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.
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.
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.
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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SSV Network is a fast-growing provider of liquid staking infrastructure.
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The developers launched a $50 million ecosystem growth fund.
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It has formed a rising broadening wedge and a bearish engulfing pattern.
Liquid staking is doing well as investors wait for the upcoming Ethereum’s Shanghai upgrade. Lido DAO, the biggest liquid staking provider, has grown to become the biggest DeFi provider in the world. And SSV, a leading liquid staking infrastructure provider, has seen its token grow by more than 91% this year.
SSV launches ecosystem fund
SSV Network announced that it was launching a new $50 million ecosystem fund in a bid to grow its ecosystem. For starters, SSV does not offer liquid staking itself. Instead, it partners with staking providers like Lido to offer a distributed validator technology (DLT) solution. By so doing, most developers can focus on what they do best.
SSV Network said that the fund will go to developers working on the DVT technology. It comes a year after the developers launched a $3 million fund. It has distributed some of those funds to companies like Ankr, Stader, and Moonstake. SSV also allocated $10 million in 2022 as we wrote here. In a statement, the co-lead of SSV network said:
”Distributing Ethereum’s security layer has never been more important. The protocol is currently secured by a small group of companies that, when put together, control the entire Blockchain. DVT’s aim is to distribute Ethereum’s security by offering quick and easy access to an open-source public good.”
The major catalyst for the SSV token price will be the upcoming Shanghai upgrade that will let Ethereum holders be able to withdraw their staked coins. Another catalyst for the token will be SSV’s mainnet launch which will happen in the next few months. Its testnet is already up and running. It has 763 operators and 5,307 validators with 168,824 ETH staked. At the current price, the amount is worth over $260 million.
SSV crypto price forecast
The 4H chart shows that the SSV Network price has been in a steady bullish trend in the past few months. However, a closer look shows that several bearish patterns have started forming. The token has formed a bearish engulfing pattern, which is usually a warning sign. Further, the token has formed an ascending broadening wedge pattern. In price action analysis, this pattern is also a bearish sign.
Therefore, the outlook for SSV crypto price is bearish, with the next level to watch will be the lower side of the ascending wedge at $16. The trend invalidation point for this trade will be at this week’s high of $21.67.
How to buy SSV Network token
Cryptocurrency prices remained on edge this week as the collapse of FTX continued. During the week, Genesis, a leading crypto exchange, suspended its withdrawals briefly. Similarly, a crypto lender associated with Digital Currency Group (DCG) suspended most of its business. Bitcoin remained at $16,000. Here are the top coins to trade during the weekend: SSV, SafePal, and Chiliz.
SSV price prediction
SSV Network is an upcoming blockchain project that provides distributed validator infrastructure services for developers. It is designed for building high-performance, secure, and decentralized ETH staking applications. Some of the products using its network are Infinite Lux, Swell Network, Ankr, and Stader among others.
SSV price has made a modest recovery in the past few days. This recovery happened after the network partnered and provided a grant to Moonstake. Most importantly, it partnered with Lido, the biggest liquid staking platform in the world. Lido will use its distributed validator technology to scale its operations.
The daily chart shows that SSV price has made a strong recovery in the past few days. In this period, it has managed to move from below the 78.6% retracement to 61.8% retracement point. It is also consolidating at the 25-day and 50-day moving averages.
Therefore, it is clear that SSV Network is not out of the woods yet. A bull run will be confirmed only when it moves above the two MAs and the 50% Fibonacci Retracement level. Therefore, a pullback cannot be ruled out during the weekend.
How to buy SSV
Safepal price prediction
Safepal is a crypto wallet that helps protect their cryptocurrencies. It has a hardware crypto wallet and mobile applications that are used by thousands of users. The Safepal price has done well in the past few weeks as it rallied by more than 170% from its lowest level this month. This recovery happened as people moved their coins to secure wallets.
On the daily chart, we see that the SFP price made a strong bullish breakout this week. As it rose, it managed to move above the important resistance level at $0.5985, which was the highest level since August of this year.
SafePal price also moved above all moving averages while the Relative Strength Index (RSI) moved to the overbought level. Therefore, the coin will likely pull back as investors start taking profits. If this happens, it will likely retest the support at $0.60.
How to buy Safepal
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Swapzone
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
Chiliz (CHZ)
Chiliz price has done well in the past few days as the World Cup nears. In this period, it has rallied from a low of $0.1445, which was the lowest level this month. It soared to the current $0.240.
The coin has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the neutral point. The coin will likely continue soaring as the enthusiasm of the upcoming World Cup event nears. This recovery could see it rise to the important resistance at $0.3066.
How to buy Chiliz
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
The SSV Network price has defied gravity in the past few weeks even as other cryptocurrencies recoil. The token’s price jumped to a high of $17.50, which was the highest level since April 20th. It has jumped by over 276% above the lowest level in July, bringing its total market cap to about $103 million.
What is SSV and why is it rising?
SSV Network is a relatively small blockchain project that enables developers to build ETH staking applications. Some of those applications are staking pools, staking services, and solo stakers. Some of the top projects building on SSV’s infrastructure are Stader, Ankr, Swell Network, and Blockscape among others.
SSV Network price has jumped sharply in the past few weeks as investors wait for the upcoming Ethereum merge event. Merge is an important process that will transition Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) platform.
As a result, Ethereum will become a substantially fast and cost-effective blockchain platform. Transactions per second (TPS) will rise from about 20 to over 1,000. At the same time, the average transaction cost will drop to just cents. This transition also explains why ETH price has jumped sharply in the past few days.
SSV price has also risen because of the growing adoption of the platform. Some of the top companies that have partnered with the network are Coinbase Ventures, Delight Labs, Everstake, and Huobi Pool among others.
SSV Network price prediction
The daily chart shows that the SSV Network price has been in a strong bullish trend in the past few months. The uptrend started when the coin dropped to a low of $3.67 on June 18. As it rose, it managed to move above the important resistance level at $5.50, which was the lowest level on June 22nd.
The coin has managed to move above the 25-day and 50-day moving averages. It also rose above the 61.8% Fibonacci Retracement level. The Relative Strength Index (RSI) has rallied above the neutral level of 50.
Therefore, the coin will likely continue rising as bulls target the next key resistance level at $20. A move below the support at $11 will invalidate the bullish view.
The Ethereum network will soon leave its proof of work mechanism and migrate to a proof of stake.
SSV DAO, the body responsible for building ssv.network, announced earlier today that it will distribute grants to development teams to help decentralise Ethereum’s consensus layer in preparation for its transition to POS.
According to the press release shared with Coinjournal, SSV DAO revealed that it had allocated over $10 million in assets to boost staking activities on the Ethereum network.
This latest development comes after SSV DAO partnered with some industry-leading companies including Coinbase, DCG, and Okex. As a result of these partnerships, SSV DAO is increasing its effort to build the staking infrastructure needed for other decentralised staking applications.
SSV DAO is now encouraging developers to apply for grants and participate in bug bounties and incentivised testnets.
The DAO is set to allocate over $3 million to open and pre-defined grants aimed toward developers to build applications, staking pools, and other tools needed by the network.
It will allocate another $3 million towards bug bounties, while a whopping $4 million is available for incentivised programs for early adopters and testers. These funds would be available to developers in USDC, ETH, and SSV tokens.
Alon Muroch, the head of SSV Protocol commented that;
“The Ethereum community has identified DVT as a crucial component in ensuring that the protocol remains decentralized and secure. We encourage development teams to join the Grant Program and unlock distributed staking on Ethereum for the next billion users.”
According to SSV DAO, developers in the space including RockX, Swell, Forbole, and Ankr have submitted and received roughly $1M in approved grant requests since March.
The team now intends to scale the grant program and invite more companies and developers to build projects on top of the SSV protocol.
Ssv.network provides developers with a stable infrastructure that allows them to build liquid staking protocols, delegation services, and staking pools. The network also solves the blockchain trilemma of centralisation, scalability, and security that have existed since Ethereum’s inception.