Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

ssv.network Amasses $10 Million to Transform Ethereum 2.0

Published 02/08/2022, 10:00 AM
Updated 02/08/2022, 10:00 AM
ssv.network Amasses $10 Million to Transform Ethereum 2.0

  • ssv.network has collected $10 million to support decentralized staking infrastructure for ETH 2.0.
  • The network has positioned itself as Layer 0 of Ethereum because of the popularity of ETH staking.
  • ssv.network’s technology has attracted plenty of strong partners through its DAO Partner Program.

Open-source and decentralized protocol ssv.network has collected $10 million to support the development of decentralized staking infrastructure for ETH 2.0.

According to information obtained by CoinQuora, the fund will enable it to attain its mission of simplifying the access to decentralized ETH staking. This will be done by enabling a secure method to split a validator key between non-trusting nodes or operators.

This new technology is crucial for solving the fundamental issues of existing large centralized exchanges, staking providers, and even highly technical at-home validators. It provides them with the stability and infrastructure required to develop liquid staking protocols, delegation services, staking pools etc. on Ethereum 2.0.

ssv.network has positioned itself as Layer 0 of Ethereum because of the enormous popularity of ETH staking alongside Ethereum’s upcoming switch to Proof-of-Stake (POS).

The technology has also provided ssv.network with strong partners during the first and second batch of its DAO Partner Program. This incentivizes large ETH stakers to join the SSV DAO, which is still ongoing.

The network has partnered with Coinbase (NASDAQ:COIN), Digital Currency Group, Lukka, and others like Gate.io Ventures, OKEX Ventures, Lead Capital, DSRV, NGC Ventures, Forbole, with more in the pipeline.

Similarly, the network has also onboarded plenty of ecosystem partners such as Chainlayer.io, DappNode, RockX, Allnodes, Stakin, Skillz, BloxStaking, Everstake, Blocscape, Valid Blocks, Shardlabs, AMBER, Infstones, with additional companies, grants, and key figures to join.

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.