Ethereum Gets “Based” 😉

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It is a truth universally acknowledged, that a single blockchain in possession of a good infrastructure, must be in want of more dApps. And so, the esteemed SSV Network, with a flourish of digital quill and ink, has unveiled their latest endeavour: SSV 2.0. A bootstrapping model, they declare, to bring “Based Applications” (or bApps, for those in the know) to the Ethereum ecosystem. One can only hope it is not all a case of much ado about nothing.

This new framework, it is whispered, aims to bolster the network’s security and enable “truly decentralized” bApps, all without compromising Ethereum’s core values. A feat indeed, if they can manage it. One shudders to think of the implications should they fail.

SSV Network, already renowned for securing a rather impressive 1.9 million staked ETH (a veritable fortune in the digital realm!), intends to address the “increasing ecosystem fragmentation” with this latest invention. One wonders if they considered a nice cup of tea and a biscuit instead, but perhaps such simple pleasures are not for the technologically inclined.

The “based” approach, they pronounce with an almost alarming enthusiasm, shall “reunite fragmented liquidity” and “enhance security”. One can only imagine the drawing rooms of London abuzz with such talk, were it not for the unfortunate reality that most of the ton haven’t the faintest notion of what any of it means. Perhaps a dance card would be a more effective method of reunification?

Mr. Alon Muroch, the Founder and CEO of SSV Labs (a most distinguished gentleman, I am sure), proclaims that this project could revolutionize the “restaking market” and create a new “based economy.” One can only hope it does not involve too much speculation, as we all know how that can end. *cough* South Sea Bubble *cough*

SSV2.0 is, dare I say, the grandest project the SSV Network DAO has ever contemplated! Should the DAO embrace it, the restaking market shall be utterly transformed, and a new ‘Based Economy’ shall emerge, where validators directly secure the bApps of tomorrow. A most promising prospect, indeed, and all while positively transforming the SSV economics. A triumph of ingenuity, one might declare!

A “New Class” of Decentralized Apps, they declare! It sounds positively revolutionary. These bApps, it seems, shall gain security directly from the L1. One almost feels compelled to acquire a fan and swoon at such a notion.

A bApp, you see, derives its security from the L1 itself, rather than relying on various tokens as in current restaking models. How frightfully modern! This ensures a greater alignment with Ethereum and protects against those dreadful cascading risks. Furthermore, the enhanced security offered by SSV 2.0 transcends traditional bootstrapping, introducing an “Infinite-sum” security model. Quite the mouthful, isn’t it? In essence, increased participation strengthens the entire network, rather than creating that tiresome zero-sum competition. So much more civilized, don’t you think?

Validators, it appears, shall also benefit from this new arrangement. By assisting with the bootstrapping of bApps, they may increase their gains. A mutually beneficial arrangement, it seems. Perhaps even a love match, in the digital sense of the word? One can only dream.

And now, for the pièce de résistance, the SVV Chain! This dedicated chain shall act as a coordinator, enabling the SSV network to extend its reach to multiple L1s, including Solana, Avalanche, and Cosmos. A veritable digital empire! One can hardly keep up.

Tokenomic changes are also afoot, transforming SSV from a DVT-powered staking infrastructure into a multidimensional network for the based economy. “First,” they pronounce, “SSV 2.0 will allow anyone to participate in securing bApps and get rewarded by staking SSV. Second, the SSV token will introduce new burning and fee mechanisms.” One can only hope it all works out as planned. It would be most inconvenient if it did not.

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2025-01-28 11:15