P2P.org, a validator for the Ethereum blockchain, has achieved a significant milestone in its growth and is introducing a new staking model tailored for businesses.
According to an announcement made to Cointelegraph on April 10, the Ethereum validator has observed a surge in its total value locked (TVL) from $5 billion in February to over $7.4 billion in March.
During the first quarter of 2024, P2P.org’s TVL increased from $1.4 billion to $7.3 billion, reflecting a remarkable year-over-year growth of 396%.
Data from Dune Analytics reveals that P2P.org currently holds a 0.75% market share of the total staked Ether (ETH), which amounts to 240,832 staked ETH as of April 8. In comparison, Lido, the largest Ethereum validator, accounts for a 29% share, equivalent to 9.5 million ETH. Approximately 17% of the market is staked by unidentified validators.
In tandem with achieving the TVL milestone, P2P.org has announced the launch of a new staking model specifically aimed at businesses. The staking-as-a-business (SaaB) model addresses the challenges faced by businesses in staking, including issues related to functionalities, promotion of staking services, and revenue generation.
P2P.org CEO Alex Esin stated, “Our objective is to support the establishment or enhancement of staked assets within institutional products, ensuring that staking contributes a minimum of 10% to total revenue, ideally reaching 20%.”
Ethereum staking involves locking up Ether to uphold the Ethereum network and rewarding users with newly minted ETH. The staking mechanism was introduced in September 2022 when the ETH network transitioned to a proof-of-stake (PoS) consensus mechanism, eliminating the need for mining and relying on validation instead.
Entities that stake a minimum of 32 ETH in the network are considered Ethereum validators and participate in running Ethereum’s PoS consensus blockchain. As of April 9, there were 980,000 validators on the Ethereum blockchain, according to data from Beacon Cha.
In other news, it has been reported that 1 in 6 new Base meme coins are scams, with 91% of them having vulnerabilities, as per a magazine report.