SSV.Network has announced through its DAO that the protocol’s Total Value Locked (TVL) has surpassed $1B. The milestone represents a 10x increase in TVL since SSV’s permissionless mainnet launch in December and reflects growing demand for SSV’s DVT-powered staking technology.
The SSV.Network currently serves more than 8,500 Ethereum validators, with 266 independent operators having now integrated its technology. The $1B in TVL equates to over 272,000 ETH. SSV’s Distributed Validator Technology (DVT) implementation is recognized as setting the standard for secure staking that reduces centralized risk.
Major third-party protocols integrating SSV’s decentralized staking technology have fueled its rapid adoption. Developers have also created dozens of dapps using SSV’s open-source technology.
Alon Muroch, SSV.Network Core Team Founder, said: “As a fully DAO-governed public good ecosystem that fortifies staking and restaking protocols as well as solo stakers, SSV enables permissionless access to a highly diverse infrastructure. With $1 billion now staked through SSV-powered staking infrastructure, the Ethereum ecosystem is more robust than ever.”
Following SSV’s permissionless launch in December, TVL has accelerated fueled by a spate of integrations into existing staking infrastructure. This growth directly correlates to a more diverse staking pool. Since SSV.Network requires a minimum of four operators, these operators are typically diverse in their location and client usage.
SSV’s composable design allows for seamless integration with staking and restaking protocols. Its technology forms a vital DeFi building block, allowing staking applications to be rapidly developed using SSV infrastructure.
The growing adoption of SSV’s technology is actively helping to reduce the centralization that has formed around the Ethereum staking industry. Previously, a handful of major protocols oversaw the majority of staked ETH, creating potential points of failure. Through implementing SSV’s implementation of DVT, these protocols can expand their validator sets, strengthening the entire staking ecosystem.
Also Read: Staking Legos Ready To Boost Ethereum’s Staking Economy
