SSV upgrade — What’s next

Blox Staking Team
Sep 21 · 4 min read

The CDT -> SSV token upgrade vote is over, SSV token was officially voted in as the ssv.network native token. Here is what’s coming next;

Get ready to upgrade!

In the next few days we will launch the new SSV token page. The upgrade itself will be available in 1+ week from today. Please make sure you use the correct URL for upgrading your CDT!

https://ssv.network/token-upgrade/

After clicking the ‘Upgrade’ button in the token page you will be redirected to the official swap page. Again, also here you must double check the URL is the correct one, cant be too safe:

URL — TBD

The upgrade page is a simple way for anyone to interact with the ‘token upgrade smart contract’. All you need to do is connect your wallet and deposit your CDT to the smart contract. You will then receive SSV tokens in a 1:100 ratio directly to your deposit address (100 CDT = 1 SSV).

SSV token interface

We will gradually swap CDT with SSV token in all the CDT related portals (CMC, CoinGeko etc.). We are aware that the community would like to have native SSV support where CDT is traded. The best way to promote CEX swap is by proposing it to the DAO. We will try to adhere to the community’s requests as much as we can, but listing decisions are ultimately with the exchanges themselves.

All of the changes listed above (and more) will take time to complete. While some are also entirely out of our hands. If anything gets overlooked, please ping us on Discord and we will get to work ASAP.

SSV first use cases

The best possible way to interact with and earn SSV tokens is by participating in the ‘Incentivized testnet program’. Running an SSV node or setting up a validator can rewards you with weekly SSV token airdrops. The total prize pool is 32,000 SSV tokens which will be distributed until the end of this year.

Another way to receive SSV rewards is by collecting POAPs. We already announced an airdrop for the 1st ssv.network community call participants. Other POAPs will entitle holders to receive future airdrops so make sure you collect as many as you can.

Vote! On DAO proposals. We have a lot of important decisions to make and the DAO should be the one that shapes the network’s future. If you are holding the token, you want what’s best for the network, so make sure your voice and ideas are taken into consideration as we co-create the future of staking.

Last but not least, ssv.network always has an open invitation for people who would like to contribute and get rewarded for it. Be creative, apply for grants, write articles, guides, make a cool design. Join and help build the community!

SSV’s future

We are already at work for adding SSV as a native component to the ssv.network protocol. The token will be used for payments; stakers(validators) will be able to choose between operators in the network and pay them a fee in SSV.

We already secured an audit partner (Least Authority) to make sure the smart contracts are properly audited before integrated into the network.

SSV launch partners token sale — coming soon!

Lastly, we are about to announce the ‘SSV launch partners token sale’. This has been in the works for a few months already and we are excited to finally launch the token sale. More details will follow soon! (mentioned first in ‘DAO formation’ section in this link)

Wrap Up — SSV token upgrade is the 1st proposal voted on by the DAO. Having a native token will allow the DAO to bootstrap the network faster and more efficiently. Our goal moving forward is to make sure SSV tokens are spread between projects and people that can help grow/contribute/develop ssv.network.

We still have a long way to go until SSV is fully integrated into the network. We will soon release a more in depth breakdown on SSV tokenomics with all the technical nuts and bolts. The road to decentralizing ETH staking is already paved, we just took the first step. Good luck everyone!

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