Despite short-term volatility in Bitcoin‘s price, investors are very hopeful for the years following the next. If the years 2024-2025 unfold as expected, we may see new players akin to the altcoins like SOL and AVAX, which experienced parabolic rises in 2021. Therefore, investors should closely monitor new and lesser-known assets.
Ethereum’s staking infrastructure provider, SSV Network, has launched its mainnet, becoming the first crypto project to utilize “distributed validator technology” (DVT). This kind of innovation can lead to significant growth in the long run, and SSV might make some noise in the industry. DVT allows Ethereum validators to share their responsibilities with multiple parties, reducing errors and supporting flexibility.
According to the project’s announcement, the launch of the SSV Network also supports the strength of the Ethereum network. Alon Muroch, the core team founder of the SSV Network, said:
“DVT has the potential to make Ethereum much more secure and safe, and it addresses major challenges such as decentralization and resistance to censorship.”
Serious concerns ranging from OFAC censorship to centralization risks of the network are currently plaguing Ethereum. These FUDs excessively occupying the agenda were also reasons behind the negative trend in ETH price in recent months.
The current state of Ethereum staking poses a risk of centralization by major staking service providers. For instance, Lido and Coinbase alone control 46% of the Ethereum staking market share. Vitalik Buterin, the co-founder of Ethereum, has recently drawn attention to this issue, indicating it poses a significant threat to the future.
Lido is in discussions to increase the decentralization of its operations by partnering with the SSV Network, and Muroch stated:
“We are in our third round of testing with Lido and expect to go live on the mainnet with them in the first quarter of next year.”
Now, let’s get to the main hint. Muroch hinted at discussions with major central exchanges. If what is expected happens and, following Lido, central exchanges also collaborate with SSV under community pressure, this could initiate a chain of major partnerships that would push the price of SSV Coin upwards.
The SSV Network launched its joint mainnet in September and since then, $160 million worth of Ether has been staked on the network. The price of SSV Coin is up 5% today, with a market value of $238 million. Even though the importance of the initiative may not have been fully understood a few years ago, now, with Vitalik Buterin also expressing his concerns, the years 2024-2025 could be its era.
