ssv.network launches $50m fund to promote promote Ethereum’s decentralization through DVT apps
“DVT’s aim is to distribute Ethereum’s security by offering quick and easy access to an open-source, public good which will completely change the way staking is operated today.”
ssv.network DAO has announced the launch of a $50 Million Ecosystem Fund dedicated to promote Ethereum’s decentralization through the use of Distributed Validator Technology (“DVT”) based applications.
A host of Staking companies, VCs, and angels from the crypto space have joined forces to help advance the next generation of staking solutions. The fund includes the participation of DCG, OKX, HashKey, NGC, Everstake, HackVC, GSR, Chorus.One SevenX, and 1kx.
DVT and the various use cases being built using the tech are similar to the early days of L2 implementations. However, each technology works on its own specific problem, DVT, focusing on Ethereum’s security and decentralization, and L2s, which focuses on transaction speed and lowering costs.
20+ companies building on top of ssv.network’s DVT protocol
Alon Muroch, Core Dev Lead – ”Distributing Ethereum’s security layer has never been more important. The protocol is currently secured by a small group of companies which, when put together, control the entire Blockchain. DVT’s aim is to distribute Ethereum’s security by offering quick and easy access to an open-source, public good which will completely change the way staking is operated today. There are already more than 20 companies building on top of ssv.network’s DVT protocol and that list is expected to grow significantly with the Eco Fund’s launch”
“We believe that it is a pivotal moment in ETH staking. We expect staked assets to increase as staking yields are considered the benchmark return for ETH owners. A near-term tailwind is Ethereum’s Shanghai Upgrade, which is due to be released in the first half of this year and will enable liquidity for those contributing to the network’s core infrastructure. Few teams are as well-positioned as SSV to convene the diverse and cutting-edge products and applications that are using and developing staking technology. We are excited to support those projects as a founding member of this ecosystem initiative.”
The ssv.network DAO has recently pledged $3 Million for developer grants and over 20 companies were granted $1.2 million to use DVT to build their next-gen applications. Grantees include Blockscape, ANKR, Stader, and Moonstake.
Vitalik Buterin’s Ethereum roadmap toward a fully decentralized Ethereum 2.0 includes the development of DVT. The ssv.network has positioned itself as Ethereum’s security layer – or Layer 0. With each Ethereum validator that uses DVT, the network becomes more decentralized and secure, bringing it one step closer to a global network uncensorable by any one entity.