SSV Network Received $10 Million To Scale ETH 2.0 Staking: Report

The SSV Network recieved $10 million from DAO partners to scale ETH 2.0 staking infrastructure as we are reading further in our latest Ethereum news.

The open-source and decentralized protocol SSV Network recieved $10 million in funding from the DAO partners to improve the decentralized staking infrastructure for ETH 2.0 before the MErge. SSV Network said in a press release that it received the funds via its DAO Partner Program which is an initaitive launched back in 2021 with a goal to expand the community and to enhance the DAO partnerships. So far, the project conducted the first and second batch of the DAO Partner PRogram that included partnering with technical users, industry leaders, venture capital, and more.

Some notable partenrs that joined the SSV Ecosystem include the digital currency Group, Coinbase, OKEX Ventures, Gate.io Ventures, DappNode, AMBER, Everstake, and Valid Blocks. The proejct hopes to onboard more companies, grants, and key figures as it continues with its partner program. As a fully decentralized open-source protocol, SSV Network focuses on simplyfying the infrastructural access for ETH staking via the secret shared validator technology and the network makes it quite easier for individuals to run the Distributed Ethereum Validator. The network describes itself as the first protocol to allow users to split the validator key between the operators and the non-trusting nodes.

According to the release, the technology gives anyone trustless access to ETH staking by providing a new staking infrastructure while promoting the diversification and decentralization on the ETH network and also uses a network of nodes operating under consensus to generate ETH rewards for the users. Since the protocol focuses on decentralizing staking, SSV Network aims to become Layer 0 of Ethereum this year. Alon Murdoch, the core contributor at SSV Network said:

“We identified DV technology at a very early stage as a critical component in Ethereum’s transition to Eth 2.0. It is incredible to see the level of adoption and participation at such an early stage in the network’s life cycle. ETH staking and DeFi will be some of crypto’s core themes in 2022 and both segments will benefit tremendously from decentralizing Ethereum’s security layer, which we call Layer 0. 2021 was the year of L2, 2022 is set to become the year of Layer 0.”

The project received a grant from the Ethereum Foundation as well back in 2021 and the foundation then labeled its technology under the Distributed Validator TEchnology which is a key element in the ETH 2.0 roadmap.