Omnichain Data Network Chainbase Launches Ethereum Staking Solution with Puffer Finance and SSV Network
Chainbase Staking is a major development focused on providing secure and scalable staking solutions aiming to push Ethereum ecosystem forward.
Decentralized omnichain data platform Chainbase launches its pioneering Ethereum Staking Solution in a partnership with Puffer Finance and SSV Network. This new solution leverages SSV's Distributed Validator Technology (DVT) to provide highly efficient, secure, and profitable node validation services for Ethereum staking participants. The mainnet launch comes after a specified period of testnet phase.
Chainbase recently raised $15 million in Series A funding earlier this year led by Matrix Partners, Hash Global and alongside prominent venture funds. The project is led by Chris Feng, known for his research on “AIoT-enabled Localization System via Federated Learning and Blockchain“
The new product integrates DVT with EigenLayer Staking which is beyond traditional node staking methods.This combination provides users with more flexible and efficient staking options. With a modest investment of just 2 ETH, participants can activate a Puffer Validator, which seamlessly transforms into an Ethereum Validator. Chainbase benchmarks Ethereum Staking rewards using the 30-day average Annual Percentage Rate (APR), and currently exceeds 9%, showcasing a significant enhancement over traditional Ethereum Staking yields and highlighting earning potential for staking enthusiasts.
This process not only enhances reward potential but also introduces additional incentives from both Puffer and Eigenlayer, leading to increased profits and greater flexibility for Ethereum stakeholders. This partnership allows Puffer's pufETH users to become Node Operators more involved as well as earn high staking rewards. Chainbase is attempting to provide a comprehensive integration of Distributed Validator Technology (DVT) and user friendly approach towards staking. The project offers restaking options and advanced technology, all for a minimal provider fee.The team is currently in works for delivering the first ever World First crypto data model named Theia to empower users about the crypto world with cutting-edge AI capabilities.
Ongoing Maturity of the Ethereum Network
Staking has been a significant portion of the growth trajectory of the Ethereum ecosystem.
It is the process by which cryptocurrency holders lock up their tokens to support a network’s operations, expecting to receive rewards in return. This is akin to depositing money into a savings account to earn interest. Staking has been a significant portion of the growth trajectory of the Ethereum ecosystem.
Ethereum staking has seen a surge in participation as more users transition from Ethereum's proof-of-work (PoW) to its proof-of-stake (PoS) consensus mechanism. This shift has been driven by the promise of higher rewards and increased network security. The total amount of staked ETH has reached new highs, indicating growing confidence in the network's long-term stability and performance.
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Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.