SSV.Network provides a decentralized, open-source staking network based on Distributed Validator Technology (DVT), which provides an additional level of security and resilience by distributing the operations of a single Ethereum validator across multiple non-trusting nodes. This significantly reduces the risks of centralization and operational vulnerabilities present in traditional staking options while increasing fault tolerance. Users earn rewards in ETH by staking on the SSV.Network.
Learn more about DVT, SSV.Network and Everstake role as a Verified Operator from our blog entry.
This article provides you with a step-by-step guide on how to set up a validator on the SSV.Network to start staking on Ethereum.
Launching a Distributed Validator on the SSV.Network: Key Points
If you want to use SSV.Network for running a distributed Ethereum validator, you must go through a series of steps to ensure that your validator can effectively participate in the network’s unique distributed system.
In order to leverage DVT, you must have an activated Ethereum validator on the Beacon Chain. This involves generating validator keys and activating them using Ethereum’s official Staking Deposit CLI and the Staking Deposit Contract. Full details on setting up a validator are available in the official documentation.
Once the Ethereum validator is set up, the next step is to distribute the validator key among the selected operators within the SSV.Network. The number of cluster operators selected must be compatible with the network’s fault tolerance requirements, i.e., at least 4 and not more than 13. Please bear in mind that the more operators you will select to run your validator, the higher the fee will be, as the fees from the selected operators will be aggregated.
The final step is registering the validator on the network. This involves broadcasting a transaction to the SSV.Network contract with specific parameters, including the validator’s public key, operator IDs, shares, amount of SSV tokens for payment, and the cluster object containing the latest snapshot data.
Throughout this process, you have to ensure they have sufficient ETH to cover transaction gas costs and SSV tokens. You should also be aware of the network’s requirement for SSV token deposits as payment for the operation of validators.
How to Stake ETH via the SSV.Network
1. Start by linking your Web3 wallet to the WebApp. New users can choose between two options: Distribute Validator and Join as an Operator. The latter requires running your own infrastructure and, as such, is omitted from this instruction.
2. Opt for the Distribute a Validator option to proceed.
3. Read and accept the disclaimer (assuming all prerequisites are met) by clicking Next.
4. Choose up to four operators for managing your validator. While you can choose 4 to 13 validators at your own discretion, we recommend choosing four to minimize operator fees. Still, selecting 10-13 operators is a better (yet more taxing) choice for enhanced security. When choosing Everstake (ID:14), you are opting for a Verified Operator trusted by over 685,000 users. Be sure to review the annual fee structure of your chosen setup before proceeding.
5. Select the operational runway period for your validator in accordance with the yearly fee of the previously selected operators. This will dictate the initial amount of SSV required for depositing in the cluster, but it can be managed later as well.
6. Carefully review how fees are structured. Don’t forget about the risks associated with account liquidation if your balance drops below the required threshold.
7. Proceed to generate KeyShares for your validator key. Note that the Offline option is the only method available on the mainnet.
The offline key-splitting option, while being the most secure, is less convenient as it requires using a command-line tool. For detailed instructions, refer to the guidelines on using the ssv-keys CLI tool.
8. Follow the instructions as shown in the image above and upload the keyshares-[DATE]-[TIME].json file.
9. After successfully uploading and validating your file, proceed to the next step by clicking Next.
10. The interface seen in the image below will alert you about the risks of slashing, particularly if the same set of validator keys is being used elsewhere. Be sure to halt any other validator operations you might have running.
11. Next, you’ll see the summary of your validator setup.
Confirm and finalize your setup by clicking Register Validator, which prompts you to sign transactions and allocate the necessary SSV balance for operational costs.
12. Complete the validator registration by signing off on the transaction and depositing SSV tokens to your account balance.
Note that this would require you to confirm the transaction in your Web3 wallet. You’ll see the summary screen (see below) once the transaction is confirmed on the network.
Congratulations, your setup is complete!
Conclusion
Everstake is set on providing all ETH holders with an exceptional staking experience. With our near-perfect historical uptime, attractive rewards, zero slashing history in Ethereum, as well as a wide selection of staking options tailored to the varying needs of different delegators, we can ensure the highest efficiency of your stake.
By integrating solutions like DVT, we ensure our services not only meet but exceed the expectations of our users, thus remaining future-proof and always on par with Ethereum’s ongoing evolution. By choosing Everstake as an operator, you ensure the best treatment for your funds and the best experience for you as a user.
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