operators using BLS signatures. This cryptographic protocol allows for the distribution of operational and key management tasks across multiple users.
By decentralizing staking, the SSV Network aims to onboard more users who are skeptical of trusting single entities while simplifying the complex process of independent staking. The project raised $10 million from investors including Digital Currency Group and Coinbase in February 2022.
SSV competes with other DVT developers like Obol and Diva.
Hot Take: A Major Step Towards Decentralized Staking
The launch of SSV Network’s partner mainnet marks a significant advancement in the field of decentralized staking services. By leveraging distributed validator technology, SSV aims to address concerns related to centralization and custody that users often encounter when participating in staking. With over ten launch partners integrating their staking dApps with SSV, the network is poised to provide a decentralized alternative to conventional staking services. By distributing operational and key management tasks across multiple users, SSV offers a trust-minimized approach to managing Ethereum validator nodes. This innovative solution has the potential to further decentralize existing staking protocols and attract more users who are seeking a secure and user-friendly staking experience.
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