SSV.Network Achieves $2B in TVL and Collaborates with Ether.Fi

FinanceFeeds Editorial Team

Explore the latest advancements in staking infrastructure as SSV.Network reaches $2 billion in Total Value Locked (TVL) and collaborates with Ether.Fi to enhance decentralized staking solutions.

Ethereum

Staking infrastructure provider SSV.Network has reached a significant milestone by accumulating $2 billion in Total Value Locked (TVL) through staked ETH. Further strengthening its position, SSV has formed a strategic partnership with Ether.Fi, incorporating its distributed validator technology (DVT) into their advanced restaking platform.

Over a span of just 30 days, the TVL in Ethereum staked through SSV’s decentralized protocol has doubled, now exceeding $2 billion. This surge indicates a doubling in the number of Ethereum validators utilizing SSV’s services, now totaling more than 19,000. The SSV Network protocol currently safeguards over 568,000 ETH, managed by nearly 400 node operators, which includes top-tier staking providers.

Ether.Fi has recently integrated SSV’s Distributed Validator Technology (DVT) into its restaking services. This integration decentralizes and enhances the fault tolerance of Ether.Fi’s staking operations.

Mike Silagadze, CEO of Ether.fi, commented on the partnership: “Ether.fi is committed to enhancing decentralization and resilience in our operations. Partnering with SSV supports our goals and helps maximize the rewards for our users.”

The integration of SSV’s DVT allows any staking application to connect with a worldwide network of high-performance node operators. This connection enables Ether.Fi to diversify its node operator base geographically, thereby strengthening the security of the ETH staked on Ethereum’s foundational layer.

Recently, Ether.Fi added nearly 2,000 validators to the SSV.Network, enhancing its TVL by $200 million. This addition not only boosts resilience but also improves relay reliability by employing operators that utilize the same MEV Relay correlation, thus enhancing the efficiency and stability of the network. An SSV cluster utilized by Ether.Fi recently earned an 11ETH MEV block reward, underscoring the benefits of this integration.

DVT is critical in enhancing ETH staking and safeguarding the network against potential threats. This technology avoids single points of failure and minimizes the risk of penalties by allowing multiple parties, such as professional node operators and individual stakers, to operate a single validator. By enhancing the resilience and reliability of restaking, Ether.Fi is setting new standards in security and trust within the staking ecosystem.

About SSV.Network

SSV.Network develops user-friendly and scalable infrastructure tailored for developers, utilizing the Distributed Validator Technology (DVT) as its core framework. Designed specifically to support Ethereum staking, DVT allows for a permissionless environment where staking operators and validators can easily join and participate in the Ethereum network. This approach democratizes access and fosters a more inclusive ecosystem for Ethereum staking.

Learn more: https://ssv.network/

Read this next

blockdag

Top Bullish Crypto: Fetch.ai & Pepe Coin Price Surge, But BlockDAG Sees Investor Rush as X Series Miners Stand Out

Compare Fetch.ai (FET) Bull Run, Pepe Coin price, and top bullish crypto BlockDAG. Discover why BlockDAG’s innovation and growth potential make it the best choice.

Digital Assets

Coinbase resumes XRP trading in New York after nine-month hiatus

Coinbase has resumed trading for XRP in New York, the company’s chief legal officer, Paul Grewal, announced on Thursday. This comes after a nine-month suspension of the cryptocurrency on the exchange due to regulatory scrutiny.

Institutional FX

Swissquote joins Fortex Hub to expand liquidity distribution

ECN trading platform and technology provider, Fortex Inc. has announced a new integration with Swissquote Group, Switzerland’s provider of online trading services.

Chainwire

Multipool Enters Partnership with Mobilum Offering Users Fiat to DeFi On/Off Ramp

Multipool, a leading innovator in the blockchain and cryptocurrency industry announces a corporate partnership with Mobilum.

Retail FX

IC Markets taps TipRanks’ trading research tools

Sydney-based IC Markets has completed integration of TipRanks’s rating tools, which ranks analysts and financial bloggers based on their picks’ performance analysis, in a bid to provide its clients with new research capabilities.

Digital Assets

Gate.io shelves plan to operate in Hong Kong

Gate Digital Ltd (Gate HK) announced it is winding down operations and has withdrawn its application for a crypto trading platform license in Hong Kong.

Chainwire

Sui and Mesh Combine Forces to Bring Simplified Transactions Across the Sui Ecosystem

With the addition of the Mesh platform, Sui Wallet will achieve product parity with the world’s largest self-custody wallets, while Mesh now natively supports the SUI token

Market News, Tech and Fundamental, Technical Analysis

EURGBP Technical Analysis Report 23 May, 2024

EURGBP currency pair can be expected to rise further toward the next resistance level 0.8560.

Digital Assets

Bybit denies financial woes and hacking rumors

Ben Zhou, CEO of Dubai-based cryptocurrency exchange Bybit, has refuted circulating rumors that the platform has been hacked or is insolvent. Zhou addressed the speculations in a post on the social media platform X.

<