Outside Source
The upgrade enables applications called based apps or “bApps” to connect directly to Ethereum’s layer-1 chain.
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Ethereum restaking infrastructure provider SSV Network has announced a project to create a new framework that allows “based” applications to integrate directly with Ethereum’s validator network.
The SSV 2.0 upgrade enables applications called based apps or “bApps” to connect directly to Ethereum’s layer-1 chain. It uses Ether (ETH) validators as the foundation for security and supports various use cases, including layer-2 networks, data oracles, and fraud-proofs, SSV Network said in a press release shared with Cointelegraph.
The project said the upgrade marks a “transformative leap for bootstrapping Ethereum security, addressing the growing demand for L1-anchored interoperable solutions.”
SSV Labs founder and CEO Alon Muroch said it was its “biggest, most ambitious project” and — if put in place by the network’s decentralized autonomous organization (DAO) — “will profoundly change the restaking market.”
The benefits of the based infrastructure model, which is built on Distributed Validator Technology (DVT), include direct L1 security without requiring additional tokens, an “infinite-sum” security model where increased participation strengthens the network, and avoidance of cascading risks associated with some current restaking models.
Different types of Ethereum sequencing. Source: SSV Network
The infrastructure also includes a new coordination layer called SSV Chain that will enable crosschain compatibility with other proof-of-stake blockchains like Solana, Avalanche and Cosmos.
There is an updated tokenomics model that includes new staking rewards and burning mechanisms and enhanced validator earning potential through securing bApps and providing services.
Related: Based Rollups pitched as fix to Ethereum incentives amid L2 fee debate
The “based” movement represents a significant shift in Ethereum’s ecosystem, addressing key challenges around fragmentation and scalability, according to a Jan. 24 blog post.
While Ethereum’s layer-2 solutions have addressed scalability, they have also created fragmentation, with different rollups having separate ecosystems, liquidity pools, and development environments.
The head of Coinbase’s L2 network Base, Jesse Pollak, agrees that Ethereum should be more connected at the base layer. On Jan. 25, he said that based rollups are “both a flexible and powerful tool that we’re going to be able to use for Base to make it more connected to Ethereum and increase the security guarantees that it provides.”
“Based rollups” use Ethereum’s validator set for sequencing or organizing transactions in the correct order, with pre-confirmations allowing validators to include transactions with low latency.
The end game of secure Ethereum applications will be Based (alongside SSV 👀)
Learn what Based Applications are, their advantages, and why its important for every service to go Based — from Oracles, Layer 2s, Bridges and more 👇https://t.co/QxibJURGwF
— SSV Network (@ssv_network) January 24, 2025
The SSV Network currently secures over $6.5 billion in total value locked with more than 2 million ETH restaked and has 1,250 operators.
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This article first appeared at Cointelegraph.com News
