4 months ago
The SSV DAO, the decentralized autonomous enactment down the decentralized staking protocol SSV Network, unveiled Tuesday a caller framework, called “SSV 2.0”, which volition let applications to marque usage of “based” exertion by leveraging Ethereum validators.
SSV 2.0 volition beryllium the astir ambitious task for the SSV Network, according to a property merchandise shared with CoinDesk, and volition bring based applications (bApps) to Ethereum.
“Based” applications, particularly “based rollups,” are a caller benignant of exertion attracting the attraction of Ethereum developers arsenic it allows for amended interoperability portion improving the information of networks connected apical of Ethereum.
Based rollups specifically tin beryllium seen arsenic a solution to the galore layer-2 networks connected Ethereum today, which person caused overmuch fragmentation crossed the space. By leveraging “based” technology, those protocols oregon applications tin “base” their information and execution operations disconnected of Ethereum’s layer-1 validator set.
Currently, layer-2 networks usage “sequencers” to bid transactions and station those backmost to Ethereum. The contented with sequencers contiguous is that they stay to beryllium a centralizing constituent and tin beryllium a azygous constituent of failure. By utilizing the validators from the layer-1 to bash the execution and information work, networks tin debar the downfalls of utilizing centralized sequencers.
Furthermore, Ethereum developers agree that based rollups let for amended interoperability successful the network. Ethereum ecosystem members have gathered implicit the past fewer weeks to find ways to lick this issue, and based rollups are seen arsenic a large breakthrough for that.
Now the SSV Network volition besides tackle these issues by bringing applications with based exertion to Ethereum. According to the SSV team, bApps summation “security straight from the L1 alternatively of utilizing antithetic tokens similar successful existent restaking models, making them much Ethereum-aligned and not exposing Ethereum oregon its validators to cascading risks.”
As portion of that, the DAO is suggesting to crook the SSV Network into a bApp. “Transforming the SSV Network from a DVT-powered staking infrastructure into a multidimensional web for the based system volition necessitate an improvement of SSV tokenomics,” the squad shared. (DVT, oregon distributed validator technology, refers to a benignant of tech that allows an Ethereum validator to tally connected aggregate nodes simultaneously.)
“This announcement marks a transformative leap for bootstrapping Ethereum security, addressing the increasing request for Layer 1 (L1)-anchored interoperable solutions - arsenic seen with basal sequencing and based validator commitments - amid expanding ecosystem fragmentation,” the SSV squad said successful the property release.
Read more: SSV DAO Starts $50M Fund to Push Ethereum's Decentralization Plan
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