SSV Network, a mainstream staking infrastructure provider, announces the profound revamping of its Incentivized Mainnet Program (IMP).
Blockchain infrastructure provider SSV Network has announced revisions to its Incentivized Mainnet Program (IMP) following a successful governance referendum on DIP 18 proposal. All mainnet contributors will be able to claim upgraded rewards.
Announcing the development via Twitter on Monday, SSV Network stated that a DAO proposal passed to revamp the SSV Incentive Program massively, effectively tripling the rewards and increasing the eligibility of up to 100,000 validators.
Last week, a proposal to revamp the SSV Incentive Program massively was passed by the SSV DAO. The proposal, DIP 18, saw an overwhelming number of voters accept the proposal, with over 99% of the votes accepting the proposal and less than 0.01% abstaining.
The latest revisions, as stated by the SSV team, will extend the current IMP period to December 2024, adding three months to the program and bringing it to a total of 15 months. This aims to further incentivize users to join as validators and maximize their rewards during the program’s lifespan.
Secondly, the proposed tier refactoring was also passed, boosting APR rewards for SSV validators. The new tiered rewards system will offer the first 20,000 to 30,000 validators a 30% APR boost, the next 35,001 to 45,000 validators a 20% APR boost and, lastly, validators 45,001 to 100,000 a 10% APR boost. The new tier system will take effect immediately following the successful decentralized governance vote and will stay effective for the remainder of the program.
In addition to the term expansion and APR conditions, the protocol has also changed the requirements for wallets that are eligible for rewards. Once the upgrade is live, validators participating through SAFE multisig registrations will also be able to take part in the IMP program. This change ensures that rewards are attributed directly to the SAFE wallet rather than their deployer, thereby benefiting users who participate through multi-sig registrations.
As reported by U.Today in May 2024, SSV Network unveiled its new tech roadmap, highlighting hardfork plans and expansion ambitions.
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