Incentivized Mainnet FAQ
What is IMP? The Incentivized Mainnet Program (IMP) is an initiative from SSV Network DAO, made available by the SSV Foundation, designed to accelerate the adoption of Distributed Validator Technology (DVT) by rewarding participants with SSV Tokens who operate validators on the SSV Network. Launched in October 2023, the program offers tiered rewards to incentivize early and continued participation.
These Terms are part of the general SSV Terms of Service (hereinafter the General Terms, available here https://ssv.network/terms-of-service/. The DAO Proposal and any extensions to it (DIP) shall also be deemed as part of the terms and conditions applicable to IMP (as these are published here https://ssv.network/incentivized-mainnet-faq/ . BY PARTICIPATING IN THE IMP, THE PARTICIPANTS ACKNOWLEDGE THAT THEY HAVE READ, UNDERSTOOD, AND AGREED TO THE IMP TERMS AND CONDITIONS AND RELATED TERMS AS REFERRED TO HEREIN (hereinafter the “TERMS”).
Capital terms used herein and not defined shall have the meaning ascribed to them in the General Terms.
Who can participate? No person who is headed in any Prohibited Territory or is subject to any Sanctions List or directly or indirectly owned, controlled, employed by, affiliated or associated with, or acts on behalf of any person (natural or legal) subject to any Sanctions List, s eligible for the IMP as these terms are defined in the General Terms (the “Participant”). PARTICIPANTS BASED OR REGISTERED IN PROHIBITED TERRITORY, THAT PERFORM A PROHIBITED ACTIVITY OR THAT HAVE BEEN SLASHED DURING THE IMP DUE TO MISBEHAVIOR SHALL BE PERMANENTLY DISQUALIFIED FROM PARTICIPATION AND REWARDS. WE NOTE THAT WALLET SCREENING WILL OCCUR WHEN REWARDS ARE CALCULATED.
Where do I find the latest updates? The following FAQ contains general statements about the mechanics of the IMP. The exact mechanics and parameters defined by the SSV Network DAO will result from the governance vote and are subject to changes. Always refer to the latest IMP-related SSV Network DAO Snapshot vote on https://snapshot.box/#/s:mainnet.ssvnetwork.eth (“Snapshot”).
When does IMP terminate? The termination date may change, subject to the DAO Proposal. For updated information on this, please see the latest updated DIP on Snapshot (“Termination Date”).
When are distributions made? Rewards will be calculated and distributed on a per-round basis throughout the life of the IMP. Rewards for the previous month will be claimable the following month, following the latest updated DIP on Snapshot. Unclaimed rewards will be carried over to the next round of distribution. Any unclaimed rewards will be returned to the DAO treasury according to the latest DIP on Snapshot.
How are calculations made?
Monthly Snapshots: At the beginning of each month, a snapshot captures all active validators participating in the SSV Network. This snapshot records validator metrics and their activity during the preceding month.
Reward Tiers: The IMP employs a tiered reward system based on the total number of active validators and the effective validator balance, respectively. Reward tiers are subject to DAO decisions and the latest revision on Snapshot. After collection, the data undergoes analysis to compute individual rewards based on the aforementioned factors. The results are then published on the SSV governance forum for transparency and community verification. Following the publication, a Merkle root representing the reward distribution is updated on-chain. This cryptographic proof allows eligible validators to claim their rewards securely through designated platforms.
How can I make my claims? Claims must be made through Third-Party websites or directly by the Participant by accessing the underlying Smart Contracts, using the Merkle root above. SSV Network DAO is not liable for rewards or the claiming process. WE NOTE THAT YOU MAY BE EXCLUDED FROM THE IMP IN CASE OF BREACH OF THE ELIGIBILITY CRITERIA, INCLUDING PARTICIPANTS BASED OR REGISTERED IN PROHIBITED TERRITORY, THAT PERFORM A PROHIBITED ACTIVITY OR THAT HAVE BEEN SLASHED DURING THE IMP DUE TO MISBEHAVIOR.
What do I win with the SSV Tokens? The SSV token is the native ERC-20 utility token of the SSV Network, a decentralized staking infrastructure on the Ethereum blockchain. It serves two primary functions:
- Governance: SSV token holders participate in the network’s decentralized autonomous organization (DAO), enabling them to propose and vote on decisions that shape the network’s development and operations.
- Payment of Fees: Stakers use SSV tokens to compensate operators who manage their validators. Each operator sets their fee, and stakers pay these fees in SSV tokens for the services provided. Additionally, a portion of these fees is allocated to the DAO treasury to support the network’s growth and development.
This dual utility fosters a symbiotic relationship between stakers and operators, aligning their interests and promoting the overall health and decentralization of the SSV Network.
How can I follow my incentives? You can access this through the Smart Contract or through the Third Party Service provider used for staking.
Can I withdraw from the IMP? Yes, you can withdraw your SSV tokens from the IMP. The withdrawal process is made through the SSV App. Once the transaction is processed, your SSV token balance will reflect the withdrawn amount. It’s important to note that while the unstaking process typically takes up to one day, the subsequent withdrawal period may vary depending on network conditions and the number of users exiting the network simultaneously. For detailed instructions, refer to the official SSV Network Documentation on withdrawing from SSV available at docs.ssv.network.
MISCELLANEOUS
Disclaimer It is the sole responsibility of the Participant to conduct appropriate due diligence, maintain access to validator keys, and ensure compliance with all technical and operational requirements. Participation through a third party does not guarantee eligibility for rewards or correct attribution under the IMP.
Third Party Services We note that where you use Third Party Services to provide stake services. SSV Network DAO, its affiliates, contributors or developers do not endorse, control or assume any responsibility for these Third Party Services providers and you will be subject to the terms and conditions applicable by those Third Parties.
No Liability THE SSV NETWORK PARTIES SHALL NOT BE LIABLE FOR ANY LOSS, DAMAGES, MISMANAGEMENT OF KEYS, VALIDATOR SLASHING, MISSED REWARDS, OR OTHER ADVERSE OUTCOMES RESULTING FROM THE USE OF ANY THIRD-PARTY SERVICES, INCLUDING BUT NOT LIMITED TO MULTI-SIGNATURE WALLETS, STAKING POOLS, OR VALIDATOR NODE OPERATORS. SSV NETWORK DAO WILL NOT BE LIABLE FOR ANY ERROR IN CALCULATION OR PROCESSING, NOR FOR ANY CLAIMS OR REWARDS THEREOF.
Indemnity. By using a Third Party Services Provider, Participants agree to indemnify and hold harmless the SSV Network DAO, its affiliates, contributors or developers from any claims or liabilities arising out of or related to such use.
Contact us in case of any questions with respect to these Terms, please contact us at hello@ssv.network.
PLEASE REFER TO THE GENERAL TERMS AVAILABLE AT https://ssv.network/terms-of-service/ FOR MORE INFORMATION ON THE SITE, APP AND PROTOCOL AND APPLICABLE RISKS.