Decentralizing Ethereum: Foundry Staking Partners with SSV Network as Mainnet Verified Operator
SSV offers a vital infrastructure solution aimed at bolstering the decentralization and security of Ethereum validators.
Authored by Product Owner Ian Humes.
Embracing Distributed Validator Technology
Last week we announced Foundry’s designation as a Mainnet Verified Operator within the SSV Network. SSV (Secret Shared Validators), is a ground-breaking leader in DVT (Distributed Validator Technology), which offers a vital infrastructure solution aimed at bolstering the decentralization and security of Ethereum validators. Foundry’s Mainnet Verified Operator designation signifies that our staking operations have undergone evaluation, ensuring exceptional uptime and robustness across our infrastructure, software, and hardware.
Being recognized as a verified operator on SSV is a significant achievement for Foundry, carrying substantial responsibility. Foundry, along with other verified operators, is participating in the protocol’s landmark limited mainnet launch, providing premium services. Collaborating with the SSV team, Foundry places immense importance on reliability and performance, intending to contribute substantially to the network’s success.
What is SSV?
At the core of SSV is active-active redundancy, a process that enables the division of validator keys into multiple keyshares, distributed across multiple entities. Typically, a single party operates Ethereum validators, creating a potential single point of failure. The introduction of SSV mitigates this risk by sharing operations that were once handled by that single entity across several participants. This unique approach facilitates robust client, geographic, and infrastructure diversification, thereby further enhancing the security and reliability of the network.
Who Can Participate in the SSV Network?
The SSV network is designed to service participants from small DIY stakers to large staking pools. The overarching vision is to advance Ethereum’s evolution by challenging traditional perceptions of how validators operate. This setup also substantially reduces slashing risks, a prevalent issue when running a single party active-passive setup and allows various participants to contribute to the success of the validator.
Key participants in the SSV network are:
- Stakers: Ethereum holders running a validator and aiming to bypass the technical hurdles associated operation, whether you’re a solo staker or staking pool.
- Operators: Infrastructure providers tasked with managing the operations of the validator.
- Liquidators: Actors who maintain network solvency by alerting stakers with insufficient balances.
- The DAO: The decentralized autonomous organization overseeing the network.
What fees are associated with SSV?
The network’s payment system utilizes SSV tokens, aligning the interests of network participants. Stakers pay operators in SSV tokens, thus fostering a ‘free market’ environment where operators vie for staked value.
Conclusion
SSV offers a comprehensive, decentralized solution for Ethereum staking. It enhances security, reliability, and fosters a competitive, transparent environment overall. Being a verified operator signifies a commitment to uphold these principles and work diligently to sustain the overall health and efficiency of the network. By aligning ourselves with SSV, Foundry is actively working towards a world where Ethereum validators have more diversity, fault tolerance, and redundancy. We look forward to the promising journey ahead.
Disclaimer
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