The SSV DAO, the decentralized autonomous group behind the decentralized staking protocol SSV Community, unveiled Tuesday a brand new framework, known as “SSV 2.0”, which is able to enable purposes to utilize “primarily based” expertise by leveraging Ethereum validators.
SSV 2.0 would be the most bold mission for the SSV Community, in accordance with a press launch shared with CoinDesk, and can deliver primarily based purposes (bApps) to Ethereum.
“Based mostly” purposes, particularly “primarily based rollups,” are a brand new kind of expertise attracting the eye of Ethereum builders because it permits for higher interoperability whereas enhancing the safety of networks on high of Ethereum.
Based mostly rollups particularly may be seen as an answer to the various layer-2 networks on Ethereum at this time, which have precipitated a lot fragmentation throughout the area. By leveraging “primarily based” expertise, these protocols or purposes can “base” their safety and execution operations off of Ethereum’s layer-1 validator set.
At present, layer-2 networks use “sequencers” to order transactions and publish these again to Ethereum. The difficulty with sequencers at this time is that they continue to be to be a centralizing part and generally is a single level of failure. Through the use of 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 primarily based rollups enable for higher interoperability within the community. Ethereum ecosystem members have gathered over the previous couple of weeks to seek out methods to resolve this problem, and primarily based rollups are seen as a serious breakthrough for that.
Now the SSV Community will even deal with these points by bringing purposes with primarily based expertise to Ethereum. In line with the SSV workforce, bApps achieve “safety immediately from the L1 as an alternative of using totally 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. “Reworking the SSV Community from a DVT-powered staking infrastructure right into a multidimensional community for the primarily based economic system will necessitate an evolution of SSV tokenomics,” the workforce shared. (DVT, or distributed validator expertise, refers to a kind of tech that permits 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 primarily based validator commitments – amid rising ecosystem fragmentation,” the SSV workforce stated within the press launch.
Learn extra: SSV DAO Begins $50M Fund to Push Ethereum’s Decentralization Plan