An under-the-radar altcoin focused on Ethereum (ETH) staking applications is surging ahead of the ETH 2.0 upgrade.
The SSV Network (SSV) is a decentralized, open-source staking network that bills itself as being designed for building “high-performance, secure, and decentralized ETH staking applications.”
The project’s native token, SSV, is up more than 57% in the past seven days. The 233rd-ranked crypto asset is trading at $18.01 at time of writing.
The price surge comes as the days tick down to Ethereum’s long-awaited transition to a proof-of-stake consensus mechanism.
The merge to ETH 2.0 will be initiated in several phases, starting with the Bellatrix upgrade on September 6th followed by the formal transition sometime between September 10th and 20th, according to a schedule laid out by the Ethereum Foundation.
The Merge aims to address 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. Explains the project,
“Not only did [the testnet] implement brand new dashboards, but we also spiced up the staking game by improving the operator selection interface and including more metrics on the web app.
Here users can customize and view all the details of their validators and who’s operating them. Allowing stakers to seamlessly choose and manage their operator group with the click of a button.
By providing this functionality, we can revolutionize the staking industry, allowing validators to customize their operator set up through the network’s web app and smart contracts.
Giving more power to stakers to diversify and deep-dive into their operators while contributing to a more secure and decentralized Ethereum network.”
Crypto exchange platform Poloniex also listed the SSV token this week.
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The post Little-Known Ethereum Staking Altcoin Defies the Market and Surges Nearly 60% This Week Ahead of ETH 2.0 Merge appeared first on The Daily Hodl.