Little known Ethereum as Altcoin defies the market and rallied almost 60% this week before ETH 2.0 consolidation
A lesser-interested altcoin focused on Ethereum (ETH) staking applications is rising ahead of the ETH 2.0 upgrade.
The SSV Network (SSV) is a decentralized, open-source, self-invoicing network designed to build “high-performance, secure, and decentralized ETH staking applications.”
The project's native token, SSV, has grown by more than 57% in the past seven days. The 233rd-ranked crypto asset is trading at $18.01 at press time.
The increase in price that occurred as the days passed was Ethereum's long-awaited transition to a proof-of-stake consensus mechanism.
The merger with ETH 2.0 will be initiated in several phases, starting with the Bellatrix upgrade on September 6, followed by an official transition sometime between September 10 and 20. , according to the schedule given by the Ethereum Foundation.
Consolidation aims to solve the network's scalability issues by setting the stage for future upgrades, including sharding.
The SSV Network also launched a new version of its own testnet this week. Explaining the project,
“[the testnet] not only implemented brand new consoles, but we also powered the bet game by improving the operator selection interface and include more metrics on the web app.
Here users can customize and view all the details about their validators and who is operating them. Allows distributors to seamlessly select and manage their executive team with the click of a button.
By providing this functionality, we are able to revolutionize the betting industry, allowing validators to customize their operator set up through the network's web app and smart contracts. bright.
Gives more power to distributors to diversify and dig into their miners while contributing to a more secure and decentralized Ethereum network. "
Cryptocurrency exchange platform Poloniex also listed the SSV token this week.
Aug 26, 2022