SSV Network Secures 1 Million Staked ETH with DVT

The SSV Network DAO (SSV DAO) is excited to announce that the SSV Network has officially hit 1M ETH Staked! Since the permissionless launch in December 2023, the protocol has seen major adoption throughout the re/staking ecosystem to help secure and decentralize Ethereum validators.

Reaching a significant milestone in such a short time is a testament to the importance of SSV Network and DVT in general. Looking at SSV’s partners and integrations during the last 7 months shows that SSV Network has become a household name in ETH staking. This blog post will look at SSV’s journey so far, the people and projects that have made this a reality, and what is planned for the future.

Thanks to the SSV community, Contributors, and everyone who’s on this journey with us.

Journey from Testnet to Mainnet

The SSV Network began as a joint research project with the Ethereum Foundation in 2020/2021, aiming to develop a secure method for splitting Eth2 validator keys among non-trusting operators. By mid-May 2021, the first phase of testing on the SSV Node was completed, followed by the introduction of the first user interface. In January 2022, the network launched its first incentivized testnet — Primus, which had 10K validators and 1066 operators.

After celebrating the Ethereum merge, Shifu (SSV testnet v2) was released in August 2022, featuring the SSV token integration, operator management, and network configuration upgrades. Shifu V2 went live in January 2023, enabling all Beacon Chain duties for SSV nodes, a first or DVT at the time.

The final testnet, JATO (SSV testnet v3), launched in March 2023, leading to a phased mainnet rollout starting in July 2023 and concluding with 10 Launch Partners in December 2023. This phased approach ensured all critical aspects of the network were ready, including node operators, validator infrastructure, and launch partners, while being fully permissionless for solo stakers and node operators.

Today, the SSV Network proudly celebrates a monumental achievement: 1 million ETH staked!

Security and Audits

Through the various iterations, SSV Network security has always been a top priority. The smart contracts, SSV Node & Spec, and DKG tool have completed multiple security tests and audits to ensure the security of the infrastructure and code for users and builders.

• The SSV Specification audit was conducted by Least Authority in June 2023 (Link).
• The SSV Node audit was conducted by Least Authority in August 2023 (Link).
• The first audit of Smart Contracts was conducted by Quantstamp in March 2023 (Link).
• The Smart Contracts audit for permissionless and validator exit update was conducted by Quantstamp in October 2023 (Link).
• The Smart Contracts audit for validator bulk features was conducted by Quantstamp in January 2024 (Link).
• The SSV DKG audit was conducted by Slowmist in April 2024 (Link).
• The Smart Contracts audit for multi-operator and multi-address whitelist was conducted by Quantstamp in June 2024 (Link).

Bug Bounty — Since September 2023, SSV has had a $1M bug bounty available on Immunefi, with $30,000 USD already paid out to helpful whitehats to protect the protocol.

All the above can also be found in the Dev Center and Documentation.

Growing Ecosystem & Integrations

Since the permissionless launch in December 2023, more than 10 staking applications built on SSV have gone live. There are currently 41 grants in progress, many from OGs in the staking space that are leveraging DVT for their re/staking operations and tooling for the network.

So far, SSV DAO has allocated just over $ 3 million to grants, building a vibrant ecosystem. The ultimate goal here is to provide new and existing stakers with diverse onramps to DVT-powered staking.

In addition to the grants, various integrations (including Lido, Ether.fi, P2P.org, and Stakewise DVT Vaults) are now using SSV to secure their portion of 1M ETH. In the restaking industry, SSV Network has become a household name synonymous with resilience, security, and decentralization. SSV currently secures over $1.2b for restaking services that want bullet-proof and decentralized node operations to help safeguard the Ethereum base layer while sharing its cryptoeconomic security.

As the SSV Network has matured, integration and development have become simpler and require less engineering effort. The revised grants strategy focuses on fostering innovation through open grants for unique use cases and strategic partnerships for critical ecosystem components.

A Free Market for Node Operators

In just over 6 months, more than 700 node operators have joined the network. These different node operators range from permissionless solo stakers to verified enterprise node operators, each playing an essential role in the ecosystem. SSV’s first-of-a-kind fully composable marketplace of node operators enables validators registered to the network to be split between nodes with different locations, EL/CL clients, and infra types (hardware or cloud service), ensuring decentralization from the component level upward.

Having a free market of node operators not only allows stakers to decentralize their setup as much as they want but also to take operator fees into account. This is very useful if a staker needs to consider costs regarding which operators will maintain their validator(s) and how many.

From the developer’s perspective, SSV has become the new gold standard for staking. Being able to plug into a globally distributed network of highly performant nodes ensures that builders can focus on their products. Not only does this save on infra costs, but it also allows builders to get their products to market faster — since SSV takes care of node ops.

The SSV DAO would like to give a shout-out to all the node operators who have joined this journey. You have all played an essential role in reaching this amazing milestone.

Creating an Open-Source Public Good

Since the protocol’s inception, the aim has been for SSV Network to be an open-source and community-owned protocol. From a few DVT and staking enthusiasts, the SSV DAO has grown into a self-sustaining engine, with various committees — and an active community — driving the protocol into the future.

Web 3’s innate difference in that community comes first has been an advantage for the protocol. With active stewardship, the community has voted on proposals that benefit the protocol as a whole. By using delegation, token holders have selected champions, ensuring their voices are heard and supported by the SSV Foundation, which executes in the real world.

By initiating programs such as the SSVdivers Ambassador program and Community Associates Program, community members can help the protocol grow by utilizing their individual skill sets and getting rewarded for it. It’s more than possible for a new contributor to become part of an essential committee down the line.

Excited about the future of ETH staking? Get involved!

Looking Ahead: The Future of SSV

The ssv.network DAO is excited to see what its contributors will showcase in the next 6–12 months. During this time some of the SSV optimizations will focus on scaling with some of them outlined in the scaling roadmap. Since the network has grown so much in recent months it is imperative that the network scale with increased usage. This is essentially a good situation to be in and means the network is being utilized more frequently.

The SSV DAO and various contributors are hard at work in ensuring the continued growth of the ecosystem. Pursuing more high-value integrations and critical components/tooling for the ecosystem will create more impetus to use the infrastructure. The SSV DAO encourages everyone who is excited about the future of staking and wants to play an active role in its proliferation to join the vibrant community. Join the Discord!

Conclusion

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. Participate, stake ETH, and contribute to the ongoing success and growth of the SSV Network.

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