SSV incentivized Testnet !!
🤘Validators, Operators, Verified Operators
🤘SSVnomicks and reward distribution
Testnet V2 is finally LIVE!. Anyone can either become an operator and help other people manage their stake, or, set up a validator and stake ETH on the Beacon chain. SSV.network is the first-ever decentralized staking infrastructure network, and it’s now available for anyone with 32 GoETH.
Enters SSV token
Today we officially announce the SSV.network Incentivisation Program. Operators and Validators will receive SSV airdrops for participating in the network by running SSV nodes and staking GoETH.
Having as many testnet participants as possible is critical for optimizing the network’s performance, accelerating development efforts and constantly receiving much needed feedback. Networks are measured by users and the services they interact with. Introducing an incentivisation program will help grow our user base and ensure the best operators(service providers) are getting compensated for their efforts.
The ultimate goal is to have thousands of validators run by 50+ operators before we launch on mainnet. We are already taking steps to onboard the best in the industry for running SSV nodes and help stakers generate ETH. The next big challenge is to get as many validators as possible and make sure they are diversified across the many service providers in the network.
32,000 SSV tokens!
We decided to hold no stops and launch the biggest incentivisation program in Blox’s history. Anyone who remotely cares about Ethereum and staking in general is welcome to get involved. 32,000 SSV tokens is probably a great start, and we plan to increase the prize pool as the network grows.
The prize pool will be divided between Operators and Validators in the following way:
- 50% to all active validators
- 25% to all Operators (verified and non verified)
- 25% to verified operators only
Every active validator/operator in the network will be eligible to participate in the airdrop. SSV tokens will be airdropped at the end of each month before mainnet launch. We plan the airdrops to last until year end, around 2.5–3 months.
Active participants and verified operators
As a validator(staker) all you need to do is stake 32 GoETH with 4 Operators of your choosing. Your validator has to be active throughout the entire week and maintain 90% attestation rate or above. All eligible validators will be able to take part in the SSV airdrop. Make sure you choose the right combination of operators so you will be able to ensure optimal validator performance.
Stakers will be compensated for operator diversification as well. The lower the amount of validators managed by the operator of your choice, the more rewards you will generate. If you are considering 2 operators with similar performance, choosing the one with less validators will allow you to get more benefits. The idea distributing validators between as many nodes as possible and ensure overall network health.
A great way to view operator stats is in the SSV.network explorer
Operators should run SSV nodes for an entire week with attestation rate above 90%. SSV rewards will be divided between operators according to the # of validators they help manage. For example, if total # of shared keys is 1K and one of the operators is managing 100 keys, that specific operator will be able to claim 10% of the Operator prize pool.
Verified operators share a special reward of 25% of the total reward pool. VOs are known companies/individuals with proven experience in running large scale blockchain infrastructure. VOs are generally considered as safer choices of stakers.
At present, VOs are screened byBlox. In mid September Blox will stop verifying operators. Coming October, the screening process will become much more rigorous and controlled entirely by SSV DAO. The DAO will vote on a structured process all operators should undergo for becoming verified.
The SSV token model
The incentivized testnet program mimics the SSV token model when implemented in mainnet. Operators receive compensation for running nodes, validators get to generate ETH rewards passively while enjoying all the benefits of decentralized ETH staking. We would like to encourage as many people as possible to engage in decentralized ETH staking and become a part of SSV.network from day 1.
SSV token is used for governance as well, rewarding early stage participants will allow us to distribute SSV tokens to as many involved community members as possible. The SSV tokens will enable testnet users to vote on DAO decisions and help shape the future of decentralized staking.
At the end of each week, Blox team will announce a cut-time for calculating reward allocation per eligible operator/validator. Following the cut-time, Blox will present the community with a list of eligible addresses and their share in the prize pool.
Following the list publication, all participants will have the opportunity to challenge the distribution and suggest adjustments to the official allocation table. Blox will review all community suggestions and airdrop the SSV reward pool according to the finalized list.
Building a bigger,better,stronger ecosystem
Similar to every successful use case in the Ethereum ecosystem, staking too, will become completely decentralized. Distributing the network across clients, staking services, cloud providers etc. is pivotal for fighting against centralization. This is SSV.network’s ultimate goal. Chainlink made decentralized oracles possible, The Graph did the same for Blockchain data. We set out to decentralize ETH staking.
The staking space is growing rapidly and is expected to grow exponentially over the coming years. The challenge of distributing the network and making sure Ethereum stays safe and decentralized is immense.
The solution starts with SSV.network. Join us!
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Disclaimer: All elements of the Incentivized Testnet, including its proposed rules and rewards, are subject to change at any time and are at Blox’s full discretion. A comprehensive T&Cs for the program shall be published prior to its launch.