SSV Network secures $6.5B with Ethereum-based apps

SSV Network (CRYPTO:SSV) has unveiled a new framework to support "based" applications (bApps) directly integrated with Ethereum’s (CRYPTO:ETH) layer-1 chain.

The upgrade, known as SSV 2.0, leverages Distributed Validator Technology (DVT) and Ethereum validators to enhance security for bApps.

According to SSV Network, this infrastructure aims to address the demand for interoperable solutions anchored in Ethereum’s core security layer.

Alon Muroch, CEO of SSV Labs, described the project as the network’s “most ambitious” initiative, emphasising its potential to reshape the restaking market.

The framework introduces several features, including a coordination layer called SSV Chain, which enables cross-chain compatibility with proof-of-stake blockchains like Solana (CRYPTO:SOL) and Avalanche (CRYPTO:AVAX).

Additionally, a revised tokenomics model offers staking rewards and burning mechanisms while increasing validator earning opportunities through bApp security services.

The new infrastructure addresses challenges related to Ethereum's ecosystem fragmentation caused by layer-2 solutions.

Layer-2 networks have improved scalability but created isolated ecosystems with separate liquidity pools and development environments.

“Ethereum should be more connected at the base layer,” noted Jesse Pollak from Coinbase’s L2 network Base, adding that based rollups could strengthen security guarantees while improving interoperability.

Based rollups rely on Ethereum’s validator set for transaction sequencing, allowing for low-latency pre-confirmations and efficient processing.

SSV Network currently secures over $6.5 billion in total value locked (TVL) with more than 2 million ETH restaked and 1,250 operators involved in its ecosystem.

This initiative is seen as a step toward addressing scalability and security challenges while fostering greater connectivity within Ethereum’s ecosystem.

By anchoring bApps directly to Ethereum’s validator network, SSV Network aims to create a more cohesive and robust blockchain infrastructure for developers and users alike.

At the time of reporting, the SSV Network (SSV) price was $17.27 and the Ethereum (ETH) price was $3,093.20.