The Ethereum backing system has changed dramatically, SSV.Network has announced to the blockchain community that it is achieving a milestone and partnering to boost security and decentralization.
SSV.Network also announced that it has achieved a total value locked (TVL) in its Ethereum staking system which doubled within 30 days and exceeded $2 billion. This staggering growth is mirrored by the number of Ethereum validator users, which has doubled over the same period to over 19,000 users. Also, about 400 node operators securing over 568,000 ETH made through them, SSV.Network is on the way to becoming a leader among many others, providing decentralized infrastructure for staking on Ethereum.
Meanwhile, in 2023, SSV.Network reported that its ecosystem powered by DVT secured $140 million TVL. This development has been fueling its growth and demand for SSV staking solutions.
SSV.Network partners with Ether.fi
SSV.Network recently made one such partnership with Ether.fi, which currently is one of the leading restaking platforms for all things related to Ethereum. This partnership seeks to add another layer of reliability and resilience to the services provided with the two companies working together towards a safe and secure ecosystem.
Ether.fi made its staking operations fully decentralized and increased fault tolerance by adopting distributed validator technology (DVT). By doing so, nodes set up worldwide, make it possible to set up easy and safe stakes while ensuring access to highly performing operators worldwide.
Commenting on this development, Ether.fi CEO Mike Silgadze said: “Ether.fi has always been focused on making our operations more decentralized and resilient. Our partnership with SSV allows us to continue down that path while maximizing rewards for our users!”
Ether onboards closely 2,0000 validators to SSV.Network
Ether.fi, in the last few weeks, has brought on board close to 2,000 validators using SSV.Network that has led to the instantaneous injection of $200 million into the protocol’s TVL, which is growing at a record rate.
This partnership has been productive in many ways, such as improving relay livenesses, increasing overall efficiencies within the protocols and performance enhancements, and strengthening the network. Earlier this month, an SSV cluster that was used by Ether.fi received an 11 ETH MEV block reward.
Benefits of the DVT system
The DVT system is instrumental to securing Ethereum stakes because it eliminates weak points while minimizing the validator’s risks. DVT also ensures that various parties, such as node operators or solo stakers, work together to create an environment that achieves resilience throughout the ecosystem.
Conclusion
SSV.Network’s recent announcement highlights a significant milestone in Ethereum’s staking ecosystem, achieving a total value locked (TVL) of over $2 billion and doubling its Ethereum validator users. This growth is set to enhance the security and decentralization of Ethereum staking. The collaboration leverages Distributed Validator Technology (DVT) to increase the system’s fault tolerance and efficiency. SSV.Network has positioned itself as a leader in providing robust, decentralized staking solutions that are reshaping Ethereum’s backing system.
