After three incredible years of staking together and building a community, it is with heartfelt gratitude that the Blox team announces the decision to sunset BloxStaking. In the fast-evolving landscape of Ethereum staking, strategic decisions become imperative to align with the community’s growing needs and the vision for the ecosystem’s future.
Please note: on Jun 1, 2024, BloxStaking service will be shutdown and enter the crypto history books.
The decision to sunset BloxStaking and pivot to the SSV Network (SSV) is a multifaceted strategic move deeply aligned with our long-term vision to transform Ethereum to a more resilient and decentralized network.
Timelines:
In the coming months, BloxStaking will gracefully sunset, making way for a new chapter with the SSV Network. By June 1st, 2024, BloxStaking will go offline, leaving validators unable to conduct duties, thus incurring penalties for being offline, as per the Beacon Chain.
During this time, stakers will need to move their validators to a new service before node operation goes offline. Since BloxStaking is a non-custodial staking service, users can transfer their validator keys to any other service according to their preferences.
Migration to SSV Network:
During the last few years, the Blox team has contributed to SSV Network, a groundbreaking Distributed Validator Technology (DVT) infrastructure that’s fully community-owned, decentralized, permissionless, and remarkably fault-tolerant. For solo stakers, it provides a much more distributed and resilient setup, maximizing security, uptime, diversity, and rewards. Learn more about SSV here.
The Blox team is committed to ensuring a smooth transition for our users, providing guidance and support throughout this process. To support this phase, we have developed a step-by-step migration guide for Seed and Keystore users to easily onboard to the SSV Network.
Feel free to reach out in the Blox Discord channel with any questions.
Why SSV Network?
SSV’s implementation of DVT is an open and permissionless network infrastructure designed for splitting and distributing a validator key into multiple KeyShares, enabling it to run across multiple non-trusting operator nodes in the network. Users that run validators through the network pay operator nodes in SSV tokens for conducting duties on the Beacon Chain on their behalf, with stakers receiving their validator’s full ETH rewards in return.
To help incentivize DVT adoption, the SSV Network DAO has put forth a 12-month incentivization program until October 2024. Every validator registered to the network will automatically earn extra SSV rewards. This means that if you migrate to SSV, you’ll be able to claim additional rewards every month.
BloxStaking: The Journey So Far
BloxStaking started as a public good, offering solo stakers a free and accessible solution for Ethereum validation. The intent was to empower individuals by providing a straightforward and cost-effective means to participate in solo staking, while allowing the user to retain full control of their validator keys. However, as we grew, we realized there were limitations to our Staking-as-a-service model regarding node distribution, permissionless, and scalability.
Look how far we’ve come, together…
- We’ve been together throughout 7 Ethereum forks and upgrades, bear and bull markets
- +550 unique stakers with over 4,700 validators equating to $600M!
- Up until today, together we proposed +46,000 Ethereum blocks
- Secured and decentralized Ethereum for over 270,000 epochs
- Generated over +$10M in staking rewards for stakers
Why Sunset BloxStaking?
Recognizing the need for strategic resource allocation, we aim to redirect our efforts towards technologies that better align with the community’s evolving demands, contributing to the long-term sustainability of Ethereum and its participants. This shift is rooted in the understanding that sustaining BloxStaking in its current form is not feasible for our shared future goals.
This strategic shift enhances the BloxStaking dev team’s operational efficiency by allowing us to concentrate on a single, more impactful technology. Embracing the SSV Network is a forward-thinking step, providing our users with a future-proof staking solution that offers superior fault tolerance, client diversity, and decentralization. While change can be unsettling, we are confident that this strategic decision will ultimately benefit our users in the ever-evolving Ethereum ecosystem, ensuring access to the most robust and secure staking solutions available.
To New Beginnings!
We deeply appreciate the trust and support you’ve extended us throughout this time. Thank you for being an integral part of the BloxStaking community; your contributions have made these years truly special.
We look forward to continuing our journey together in the exciting world of staking.
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