By
Tolu Ajiboye
March 7th, 2024
Both teams have stated that the partnership will be a continuous effort, as they continue to strive to improve the current staking and node-running experience.
Web3-focused decentralized multi-chain infrastructure provider, Ankr, has recently partnered with top distributed validator technology (DVT) infrastructure protocol ssv.network. The partnership, which is a strategic one, is in line with its efforts to improve staking security and bolster decentralization.
Ankr to Integrate SSV Network’s DVT Protocol
According to the announcement, the strategic partnership will help Ankr in many ways. Leveraging the advancement in ssv.network’s DVT, it will look to improve on its risk management as well as validator performance. Furthermore, the move will also boost decentralization across all nodes, making it completely trustless. That is, investors need not entrust their funds to strangers or institutions, as the system functions on its own.
Ankr also claims that integrating ssv.network’s technology with its liquid staking will ensure the safety of funds. Particularly for those in possession of liquid-staked derivatives from Ankr. According to the Chief of DeFi at Ankr, Filipe Gonçalves;
“Ankr’s partnership with SSV.Network provides everything that our users desire from liquid staking – the highest levels of security and decentralization with stable and attractive yields.”
Additionally, the firm also revealed its expansion plans for the coming months as it looks to quickly increase its validator and operator base. However, the expansion plan is to be at par with ssv.network’s distributed network of node operators so that the integration can be a lot more effective.
Ankr also revealed its plans to carry out several tests as it determines the stability and staking returns, among other things on the network.
According to ssv.network Lead Alon Muroch, Ankr is one of the pioneers of ETH liquid staking. Revealing the excitement of the SSV ecosystem with the partnership, Muroch also heaped praises on Ankr’s technological foresight and the firm’s characteristic fast execution of plans. He said in part:
“For their decision to become early adopters of DVT and build a next gen staking pool on top of ssv.network. This is going to take staking to the next level.”
Increasing Demand for Liquid Staking Solutions
Interestingly, the partnership between Ankr and ssv.network has an impeccable timing. It comes at a time when the demand for liquid staking solutions is on the rise.
To put that into perspective, staking currently takes up approximately $9 billion share of the crypto economy. And expectations are that the figure could more than double to reach $20 billion soon. But that much leap is expected as a result of the just concluded Ethereum merge. In fact, should the momentum be sustained, and the proof of stake becomes even more widely used, it could reach $40 billion within 3 years.
Overall, both teams have stated that the partnership will be a continuous effort. This is as they both continue to strive to improve the current staking and node-running experience. In any case, Ankr’s community of third-party node operators is set to increase greatly as a result of this new partnership.