SSV

ssv.network · Ethereum staking infra (DVT)

30 /100

T5Impaired · Emerging: graded, not ranked

No engine yetCould move up ↑low likelihoodReviewed Oct 23, 2026

DemandSoundnessDurability

15 of 4511 of 404 of 15

Key facts

SupplyFloat 100% of issued supply

Circulating 14.7M, 100%
No cap: supply can keep growing, see Supply discipline

FDV / market cap

1.0x

$37.8M / $37.8M

Market cap

$37.8M

Price $2.57, 7d −0.6%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

SSV has a real but capped cash-flow route: since Apr 22, 2026 the contract pays 100% of the ETH network fee to SSV stakers, but the fee is pinned to 1% of staking APR per validator, a ceiling near ~$3.4M a year that the 30-day run-rate (~$303K) already reaches. All 14.7M circulating SSV is unlocked, with no vesting. The token's mint() is owned by a 5-of-9 DAO Safe with no max, and the Foundation may draw up to 1M SSV a year. The same Safe can upgrade SSVNetwork with no timelock, and the core team is unfunded since the SSV Labs grant was fully paid in Jul 2026.

How value reaches holders

Since Apr 22, 2026, 100% of the ETH network fee is paid by contract (SSVStaking.FeesSynced) to cSSV stakers; the DAO takes nothing. DIP-50 pins the fee to 1% of ETH staking APR per validator (~$23/validator/yr), re-parametrized quarterly by multisig; the ~1,400 ETH/yr (~$3.4M) ceiling is already reached by the ~$303K 30-day run-rate (Oct 19, 2026). ~32% of float staked; the DAO multisig still owns mint(); IMP inflation ended Jun 30, 2026

Score anatomy

Demand

15 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input

Plumbing at 50%+, or 100% via contract but governance-revocable

How this is scored

Revenue reality engine input

$0.5-5M/yr, or undisclosed

How this is scored

Monetary usage engine input

Network fees have been paid in ETH since Apr 2026 and SSV is staked to earn them; no collateral use.

Trading onlyhigh confidenceHow this is scored

Adoption ×3

SSV Network runs $12.55B of staked ETH, ~12x Obol, the only other DVT network; leader of a narrow category with small fees

Leader: a top-three network or product in its category by use, holding or gaining sharemedium confidenceHow this is scored

Two routes, the stronger counts

Revenue 1, minus 0.5 for routing 4 = cash flow 0.5. Money use 0. The engine is the stronger route: 0.5.

Soundness

11 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3

The token's mint() is owned by a 5-of-9 DAO Safe with no max (read Oct 23, 2026), and the Foundation may draw up to 1M SSV/yr (~6% of supply).

Over 15%/yr, or a key, company, committee or multisig can mint without limit or redirect issuancehigh confidenceHow this is scored

Float and unlocks ×1

Fully floated: 14.7M circulating with no vesting schedule.

Fully vested, no scheduled unlockshigh confidenceHow this is scored

Distribution ×2

Converted from Blox's 2017 CDT ICO; the DAO Safe holds 6.1% of 17.36M and an uncapped mint, and the Foundation may draw 1M SSV/yr; the genesis team/investor split is undisclosed

Insiders received 10-25%, or one organization directs 3-10%low confidenceHow this is scored

Decentralization and security ×2

SSVNetwork, which holds cluster balances and pays stakers, is a UUPS proxy owned by a 5-of-9 DAO Safe with no timelock (read Oct 23, 2026)

A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowhigh confidenceHow this is scored

Durability

4 / 15

Is it big, proven and reachable by institutions?

Scale ×1

$38.4M market cap (band 1), $3.8M/day median volume (band 2), minus 1 for unfunded.

Uninvestable: under $10M market cap or under $250K/dayHow this is scored

Track record ×1

Token contract deployed ~Aug 2021 (5.2 years); fell over 95% from its 2023 high; no exploit.

5-8 years and survived an 80%+ drawdownmedium confidenceHow this is scored

Institutional access ×1

Spot on Binance, Kraken, OKX and Bybit; no ETP or US filing found.

Top-tier exchanges only, or delisting pressuremedium confidenceHow this is scored

What would move it up

To reach T4 Speculative, one gate is still open:

Supply 0needs 1(open)

Tier outlook

Could move up ↑low likelihood

Supply rises if the DAO Safe's uncapped mint() is capped or put behind a binding holder vote
Materiality rises a level if an SSV Labs 2026-27 budget passes and the core team is funded again
Revenue tracks the quarterly DIP-50 fee re-parametrization and ETH staked on the network
Security rises if SSVNetwork upgrades by the 5-of-9 Safe gain a timelock

Research report

Sep 17, 2026 · source confidence 65%

Since April 2026 the ssv.network fee is paid in ETH by contract to cSSV stakers, with the DAO taking nothing, which makes it one of the few small caps where the holder revenue on DefiLlama is an observed on-chain stream rather than an assumed multiplier. The stream is capped by design at 1% of Ethereum staking APR per validator, around $3.4M a year at current network size, and the recent rise reflects legacy clusters migrating to ETH-denominated fees rather than validator growth. Supply is fully floated with about 32% staked, but the token contract retains a mint function controlled by the DAO multisig. The open governance question is funding: the SSV Labs grant was fully paid by July 2026 with no successor proposal, and ecosystem grants were suspended in August citing market conditions.

Structure (11 facts)

Chain: ethereum
What it is: distributed validator technology (DVT) for Ethereum staking; ~5.05M ETH / ~60.6K validators on the network
Circulating supply (approx): 14,700,000
Market cap (approx): $43,000,000
Supply: on-chain totalSupply 17.36M; token has mint(), owner = DAO multisig, no max. IMP inflation program ended Jun 30 2026 (claims to Jan 2 2027); DIP-52 stops market minting, Foundation may draw up to 1M SSV/yr
Value accrual: since Apr 22 2026: 100% of the ETH network fee is paid by contract (SSVStaking.FeesSynced) to cSSV stakers, DAO gets 0. Fee pinned by DIP-50 to 1% of ETH staking APR per validator (~$23/validator/yr), re-parametrized quarterly by multisig. Ceiling ~1,400 ETH/yr (~$3.4M) at current staked ETH; 30d run-rate ~$285k already there. 4.76M SSV (~32% of float) staked
Annualized revenue: $3,400,000
Fees (30d): $285,000
Revenue trend: holders revenue Apr $112k, May $99k, Jun $102k, Jul $179k, Aug $243k (migration of legacy SSV-paying clusters to ETH fees plus ETH price, not new validators)
Liquidity: ~$3.3-3.8M/day; LBank ~43%, Binance spot ~$310k (2% depth ~$19k bid), OKX ~$220k; not on Coinbase
Team status: SSV Labs $15M grant fully paid Jul 2026, no successor budget proposal; grants suspended Aug 15 2026 "market conditions"; bApps abandoned (DIP-53, Feb 2026, no product-market fit); treasury ~$8.9M (Sept 1 2026)

Market figures at report date (Sep 17, 2026)

Price (approx): $2.92
FDV (approx): $43,000,000
All-time high / low: ATL ~2.03 (2026-07)

Sources (5)

Compare with

How the ranking works and how SSV compares: see the full ranking. This entry as JSON:

GET https://tokens.10102.io/api/v1/tokenomics?symbol=SSV