Despite the short-term fluctuations in Bitcoin prices, investors are looking forward to the years 2024-2025 with great hope. If these years go as expected, we could see new players like the altcoins SOL and AVAX, which experienced parabolic increases in 2021. Therefore, investors should closely monitor new and less known assets.
Ethereum‘s staking infrastructure provider, SSV Network, has become the first crypto project to utilize “distributed validator technology” (DVT) by launching its mainnet. Such innovations could lead to significant growth in the long term, and SSV may attract attention in the industry. DVT allows Ethereum validators to share their responsibilities with multiple parties, reducing errors and supporting flexibility.
According to the project announcement, the launch of SSV Network also supports the strength of the Ethereum network. Alon Muroch, the founding team leader of SSV Network, stated that DVT could make Ethereum more secure and address significant challenges such as decentralization and resistance to censorship.
The current state of the Ethereum network carries the risk of centralization by large staking service providers. For example, Lido and Coinbase alone control 46% of the Ethereum staking market. Ethereum’s co-founder Vitalik Buterin has highlighted that this issue poses a serious threat for the future.
Lido is considering partnering with SSV Network to increase the decentralization of its operations, and Muroch stated that they are in the third test round with Lido and expect to go live on the mainnet with them in the first quarter of next year.
SSV Network launched its joint mainnet in September, and since then, Ether worth $160 million has been staked on the network. The price of SSV Coin has increased by 5% today, reaching a market value of $238 million. The significance of the initiative may not have been fully understood a few years ago, but now, as Vitalik Buterin has also expressed his concerns, the years 2024-2025 could be his era.