Ethereum Validator P2P.org Hits $7.4B in TVL; Launches New Business-Focused Staking Model
Summary:
P2P.org, an Ethereum validator, has seen considerable growth, with total value locked (TVL) rising from $5 billion to $7.4 billion in one month. According to Dune Analytics, the validator's stake in Ethereum's market is 0.75%. The firm has also launched a new Staking-as-a-Business model to tackle challenges faced by businesses in staking services and revenue generation, aiming for staking to contribute 10-20% of total revenue.
Ethereum validator P2P.org has reported significant growth and has introduced a new staking model particularly catering to the needs of business entities. P2P.org noted that the total value locked (TVL) has surged from $5 billion in February to a substantial $7.4 billion in March, suggested the firm’s communication with Cointelegraph on April 10. The TVL of the validator spiked from $1.4 billion at the Q1 2023 closure to a steep $7.3 billion as Q1 2024 concluded, representing a 396% annual growth. Dune Analytics data revealed P2P.org holding a 0.75% market share of total staked Ethereum, equivalent to 240,832 of staked ETH as of April 8. In comparison, the leading Ethereum validator, Lido, holds a 29% share of total staked Ethereum, which is 9.5 million ETH. Furthermore, Dune Analytics reported about 17% of the market is staked by unknown validators. Celebrating the TVL growth, P2P.org also launched its new business-focused staking model - Staking-as-a-Business (SaaB). The SaaB model aims to overcome staking challenges businesses regularly confront, including functionality issues, marketing of staking services, and revenue generation. CEO Alex Esin told Cointelegraph, “Our goal is to bolster staked assets within institutional portfolios, ensuring staking contributes at least 10%, if not 20% of total revenue.” Ethereum staking, begun in September 2022, involves locking Ether (ETH) to support the Ethereum network and offers rewards in the form of new ETH. Unlike Bitcoin’s proof-of-work (PoW) consensus mechanism, the newly adopted Ethereum proof-of-stake (PoS) consensus mechanism does not use mining, but employs validation. Ethereum validators, such as P2P.org, stake a minimum of 32 ETH to run Ethereum's PoS consensus blockchain. As per Beacon Cha data, the Ethereum blockchain recorded 980,000 validators on April 9. On a related note, recent findings indicate 1 in 6 newly launched Base meme tokens may be scams and 91% have vulnerabilities.
Published At
4/10/2024 4:01:18 PM
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