SSV Network Acquires $10 Million in Funding from DAO Partners to Expand ETH 2.0 Staking
The decentralised open-source initiative intends to utilise the additional funding to expand the ETH 2.0 staking infrastructure.
ssv.network, an open-source and decentralised protocol, has acquired $10 million in financing from its DAO partners to accelerate the development of Ethereum 2.0’s decentralised staking infrastructure in advance of the impending Merge.
According to a press release, the funds were collected via the project’s DAO Partner Program, which was started in October 2021 with the goal of extending its “community and developing DAO alliances.”
The project has already completed its first and second batches of the DAO Partner Program, which included collaborations with people, technical users, industry leaders, ecosystems, and venture capital.
Coinbase, Digital Currency Group, Gate.io Ventures, OKEx Ventures, Lead Capital, AMBER, Everstake, DappNode, and Valid Blocks are just a few of the major partners that have joined the SSV ecosystem. As the DAO Partner Program develops, the group intends to include additional firms, significant people, and awards.
Making ETH 2.0 Staking More Accessible to Everyone
As a completely decentralised open-source protocol, ssv.network’s Secret-Shared-Validator (SSV) technology focuses on simplifying infrastructure access for ETH 2.0 staking. In other words, the network facilitates the operation of Distributed Ethereum Validators by people and organisations.
ssv.network bills itself as the first protocol that enables users to divide a validator key safely amongst non-trusting nodes or operators.
According to the statement, the technology enables trustless access to ETH staking by establishing a strong and reliable staking infrastructure and fostering network diversity and decentralisation. It then employs a network of consensus-based nodes to produce ETH incentives for users.
Becoming Ethereum’s Layer 0
Due to the protocol’s emphasis on decentralising and systematising staking at the infrastructure level, ssv.network aspires to be Ethereum’s layer 0 this year.
“We saw DV technology as a vital component of Ethereum’s transition to Eth 2.0 at an early stage. It’s astounding to witness the degree of adoption and involvement at such a young stage of the network’s life cycle. Staking Ethereum and DeFi will be two of the cryptocurrency industry’s primary topics in 2022, and both sectors will profit significantly from decentralising Ethereum’s security layer, which we refer to as Layer 0. 2021 was the year of Layer 2, and 2022 is slated to be the year of Layer 0,” Alon Muroch, a Core Contributor at ssv.network, said.
The research was funded by the Ethereum Foundation (EF) in 2021, and the foundation subsequently rebranded SSV technology as Distributed Validator Technology (DVT), a critical component of the Ethereum 2.0 roadmap.