SSV Network X BeInCrypto AMA Session

BeInCrypto community recently had the pleasure of hosting Alon Muroch, SSV Labs Founder and a key contributor to SSV Network, in an insightful AMA session. As SSV celebrates its first year, Alon shared exciting developments, including the groundbreaking SSV2.0 upgrade and the introduction of Based Applications (bApps). Here’s a recap of the session, highlighting the major takeaways.

A Year of Growth and Success

SSV Network has experienced rapid adoption, securing over 2 million ETH and establishing 1,200+ globally distributed node operators. Major projects like Lido, ether.fi, and various exchanges are already leveraging the network.

Introducing SSV2.0: A New Era for Ethereum Security

With SSV2.0, the focus shifts from traditional staking and restaking to an innovative concept called Based Applications (bApps). These applications allow developers to tap directly into Ethereum’s validator set to secure various out-of-protocol services.

“Essentially, if you build something important like Oracles, Co-processors, AI agents, bridges, data availability, etc., you should get as close to Ethereum’s security as possible. That’s how the SSV2.0 roadmap was created, revolving around ‘Based Applications’, or bApps in short.” — Alon explained the shift

How bApps Revolutionize Security

SSV2.0 extends validator participation beyond Ethereum, enabling multi-chain validation across Solana, Cosmos, and even Bitcoin. This approach transforms validators into a new asset class, fostering a more collaborative and secure ecosystem.

• Risk Expressive Model (REM): It allows validators to allocate security based on a bApp’s specific needs dynamically.
• Based Applications Chain: A neutral app chain that enables multiple L1 validators to contribute security.
• Yield Opportunities: Validators can now opt into securing multiple bApps without slashing risks, creating a win-win model for both stakers and developers.

The Economic Shift: SSV Tokenomics in SSV2.0

The upcoming changes in SSV economics introduce three new fee categories—validator operations, bApp security, and gas fees for the Based Applications Chain. This evolution will drive higher demand for the SSV token, making it ultra-sound (deflationary) similar to Ethereum.

“Currently SSV is used for paying fees for running validators on the SSV network. SSV2.0 will introduce two more fee categories (bApps and gas fees for the chain). That’s more than tripling the fees collected. Some of the collected fees (in SSV) will also be burnt.” — Alon elaborated

Bridging Multi-Chain Security

SSV2.0 introduces a paradigm shift, allowing blockchain validators to collaborate in securing key infrastructure like oracles and bridges. This unlocks cross-chain security and enhances decentralization across different ecosystems.

“Imagine Solana and Ethereum validators working hand in hand to secure a really big oracle service between the two chains… That’s a type of collaboration that is not possible today. Multi-chain validators in SSV2.0 will usher in a new era of collaboration and a type of security which is greatly missing. Potentially that can even mean that Ethereum validators will secure Solana, and Solana validators will helpe secure Ethereum” — Alon illustrated the vision.

Incentivizing Developers & Ecosystem Growth

SSV’s early adoption success stems from strategic incentives and partnerships. The SSV DAO has played a crucial role in onboarding developers, and Alon hinted at major incentive programs coming soon to further accelerate bApp development:

“We have some very big plans that I can’t disclose yet, haha. But I think the SSV DAO did an excellent job in incentivizing devs in the early days of SSV, which brought us to 2M ETH staked. I’m confident we can replicate that.” — Alon added.

Final Thoughts

SSV2.0 is set to redefine blockchain security by making decentralized validation more accessible, capital-efficient, and multi-chain. The introduction of bApps, REM, and the Based Applications Chain marks a monumental leap for Ethereum’s security landscape.

“Based applications will profoundly change the restaking market and give rise to the Based Economy, unifying Ethereum and unlocking new sources of yield for validators.” — Alon said.

Stay tuned for further updates, and be sure to explore SSV Network’s website to get involved!