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 a statement to Cointelegraph on April 10, the Ethereum validator has experienced a surge in its total value locked (TVL), escalating from $5 billion in February to over $7.4 billion in March.
The TVL of P2P.org saw a remarkable increase from $1.4 billion at the end of the first quarter of 2023 to $7.3 billion by the end of Q1 2024, representing a staggering 396% year-over-year growth.
As of April 8, data from Dune Analytics reveals that P2P.org accounts for 0.75% (or 240,832) of the total staked Ether (ETH). In contrast, Lido, the leading Ethereum validator, holds a 29% share of the total staked Ethereum, equivalent to 9.5 million ETH. The data also indicates that unidentified validators stake approximately 17% of the market.
Concurrently with reaching the TVL milestone, P2P.org has unveiled a new staking model specifically targeting businesses. The staking-as-a-business (SaaB) model aims to address challenges that some businesses encounter in staking, such as functional difficulties, promotion of staking services, and revenue generation.
P2P.org CEO Alex Esin stated, “Our goal is to support the establishment or expansion of staked assets in institutional products, ensuring that staking contributes at least 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 implemented in September 2022 when the ETH network adopted a proof-of-stake (PoS) consensus mechanism, distinguishing it from the proof-of-work (PoW) consensus mechanism used in the Bitcoin blockchain. Unlike PoW, PoS does not require mining and relies on validation instead.
Entities that stake a minimum of 32 ETH in the network are considered Ethereum validators and participate in operating Ethereum’s PoS consensus blockchain. According to Beacon Cha data, there were 980,000 validators on the Ethereum blockchain as of April 9.