SSV Network Enhances Its Incentivized Mainnet, Boosts Rewards
Blockchain infrastructure provider SSV Network announced revisions to its incentivized mainnet program (IMP) following a governance referendum on DIP 18 proposal. All mainnet contributors will be able to claim upgraded rewards.
SSV Network Incentivized Mainnet Program advanced, APR surged by up to 20%
SSV Network, a mainstream staking infrastructure provider, announces the profound revamping of its Incentivized Mainnet Program (IMP). The provider adds an extra three months to the program schedule and increases reward rates for its participants.
The DIP 18 proposal, brought forward by a pseudonymous SSV user who goes by BenAffleck, saw an overwhelming number of voters accept the proposal, with more than 99% of the votes accepting the proposal and less than 0.01% abstaining.
The latest revisions aim to extend the current IMP period to December 2024, adding three months to the program – bringing it to a total of 15 months. This aims to incentivize users to join as validators and maximize their rewards during the program’s lifespan.
Second, the proposed tier refactoring was also passed, boosting APR rewards for SSV validators. The new tiered rewards system will offer the first 20,000 to 30,000 validators a 30% APR boost, the next 35,001 to 45,000 validators a 20% APR boost and, lastly, validators 45,001 to 100,000 a 10% APR boost. The new tier system will take effect immediately following the successful decentralized governance vote and will stay effective for the remainder of the program.
SAFE multisig wallets now eligible for rewards distribution
Besides term expansion and the reconsideration of APR conditions, the protocol changes the requirements for wallets eligible for rewards.
Once the upgrade is live, validators participating through SAFE multisig registrations will also be able to take part in the IMP program. This change ensures that rewards are attributed directly to the SAFE wallet rather than their deployer, thereby benefiting users who participate through multi-sig registrations.
Vladislav SopovAs covered by U.Today previously, in May 2024, SSV Network released its new tech roadmap highlighting hardfork plans and expansion ambitions.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tomiwabold Olajide
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya