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SSV Network Unveils Plan For Decentralized ETH Staking Infrastructure
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SSV Network Unveils Plan For Decentralized ETH Staking Infrastructure

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
ETH

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The ssv.network has finally announced the launch of its mainnet, bringing a decentralized Ethereum (ETH) staking infrastructure to the Ethereum network. The launch follows more than two years of testing and refining, and the network is poised to revolutionize the staking industry.

SSV Network’s Decentralized Infrastructure

The ssv.network’s mainnet rollout plan includes four phases, each with its goals and provisions. The first phase, beginning in early Q2 2023, ensures that all mainnet parameters are correctly configured. 

The second phase will introduce a complete set of verified operators, while the third phase will introduce builders utilizing the ssv.network infrastructure. Finally, the fourth phase will be the permissionless launch, inviting anyone to use the open protocol to build or stake.

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According to the announcement, the phased approach to the rollout is necessary to ensure that all the various actors and stakeholders in the network are aligned. But what are the benefits of this for the future of ETH staking?

  • Decentralization: The ssv.network is a decentralized and permissionless network that aligns with the core principles of Ethereum. By embracing this vision, the network aims to bolster Ethereum’s resilience and empower the community to shape the future of staking.
  • Fault tolerance: The ssv.network has been built to tackle fundamental Ethereum validator challenges, including fault tolerance. The network is designed to be resilient and able to handle failures in a decentralized manner.
  • Security: The ssv.network has been designed to be secure, with multiple layers of security protocols to ensure the network is safe from attacks.
  • Zero-coordination: The ssv.network has been designed to be a zero-coordination network, meaning that validators do not need to coordinate to validate blocks. Instead, the network uses a mesh-like structure that allows validators to validate blocks independently.

Using the ssv.network for staking ETH provides a secure, resilient, and decentralized way to participate in the Ethereum network. The network’s focus on fault tolerance, security, zero-coordination, diversity, and its self-sustaining ecosystem, makes it an attractive option for anyone looking to stake ETH in the future.

Shanghai Hardfork Sparks Surge In ETH Staking Deposits

The recent implementation of the Shanghai hard fork has resulted in a surge in Ethereum staking deposits, according to analytics firm Glassnode. 

The hard fork, activated on June 2nd, introduced several changes to the Ethereum network, including updates to the gas fee structure and EIP-1559. This new transaction fee mechanism aims to improve the user experience by reducing transaction fees and improving predictability.

Glassnode’s data shows that deposit activity for staking ETH peaked on June 2nd, with over 13,595 new deposits worth over 408,000 ETH. 

This surge in staking deposits suggests that investors and users are gaining confidence in Ethereum’s flexibility following the implementation of the hard fork. Staking allows users to earn rewards by holding and validating transactions on the network, and the recent surge in deposits indicates that more users are becoming interested in this process to participate in the network and earn passive income.

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In contrast to staking deposits, ETH exchange deposit transactions remained flat at around 30,000 during the same period. This suggests that investors and users choose to hold and stake their ETH rather than trade or sell it on exchanges. 

This is a positive sign for the Ethereum network, as staking provides a more stable and secure way to participate, compared to trading on exchanges, which can be subject to market volatility.

ETH
ETH’s minor pullback after failing to breach its upper resistance line on the 1-day chart. Source: ETHUSDT on TradingView.com

As of the time of writing, ETH is trading at $1,948, struggling to break through the upper resistance level of $1,990. Over the last 24 hours, the cryptocurrency market has experienced a pullback, and ETH has declined by 0.8%.

Featured image from Unsplash, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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