Home CryptocurrencyAltcoin SSV Launches $50 Million Ecosystem Fund to Support ETH Staking Technology

SSV Launches $50 Million Ecosystem Fund to Support ETH Staking Technology

by SuperiorInvest

Validator infrastructure developer ssv.network has launched a new ecosystem fund to support Ethereum proof-of-stake decentralization, a move the company says will boost innovation around Ether (ETH) staking technology.

A $50 million ecosystem fund will support projects building apps using distributed validator technology, or DVT, the company announced on January 17. The fund is dedicated exclusively to supporting DVT use cases in support of Ethereum’s long-term decentralization efforts.

DVT is an open source protocol that allows validator responsibilities to be distributed among multiple nodes. The protocol was a key part of co-founding Ethereum Vitalik Buterin’s blueprint for Eth 2.0because more DVT implementation means more decentralization.

SSV noted that several venture capitalists – including Digital Currency Group, HashKey, NGC, Everstake, GSR and SevenX – have supported Ethereum’s use of DVT.

SSV said it has already pledged $3 million in developer grants, and that $1.2 million has been allocated to more than 20 proof-of-stake projects, including Blockscape, ANKR, and Moonstake.

According to Alon Muroch, chief development officer at SSV, Ethereum is “currently secured by a small group of companies that, when they come together, control the entire blockchain.” He said the goal of DVT’s technology “is to distribute the security of Ethereum by offering quick and easy access to an open source public good that will completely change the way betting is done today.”

Related: ETH Stakes on Top Exchanges Contribute to Ethereum Censorship: Data

Ethereum’s transition to proof-of-stake is a multi-phase process designed to improve the scalability, security and decentralization of the network. The transition introduced ETH staking, where users actively participate in verifying transactions. The minimum staking limit to become a validator on Ethereum is 32 ETH.

In early December, it was reported that the demand for liquid ETH bets was increasing. Blockchain analytics firm Nansen referred to the ETH staked as “the first revenue vehicle to achieve significant scale in DeFi”.

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