TL;DR
- SSV Network has launched a new 2.0 upgrade that integrates ‘based’ apps directly with Ethereum’s chain, enhancing the security and scalability of the ecosystem.
- The new security model allows direct participation in Ethereum’s validator network without requiring additional tokens, eliminating risks of traditional restaking models.
- This upgrade includes a coordination layer to enable compatibility between chains like Solana, Avalanche, and Cosmos, optimizing global interoperability.
SSV Network has announced the launch of a major update to its infrastructure, called SSV 2.0, which promises to revolutionize how Ethereum manages its security. The upgrade will allow applications known as “based apps” or “bApps” to connect directly with Ethereum’s layer-1 chain, utilizing Ethereum’s validators as the foundation to secure these applications, providing a new level of integration and efficiency for the network.
Enhancing Ethereum’s Interoperability and Scalability
The introduction of bApps focuses on improving interoperability and scalability within the Ethereum ecosystem. This “based apps” infrastructure relies on Distributed Validator Technology (DVT), ensuring layer-1 security without the need for additional tokens, thus eliminating complications found in traditional restaking models. Additionally, this upgrade offers a security model called “infinite-sum,” meaning that as more users participate, the network becomes stronger and more resilient, enhancing its ability to scale in response to increased demand.
SSV Labs founder and CEO Alon Muroch highlighted that this is one of the company’s most ambitious initiatives, and if successfully implemented through the network’s decentralized autonomous organization (DAO), it could significantly transform the restaking market. He also explained that this change aims to address one of Ethereum’s major challenges: scalability fragmentation. While layer-2 solutions have improved scalability, they have also caused fragmentation due to separate ecosystems, liquidity pools, and distinct development environments, creating a need for a more unified solution.
The new model also includes a coordination layer called SSV Chain, which will facilitate compatibility between Ethereum and other proof-of-stake blockchains like Solana, Avalanche, and Cosmos. This component is crucial for integrating various blockchain networks without compromising the security provided by Ethereum, paving the way for seamless cross-chain interactions.
Furthermore, the upgrade introduces an updated tokenomics model, which includes new staking rewards and burning mechanisms, as well as enhanced earning potential for validators by securing bApps and providing services within the network. This new model aims to promote greater participation in the ecosystem, benefiting both developers and investors while fostering more innovation and collaboration across the blockchain space.
SSV Network currently secures over $6.5 billion in total value locked, with over 2 million ETH restaked and 1,250 active operators. This 2.0 upgrade further strengthens SSV Network’s position as a key player in Ethereum’s restaking infrastructure, ensuring the network’s continued growth and security in the rapidly evolving blockchain landscape.
