Obol Technologies, a staking protocol to-be, announced its successful raising of over $6 million seed fund. Venture capital firms that are big names in the industry supported this round.
Ethereal Ventures, a New York-based venture capital firm that was founded by Joseph Lubin, spearheaded this round. It led other popular investors like Acrylic Capital and Coinbase Ventures.
When Joseph Lubin was asked of the reason his firm championed the round, he said Obol is introducing SSV, and “soon the majority of staking in public networks will be done in a multi-provider fashion, through the SSV construct”.
It’s important to also bear in mind that Lido, the largest liquid staking provider on the Ethereum blockchain, also supported Obol with a grant of $100k LDO. Lido gave this grant in September towards Obol’s R&D.
The Obol protocol works on a different kind of technology – SSV. Secret Shared Validator, often shortened as SSV, shares the “password” to operate a particular validator among several operators.
Simply put, Obol is enhancing the possibility to stake digital assets with multiple validators. Collin Myers, the CEO and Founder of Obol Technologies, explained the SSV technology thus:
“SSV is similar to the concept of a multi-signature wallet. But now it’s being applied to a validator and something that we’re calling a multi-operator validator.”
Myers further noted that the essence of Obol is to strengthen not only the Ethereum blockchain, but the staking providers on it. Such that, when a staking provider possibly goes down in the future, the Ethereum blockchain would keep validating nonetheless.
While the date of mainnet deployment is undisclosed, Myers informed the Press that the Obol protocol will launch on the testnet around early 2022.