The SSV DAO, the decentralized autonomous group behind the decentralized staking protocol SSV Community, unveiled Tuesday a brand new framework, referred to as “SSV 2.0”, which is able to permit functions to utilize “based mostly” know-how by leveraging Ethereum validators.
SSV 2.0 would be the most bold mission for the SSV Community, in keeping with a press launch shared with CoinDesk, and can convey based mostly functions (bApps) to Ethereum.
“Primarily based” functions, particularly “based mostly rollups,” are a brand new sort of know-how attracting the eye of Ethereum builders because it permits for higher interoperability whereas bettering the safety of networks on high of Ethereum.
Primarily based rollups particularly may be seen as an answer to the various layer-2 networks on Ethereum as we speak, which have brought on a lot fragmentation throughout the area. By leveraging “based mostly” know-how, these protocols or functions can “base” their safety and execution operations off of Ethereum’s layer-1 validator set.
At the moment, layer-2 networks use “sequencers” to order transactions and put up these again to Ethereum. The problem with sequencers as we speak is that they continue to be to be a centralizing element and could be a single level of failure. By utilizing the validators from the layer-1 to do the execution and safety work, networks can keep away from the downfalls of utilizing centralized sequencers.
Moreover, Ethereum builders agree that based mostly rollups permit for higher interoperability within the community. Ethereum ecosystem members have gathered over the previous couple of weeks to seek out methods to resolve this difficulty, and based mostly rollups are seen as a serious breakthrough for that.
Now the SSV Community will even sort out these points by bringing functions with based mostly know-how to Ethereum. In accordance with the SSV group, bApps achieve “safety straight from the L1 as an alternative of using completely different tokens like in present restaking fashions, making them extra Ethereum-aligned and never exposing Ethereum or its validators to cascading dangers.”
As a part of that, the DAO is suggesting to show the SSV Community right into a bApp. “Remodeling the SSV Community from a DVT-powered staking infrastructure right into a multidimensional community for the based mostly financial system will necessitate an evolution of SSV tokenomics,” the group shared. (DVT, or distributed validator know-how, refers to a sort of tech that enables an Ethereum validator to run on a number of nodes concurrently.)
“This announcement marks a transformative leap for bootstrapping Ethereum safety, addressing the rising demand for Layer 1 (L1)-anchored interoperable options – as seen with base sequencing and based mostly validator commitments – amid rising ecosystem fragmentation,” the SSV group stated within the press launch.
Learn extra: SSV DAO Begins $50M Fund to Push Ethereum’s Decentralization Plan
