SSV Network Achieves Milestone with 1 Million ETH Staked Using DVT

The
SSV
Network
DAO
(SSV
DAO)
has
announced
that
the
SSV
Network
has
officially
staked
1
million
ETH,
according
to

ssv.network.
This
significant
milestone
comes
less
than
a
year
after
its
permissionless
launch
in
December
2023,
marking
a
notable
achievement
in
the
Ethereum
staking
ecosystem.

Journey
from
Testnet
to
Mainnet

The
SSV
Network
began
as
a
collaborative
research
project
with
the
Ethereum
Foundation
in
2020/2021.
Initially
focused
on
developing
a
secure
method
for
splitting
Eth2
validator
keys
among
non-trusting
operators,
the
project
completed
its
first
phase
of
testing
by
mid-May
2021.
The
network’s
first
incentivized
testnet,
Primus,
launched
in
January
2022,
featuring
10,000
validators
and
1,066
operators.

Following
the
Ethereum
merge,
the
Shifu
testnet
(SSV
testnet
v2)
was
released
in
August
2022,
introducing
the
SSV
token
integration
and
network
configuration
upgrades.
Shifu
V2
went
live
in
January
2023,
enabling
all
Beacon
Chain
duties
for
SSV
nodes.
The
final
testnet,
JATO
(SSV
testnet
v3),
launched
in
March
2023,
leading
to
a
phased
mainnet
rollout
starting
in
July
2023
and
concluding
in
December
2023
with
10
Launch
Partners.

Today,
the
SSV
Network
celebrates
the
staking
of
1
million
ETH,
a
testament
to
the
importance
of
Decentralized
Validator
Technology
(DVT)
in
the
Ethereum
staking
landscape.

Security
and
Audits

Security
has
been
a
top
priority
throughout
the
development
of
the
SSV
Network.
Multiple
security
tests
and
audits
have
been
conducted
on
the
smart
contracts,
SSV
Node
&
Spec,
and
DKG
tool
to
ensure
robust
infrastructure
and
code
security.
Notable
audits
include:

• SSV
  Specification
  audit
  by
  Least
  Authority
  in
  June
  2023
• SSV
  Node
  audit
  by
  Least
  Authority
  in
  August
  2023
• Smart
  Contracts
  audit
  by
  Quantstamp
  in
  March
  2023
• Subsequent
  audits
  by
  Quantstamp
  and
  Slowmist
  in
  2023
  and
  2024

Additionally,
since
September
2023,
SSV
has
maintained
a
$1
million
bug
bounty
on
Immunefi,
with
$30,000
already
awarded
to
whitehats
for
identifying
vulnerabilities.

Growing
Ecosystem
&
Integrations

Since
its
permissionless
launch,
more
than
10
staking
applications
built
on
SSV
have
gone
live,
with
41
grants
in
progress.
SSV
DAO
has
allocated
over
$3
million
to
grants,
fostering
a
vibrant
ecosystem
for
new
and
existing
stakers
to
access
DVT-powered
staking.
Integrations
with
platforms
like
Lido,
Ether.fi,
P2P.org,
and
Stakewise
DVT
Vaults
have
further
solidified
SSV’s
role
in
the
Ethereum
staking
industry.

SSV
Network
currently
secures
over
$1.2
billion
for
restaking
services,
offering
decentralized
node
operations
to
safeguard
the
Ethereum
base
layer.

A
Free
Market
for
Node
Operators

In
just
over
six
months,
more
than
700
node
operators
have
joined
the
SSV
Network,
ranging
from
solo
stakers
to
enterprise
operators.
This
marketplace
allows
validators
to
be
split
between
nodes
with
different
locations,
clients,
and
infrastructure
types,
ensuring
decentralization
and
cost-effective
operations.

SSV’s
composable
marketplace
enables
developers
to
utilize
a
globally
distributed
network
of
nodes,
reducing
infrastructure
costs
and
accelerating
product
development.

Creating
an
Open-Source
Public
Good

SSV
Network
aims
to
be
an
open-source,
community-owned
protocol.
The
SSV
DAO
has
grown
into
a
self-sustaining
engine
with
various
committees
and
an
active
community
driving
the
protocol
forward.
Initiatives
like
the
SSVdivers
Ambassador
program
and
Community
Associates
Program
encourage
community
participation
and
reward
contributors
for
their
efforts.

Looking
Ahead:
The
Future
of
SSV

The
SSV
Network
DAO
is
focused
on
scaling
the
network
to
accommodate
increased
usage,
as
outlined
in
its
scaling
roadmap.
The
DAO
and
contributors
are
working
on
integrating
high-value
components
and
tooling
to
support
the
ecosystem’s
growth.
The
community
is
encouraged
to
join
the
vibrant
network
and
contribute
to
the
future
of
Ethereum
staking.

Reflecting
on
the
journey
to
1
million
ETH
staked,
the
SSV
community
celebrates
the
significant
milestones
achieved
from
early
testnet
phases
to
the
robust
mainnet
we
have
today.
This
accomplishment
underscores
the
importance
of
the
SSV
Network
and
DVT
in
decentralizing
and
securing
the
Ethereum
network.

The
SSV
DAO
extends
its
heartfelt
gratitude
to
the
SSV
community,
partners,
and
operators
who
have
been
instrumental
in
this
journey.
Your
support
and
contributions
have
been
pivotal
in
reaching
this
remarkable
milestone.

Image
source:
Shutterstock