Key takeaways
- SSV Network extends its incentivized mainnet program to December 2024, increasing reward duration.
- APR rewards boosted with a new tier system for up to 100,000 validators.
- Eligibility criteria updated to include multisig wallets, enhancing program accessibility.
SSV Network, a leading blockchain infrastructure provider, has announced revisions to its incentivized mainnet program (IMP) following a successful decentralized governance vote. As you’ll see, the updates aim to extend the program’s duration, restructure reward tiers, boost annual percentage rates (APRs), and update eligibility criteria for validators.
The proposal, known as DIP 18, was put forward by an SSV user and received overwhelming support. Over 99% of voters were in favor of the proposal.
Program duration and reward structure
The revised IMP will now run until December 2024, adding three months to its original duration. This extension provides validators with more opportunities to maximize their rewards throughout the program’s 15-month span.
A key aspect of the revisions includes a new tiered reward system designed to boost APRs significantly. Under the new structure:
- The first 20,000 to 30,000 validators will receive a 30% APR boost.
- Validators ranked 35,001 to 45,000 will enjoy a 20% APR boost.
- Validators from 45,001 to 100,000 will benefit from a 10% APR boost.
This tiered system, effective immediately, is intended to incentivize new validators and reward those who contribute to the network’s stability and security.
Updated eligibility criteria
The updated IMP also includes changes to eligibility criteria, particularly addressing the exclusion of multisig wallets. SAFE multisig wallets are now eligible to participate, ensuring that rewards are attributed directly to these wallets rather than their deployers. This adjustment aims to include more users in the program and distribute rewards more equitably.
The original IMP proposals and terms remain valid for aspects not altered by these revisions. The changes will take effect immediately, with rewards for each month being claimable by the 15th of the following month. Validators can claim their rewards through on-chain Merkle proofs and claim contracts, ensuring a transparent and auditable process.
The bottom line
By extending the program’s duration, boosting APR rewards, and updating eligibility criteria to include multisig wallets, SSV Network is sure to get greater adoption and usage of its DVT. The community-driven approach might be the correct approach not just for SSV Network but for other similar projects as well.
