What is ssv.network (SSV)?
The SSV Network offers stakers an easy way to earn ETH, all while aiding in the scaling of Ethereum. It has completely decentralized validation, effectively replacing that single validator with several independent operators throughout the globe. Through this, the network seeks to transform the Ethereum ecosystem by rendering failed node validations less probable.
Importance of Decentralized Staking
Staking, particularly staking which is more decentralized, plays a vital role in the maintenance of the resilience and security of blockchain networks. By staking the tokens they own, participants can actively support the consensus mechanism of the network, rendering it more robust in the face of malicious attacks. And if the staking is more decentralized, then there will be fewer points of failure.
The Genesis of ssv.network
The development of the SSV Network can be attributed to Blox, whose team was the founders of Blox Staking, a tool for non-custodial staking, and before that, cryptocurrency accounting, management, and tracking platforms such as CoinDash and Blox.io.
It is worth noting that the SSV Network’s origins are traceable to Blox.io and CoinDash. It was in March 2018 that the rebrand of CoinDash to Blox.io took place. However, two years later, in 2021, Blox shut down its Blox.io platform and shifted towards developing Blox Staking. Then, in February of the same year, the co-founder of Blox, Alon Muroch, received an Ethereum Foundation grant enabling it to create a DVT (Distributed Validator Technology) protocol.
Blox then independently started working on creating that DVT protocol, the SSV Network, and, to that end, carried out a redenomination or rebrand of CDT (CoinDash token) in October 2021 to SSV token, which is what led to what the SSV Network is now.
Since 2021, Coin-Labs.com has partnered with Bybit and is few of the highest-ranking of affiliate program contracts.
Therefore, if you sign up for Bybit through the button above, you will get the most discounted fee benefit and participation in a bonus event offering up to $500.
The Architecture
Let’s briefly take a look at the architectural components of this protocol, i.e., the things that get it running the way it does.
Distributed Validator Technology (DVT)
DVT, short for Distributed Validator Technology, which can also go by SSV, or Secret Shared Validators, is utilized to divide and run Ethereum-based validators between multiple distinct non-trusting nodes.
The Secret Shared Validator (SSV) Protocol
Hence, with the SSV Network, Ethereum-based validator keys can be split into what are referred to as KeyShares.
The KeyShares can then be distributed to several nodes, splitting the responsibility of holding keys online, allowing for better uptime and more participants. Also, the keys can be stored and built offline, which further leads to enhanced security.
Nodes and Operators
Earlier, we mentioned non-trusting nodes. So, as the name alludes, they don’t require trusting one another for a successful operation. This implies that network performance won’t be impacted by faulty nodes, as there won’t be any single point of failure.
Collectively, every node carries out validation duties by utilizing a consensus mechanism while being governed through a consensus layer.
As for operators, they are tasked with managing validators while carrying out various duties on the PoS (proof-of-stake) execution layer of Ethereum, called the Beacon Chain. Consequently, the operators can then, in SSV tokens, fix the annual operator fees they are eligible for.
How Does ssv.network Function?
Below, we will be outlining how some of the processes within the SSV Network work, namely its staking procedure and consensus mechanism.
Staking Process
The staking process at SSV entails stakers locking up some ETH with operators with whom they’re confident, regarding their abilities to secure Ethereum.
Stakers would then need to select a minimum of four operators, after which they may share their validator KeyShares with them while paying an annual fee to them.
By doing this, these stakers will be rewarded, but they may still be subject to a few network fees, which the DAO decides.
Consensus Mechanism
Due to how it’s based on Ethereum, naturally, the consensus mechanism SSV operates uses or caters to is proof-of-stake (PoS), where you have users who stake or offer their holdings as collateral for securing the network.
Performance and Security
Here, we will be discussing how the SSV network ensures its performance and how secure it really is.
Network Performance Metrics
For operators, SSV comes with a performance metric that scores how active and competent the operators can be in fulfilling their duties within the network, which incentivizes good conduct, benefiting the protocol as a result.
Addressing Common Threats
In general, the SSV Network was made to address the threats regarding “single points of failure,” or a lack of sufficient decentralization in certain respects, and also how the lack of scalability affects adoption rates.
Ensuring Data Integrity
SSV addresses challenges pertaining to centralization regarding validator keys and raises fault tolerance throughout Ethereum’s ecosystem, which is a significant leap ahead of current staking schemes.
Should one validator key become faulty or go offline, there’ll be others who may still run the node, increasing the reliability and decentralization of Ethereum and thereby ensuring data integrity.
Competitor Analysis
Here, we’ll go into how SSV compares to other staking platforms out there and what sets it apart.
SSV vs Other Staking Platforms
There aren’t that many staking protocols out there that are in as good a position as the SSV Network in the developmental facilitation of Ethereum’s staking technology.
Moreover, because of the SSV Network’s ecosystem and proprietary DVT protocol, Ethereum’s decentralization is being improved along with a significant reduction in downtime, which can hurt network operations otherwise.
Unique Selling Propositions
Probably one of its most unique propositions, as alluded to earlier, would be how it has been facilitating Ethereum’s continued development or growth through its unique take on validation, which, in turn, makes Ethereum more secure and decentralized.
The SSV Token
Within this section, we will be diving into its native token and how it essentially powers the SSV Network, along with a few stats.
Purpose and Utility
The SSV token is mainly utilized within governance, paying for operator and network fees, and can be staked as well. In other words, it’s deeply intertwined with, or integral to, the SSV Network’s functionality.
Distribution
Due to its nature, the initial token distribution of SSV represented 76.9% of it as simply a conversion from CDT to SSV, while the remaining 23.1% was distributed to new partners.
Allocation
However, the earlier distribution is representative of the 13 million SSV tokens created just after the rebranding or upgrade; there is still another address containing 325 CDT million tokens, which the network plans to convert to 3.25 million SSV tokens. As for the allocation of these tokens, 15.4% each is allocated to the DAO grant and employees, whereas the remaining 69.2% is locked up.
How to Buy SSV Tokens on Binance
If what has been mentioned so far has piqued your interest in acquiring some SSV tokens, then we’ll discuss how that may be done on Binance.
Creating an Account
Click on the link below, which will take you to Binance’s registration page using a special Coin-Labs referral code, and fill in the fields pertaining to your email address, password, and more to complete registration.
Verifying and Securing
This step will entail going through KYC and setting up 2FA, which can be done on Binance’s verification and security pages. For KYC, you’ll need to provide some personal details, and for 2FA, Binance will provide instructions for setting it up.
Funding Your Binance Account
To make that initial deposit, go to the deposit page and select a token and a supporting network. Paste the deposit address generated, then, into an external platform’s withdrawal field, and confirm the fund transfer from there.
Executing Your SSV Token Purchase
There can be several ways on Binance through which SSV tokens may be acquired, such as spot, futures, etc. However, if you want them quickly, then its Convert feature may suit you, as it would only entail a simple token swap.
Transferring SSV Tokens to a Secure Wallet
Once bought, you can transfer your SSV tokens to a secure wallet through Binance’s withdrawal page. Over there, select SSV, a supporting network, paste your wallet’s address within the relevant field, and confirm your transaction.
Future Roadmap of ssv.network
What would the future look like for the SSV Network now? Outlined below are some of the latest features or developments it has planned.
Upcoming Features
While the SSV Network’s mainnet launched just this year, it should be noted that it was a “limited” launch, and the full set of features that it has planned for itself has yet to come to fruition. We still have a ways to go before the “permissionless’ launch, which is the final stage of its roadmap.
Expansion Plans
As far as expansions are concerned, SSV just launched what it calls “Incentive Mainnet,” where, to expand DVT adoption, it released an incentive plan spanning 12 months, during which early DVT adopters will receive lucrative staking rewards.
Conclusion
The ability of the SSV protocol to decentralize and simplify the process of ETH staking at the same time may be enough to help propel both Ethereum and itself forward. What’s also impressive is that, considering its short history, its price growth has been decent enough, despite existing sentiments.
We Coin-Labs.com provides only objective information about ssv.network.
Therefore, we are not responsible for the investment decision in ssv.network and the resulting loss.
ssv.network Basics
Here are some factors that investors should consider before investing in ssv.network.
| Cryptocurrency Features | ssv.network (SSV) |
|---|---|
| Publisher or Developers | Alon Muroch |
| Headquarters (Registration Number) | Tel Aviv, Israel |
| Symbol | SSV |
| Platform | Ethereum |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | No limit |
Reliability Score of ssv.network in 2024
These are indexes mesuring the investment reliability of ssv.network conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 6 Exchanges |
| Number of Available Pairs Worldwide | 142 Pairs |
| Market Cap of the Cryptocurrency | 293,525,817 USD (Rank #155) |
The table above shows the result of investment suitability evaluation for ssv.network.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
ssv.network Price
Here are the price and recent trading volume of ssv.network. (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of ssv.network |
|---|---|
| ssv.network Price | 18.571 USD |
| Price Change 24h | -6.89% |
| Price Change 7d | -13.55% |
| Trading Volume 24h | 18,328,941 USD |
| Trading Volume Change 24h | 8.62% |
Cryptocurrency Metadata
You can check the development status and social media information of ssv.network through the links in the table below.
| Metadata Source | URL |
|---|---|
| π Official Website | https://ssv.network/ |
| π White Paper | https://docs.ssv.network/ |
| π°οΈ Source Code (GitHub) | https://github.com/bloxapp/ssv-web |
| π¦ Twitter | https://twitter.com/ssv_network |
| π€ Reddit | https://reddit.com/r/SSVnetwork/ |
| πΊ Message Board | https://medium.com/bloxstaking |
Where to Buy ssv.network
Here are the top ten world crypto exchanges where traders can buy ssv.network in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/SSV_BTC |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Listed | https://www.kucoin.com/trade/SSV-USDT |
| Bitfinex | Not listed | |
| OKX | Listed | https://www.okx.com/trade-spot/ssv-usdt |
| Huobi | Listed | https://www.htx.com/en-us/trade/ssv_usdt?type=spot |
| Bitstamp | Not listed | |
| Bybit | Listed | https://www.bybit.com/trade/usdt/SSVUSDT |
| Gate.io | Listed | https://www.gate.io/trade/SSV_USDT |
Frequently Asked Questions
What is the current price of ssv.network?
ssv.network price today is 18.571 USD. Furthermore, the price of ssv.network has fluctuated by -6.89% from 24 hours ago, and by -13.55% from a week ago.
Where is ssv.network listed?
Currently, it is listed on a total of 6 among the world top 10 exchanges.
What is the market cap of ssv.network now?
Currently, ssv.network has a market cap of 293,525,817 USD, which is ranking 155 among cryptocurrencies worldwide.
How much is the trade volume of ssv.network?
Currently, 11,555,118 SSV coins are circulating through 142 market pairs. As a result, in the last 24 hours, 18,328,941 USD of SSV coins were traded in the market.
