The Ethereum network is soon to switch its consensus mechanism from proof of work to proof of stake model. The development triggered numerous changes in the market, including the most recent one from the ssv.network.
The venture recently conducted a fundraiser to help Ethereum users access its decentralized staking offering even after the PoS switch. ssv.network managed to amass over 10 million dollars through the funding with the help of Coinbase, Digital Currency Group, and other users. Almost everything groundbreaking and significant in the world of blockchain right now is taking place in the Ethereum ecosystem. It is the sole cryptocurrency that is right behind Bitcoin. Ethereum, on the other hand, is rising at a far faster rate than Bitcoin. Last year, Ethereum surged by 1000 percent, while Bitcoin increased by 300 percent. As a result, it’ll only be a matter of time until Ethereum catches up to Bitcoin. If you’d like to know more about the future of Ethereum, click on the linked article.
Their first station was the press release attended by the ssv.network where it announced raising over 10 million dollars. The top contributors for the funding included Coinbase, OKX, Digital Currency Group, Lukka, and more. Eran Efrima, a core contributor at ssv.network, stated that the funds would be used to fund collaborations, initiatives, and future grants for participants and developers.
The primary goal behind such operations is to enable a simplified staking and validator nodes process on the Ethereum network. ssv.network launched after getting a grant from Ethereum in 2021 and is currently operating in its testnet.
Ethereum’s plan to switch to the PoS consensus, called the merge, in 2022 itself. The update will bring huge changes, including the removal of authority to validate transactions. After the update, users staking over 32 ETH can run a validator node to earn rewards by validating transactions.
However, depositing 32 ETH requires hefty funds, which most users do not possess. Moreover, validating nodes can be too complicated for several users. That’s why ssv.network’s recently acquired fund will be a great help to Ethereum users for a long time.