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Despite being in a nascent phase of development, SSV.Network managed to strengthen its presence in the on-chain Ethereum staking segment. It also implemented a number of tech novelties to make staking resource-optimized.
$1,000,000,000: SSV.Network hits major Ether staking milestone
According to an official statement by its team, SSV.Network’s total value locked (TVL) has eclipsed $1 billion in equivalent.
Since permissionless mainnet activation in December 2023, the protocol managed to increase its TVL by 10x, says the network’s DAO in a congratulatory post.
More than 8,500 Ethereum validators now use SSV.Network, with 266 independent operators having now integrated its technology. As of printing time, $1 billion in TVL is equal to over 272,000 Ethers. SSV’s Distributed Validator Technology (DVT) implementation is recognized as setting the standard for secure staking that reduces centralized risk.
Alon Muroch, SSV.Network's core team founder, highlights the paramount importance of the milestone for the entire segment of decentralized ETH staking:
As a fully DAO-governed public good ecosystem that fortifies staking and restaking protocols as well as solo stakers, SSV enables permissionless access to a highly diverse infrastructure. With $1 billion now staked through SSV-powered staking infrastructure, the Ethereum ecosystem is more robust than ever
The rapid adoption of SSV’s decentralized staking technology has been aided by its integration into major third-party protocols. Dozens of dApps have also been created by developers making use of SSV’s open source technology.
SSV.Network makes on-chain staking more decentralized and secure
As covered by U.Today previously, prior to migrating to a fully DAO-governed mechanism of management, SSV.Network amassed its first $100 million in TVL.
SSV’s growing TVL directly correlates to the increased diversity of its staking set. Since SSV.Network requires a minimum of four operators, these operators are geo-distributed and leverage different software clients.
SSV’s composable design enables it to be easily integrated into both staking and restaking protocols. Its technology forms a vital DeFi building block, allowing staking applications to be rapidly developed using SSV's infrastructure.
Tomiwabold Olajide
Alex Dovbnya
Denys Serhiichuk
