Key Points
P2P.org, a validator for the Ethereum blockchain, has reported a significant growth milestone.
Its total value locked (TVL) has risen from $5 billion in February to over $7.4 billion in March, according to a recent announcement.
From the end of the first quarter of 2023 to the end of Q1 2024, P2P.org’s TVL increased from $1.4 billion to $7.3 billion, marking a year-over-year increase of 396%.
Market Share and New Staking Model
Dune Analytics data reveals that P2P.org’s market share in terms of total staked Ethereum is 0.75%, or 240,832 of staked ETH as of April 8.
In comparison, Lido, the largest Ethereum validator, holds a 29% share of the total staked Ethereum, or 9.5 million ETH.
It is also worth noting that 17% of the market is staked by unidentified validators.
In line with reaching the TVL milestone, P2P.org has announced the launch of a new staking model aimed at businesses.
The new Staking-as-a-Business (SaaB) model seeks to address the staking challenges faced by some businesses, including issues related to functionalities, promotion of staking services, and revenue generation.
P2P.org CEO Alex Esin has expressed the company’s goal to help establish or amplify staked assets within institutional products, aiming for staking to contribute a minimum of 10% to total revenue, ideally reaching 20%.
Esin also emphasized that this is not just a service or solution, but a partnership model that assists businesses in scaling by integrating new DeFi and Staking services into their platforms.
Staking on the Ethereum network involves locking up Ether (ETH) to maintain the network and reward users with newly minted ETH.
Ethereum’s staking mechanism was introduced in September 2022 when the ETH network adopted a proof-of-stake (PoS) consensus mechanism.
Unlike a proof-of-work (PoW) consensus mechanism, which is used by Bitcoin (BTC), the PoS consensus mechanism doesn’t require mining and instead relies on validation.
Ethereum validators are entities that stake a minimum of 32 ETH in the network to 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.
