SSV Network recently revealed SSV 2.0, a recent bootstrapping model to bring “Based” Applications (bApps) to Ethereum. The brand new infrastructure framework goals to reinforce the network’s security and enable “truly decentralized” bApps without compromising Ethereum’s core values.
SSV Network To Bring ‘Based Applications’ To Ethereum
SSV Network announced SSV 2.0, an infrastructure framework created to “address the increasing ecosystem fragmentation” and growing demand for Layer 1 (L1)-anchored interoperable solutions.
SSV Network is a completely decentralized distributed staking infrastructure securing 1.9 million staked ETH. The staking network allows the distributed operation of Ethereum validators using Secret Shared Validators (SSV).
In keeping with the announcement, the brand new bootstrapping model will allow applications “to go ‘based’” by directly leveraging Ethereum’s validator network. The “based” approach is ready to “reunite fragmented liquidity while enhancing security” through Ethereum’s validator infrastructure.
Furthermore, SSV Network highlighted the expansion of the based ecosystem, which creates a necessity for “a based solution to bootstrapping.” It also noted that SSV 2.0 goals to permit developers to construct on Ethereum L1 in a “way that’s aligned with the unique values and future vision of the ETH ecosystem.”
This includes solving several core issues like fragmentation, high bootstrapping costs, and inadequate security for a lot of Layer 2 (L2). Founder and CEO of SSV Labs, Alon Muroch, stated that the project could change the restaking market, create a recent “based economy,” and transform the network’s economics:
SSV2.0 is the most important, most ambitious project for the SSV Network DAO that has ever been envisioned. If put in place by the DAO, it’s going to profoundly change the restaking market and can create a recent ‘Based Economy’ where validators directly secure the bApps of tomorrow. All while positively transforming the SSV economics.
A ‘Recent Class’ Of Decentralized Apps
In keeping with the announcement, SSV 2.0 bases any services or applications directly on the Ethereum L1, making a “recent class of decentralized applications” that permits validators to do more. Moreover, it goals to be certain that bApps can use Ethereum L1’s security, decentralization, and Sybil resistance.
A bApp gains security directly from the L1 as a substitute of utilizing different tokens like in current restaking models, making them more Ethereum-aligned and never exposing Ethereum or its validators to cascading risks. Moreover, gaining more security for the associated fee of bootstrapping SSV 2.0 extends beyond traditional bootstrapping approaches by introducing the primary ‘Infinite-sum’ security model, where increased participation strengthens your entire network slightly than creating zero-sum competition.
The brand new model utilizes the validator as the premise of security to supply a “shared security foundation” to bootstrap any use case, including L2s, oracles, fraud-proofs, and other things that require validation and security.
Meanwhile, validators will find a way to unlock advantages by helping bApps bootstrap. SSV Network states that in SSV 2.0, validators can increase their gains by opting into secure bApps or providing different services, like L2 sequencing or validator commitments, to people who need it.
The team announced the event of the SVV Chain as the primary bApp to “support the coordination of the brand new based economy.” The dedicated chain will act as a secure coordinator layer to enable the extension of the SSV network to multiple L1s, including Solana, Avalanche, and Cosmos.
Moreover, SSV Network unveiled its tokenomic changes as a part of its transformation from a Distributed Validator Technology (DVT)-powered staking infrastructure right into a multidimensional network for the based economy. “First, SSV 2.0 will enable anyone to take part in securing bApps and get rewarded by staking SSV. Second, the SSV token will introduce recent burning and fee mechanisms,” the announcement read.
Ethereum (ETH)'s performance within the one-week chart. Source: ETHUSDT on TradingView
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