Ethereum validator P2P.org hits $7.5B TVL, adds new SaaB model

cyptouser4 months agoCryptocurrencies News85
1205f261>

P2P.org, a validator for the Ethereum blockchain, has hit a new growth milestone and is launching a new staking model designed for businesses.

The Ethereum validator has seen its total value locked (TVL) increase from $5 billion in February to more than $7.4 billion in March, the firm said in an announcement to Cointelegraph on April 10.

P2P.org’s TVL rose from $1.4 billion by the end of the first quarter of 2023 to $7.3 billion at the end of Q1 2024, or a 396% year-over-year increase.

According to data from Dune Analytics, P2P.org’s market share in terms of the total staked Ether (ETH) accounts for 0.75% or 240,832 of staked ETH as of April 8.

In contrast, Lido, the largest Ethereum validator, has a 29% share of the total staked Ethereum, or 9.5 million ETH. According to Dune Analytics, as much as 17% of the market is staked by unidentified validators.

Ethereum stakers by the amount of staked Ether. Source: Dune Analytics

In conjunction with the TVL milestone, P2P.org announced the launch of a new staking model targeting businesses. The new staking-as-a-business (SaaB) model addresses staking difficulties that some businesses face, including those related to functionalities, promotion of staking services and revenue generation.

“Our objective is to assist in the establishment or amplification of staked assets within institutional products, ensuring that staking contributes a minimum of 10% to total revenue, ideally reaching 20%,” P2P.org CEO Alex Esin told Cointelegraph. He added:

“This is not just a service or a solution; it's a partnership model that helps businesses to scale by integrating new DeFi and Staking services into their platforms.”

Ethereum staking is a process of locking up Ether to maintain the Ethereum network and rewarding users with newly minted ETH. Ethereum’s staking mechanism was introduced in September 2022 when the ETH network adopted a proof-of-stake (PoS) consensus mechanism.

Related: Fidelity amends spot Ethereum ETF proposal to include staking

Unlike a proof-of-work (PoW) consensus mechanism — which is used on the Bitcoin blockchain — the PoS consensus mechanism does not need mining and relies on validation instead.

Ethereum validators are entities that stake a minimum of 32 ETH in the network to participate in running Ethereum’s PoS consensus blockchain. According to data from Beacon Cha, there were 980,000 validators on the Ethereum blockchain as of April 9.

Magazine: 1 in 6 new Base meme coins are scams, 91% have vulnerabilities

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Bitcoin trades sideways while TON, RNDR, PEPE and AR flash bullish signs

Bitcoin trades sideways while TON, RNDR, PEPE and AR flash bullish signs

55966e89˃Bitcoin (BTC) could not hold its recovery this week, signaling that the bears have not give...

Binance founder should be jailed for 36 months, US prosecutors say

Binance founder should be jailed for 36 months, US prosecutors say

1205f261˃As the United States authorities are preparing to give a sentence to Binance founder Changp...

Sui Network clears up misunderstandings on token supply

Sui Network clears up misunderstandings on token supply

55966e89˃Sui Network, a layer-1 decentralized platform, has responded to and corrected common misund...

Turkey tightening crypto regulation to improve standing with FATF

Turkey is set to introduce new legislation pertaining to crypto-assets in a bid to strengthen its st...

Crypto-like communication devices could break gov’t surveillance — Telegram founder

Crypto-like communication devices could break gov’t surveillance — Telegram founder

1205f261˃Pavel Durov, founder of the encrypted instant messaging app Telegram Messenger, predicts th...

Coinbase sees infinite interoperability potential with Ethereum and USDC

Coinbase sees infinite interoperability potential with Ethereum and USDC

55966e89˃Coinbase is preparing for a future of a billion customers using decentralized applications...