SSV Network Enhances Its Incentivized Mainnet, Boosts Rewards

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As an experienced analyst, I view this news with great enthusiasm as it signifies a significant step forward for the SSV Network. The successful passing of DIP 18 proposal has resulted in substantial improvements to the Incentivized Mainnet Program (IMP), which will undoubtedly attract more validators and maximize rewards for existing ones.

The blockchain infrastructure provider, SSV Network, has made adjustments to its Mainnet Incentive Program (IMP) in response to the outcome of a recent governance vote on DIP 18 proposition. As a result, all individuals contributing to the mainnet will now become eligible for enhanced rewards.

SSV Network Incentivized Mainnet Program advanced, APR surged by up to 20%

SSV Network, a well-known staking infrastructure platform, makes an important announcement regarding the significant enhancement of its Incentivized Mainnet Program (IMP). The company extends the program duration by an additional three months and boosts the rewards offered to its stakeholders.

Last week, a significant DAO proposal was approved, leading to a substantial overhaul of the SSV Incentive Program. Consequently, validators now stand to earn triple the rewards, and eligibility has been expanded to accommodate up to an astounding 100,000 potential validators! Discover how you too can benefit from being a validator on SSV by clicking the link below.

— SSV Network (@ssv_network) June 24, 2024

As an analyst, I’ve reviewed the DIP 18 proposal, put forth by an anonymous user known as BenAffleck in the SSV community. The response to this proposition has been quite remarkable. A vast majority, over 99%, of the voters have endorsed the proposal. Conversely, a minuscule fraction, under 0.01%, chose not to participate in the vote.

The recent updates intend to prolong the IMP Program’s current duration by three months, extending it until December 2024. This modification is designed to attract more users to participate as validators and reap optimal rewards throughout the program’s entirety.

next, the suggested change to the validator tiers was approved, leading to increased APR rewards for SSV nodes. Under the new tiered reward structure, the first group of 20,000 to 30,000 validators will receive a 30% higher APR, followed by 35,001 to 45,000 validators with a 20% higher APR, and finally, those with a node rank between 45,001 and 100,000 will enjoy a 10% increased APR. The new system will start immediately after the successful governance vote and continue throughout the program’s duration.

SAFE multisig wallets now eligible for rewards distribution

As a protocol analyst, I would like to point out that in addition to expanding terms and reassessing Automated Payment Requests (APR) conditions, the recent update introduces new eligibility criteria for wallets to qualify for rewards.

As a crypto investor using SAFE multisig registrations, I’m excited to share that once the upgrade is implemented, I will have the opportunity to join the IMP program as a validator. Previously, rewards from participating in the IMP program were attributed to the deployer’s wallet instead of mine. However, with this change, I will now receive my rightful rewards directly in my SAFE wallet. This improvement brings greater benefits to those of us who choose to invest and participate through multi-sig registrations.

Back in May 2024, I came across some exciting news from SSV Network about their latest tech roadmap they had unveiled. As previously reported by U.Today, this update included information on upcoming hard forks and expansion plans.

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2024-06-27 19:11