Speaker 0 (Robert): 是会议的主持人或SSV团队的成员。他引导整个会议流程，提出问题并探讨议题，表明他对SSV网络和相关技术有深入的了解。
Speaker 1 (Alessandro): 可能是P2P.org的产品经理。他详细讨论了P2P.org的API产品，尤其是DVT Staking API，表明他对产品开发和管理有深入见解。
Speaker 2 (Vlad or Vladislav): 可能是P2P.org的另一名产品经理，专注于以太坊团队的基础设施。他的讨论重点在于技术细节和P2P.org在SSV上的工作。
Speaker 3 (Thomas): 看起来是一名听众或会议参与者。他提出了关于流动性质押代币（LSTs）和机构客户兴趣的问题，显示他对加密货币市场和机构行为有一定的了解。
介绍与背景
主题和参与者介绍
讨论重点概述
API产品特点
功能和操作流程
面向机构客户的优势
安全性与多样性
节点运营商选择的重要性
如何通过API提升网络的整体安全性
MEV处理策略
目前的处理方法和策略
未来计划和可能的定制选项
未来发展计划
集群大小和支付流程的潜在改进
针对机构客户的定制化服务
问答环节
参与者对关键问题的讨论和回答
Introduction and Background
Introduction of the topic and participants
Overview of discussion points
Features of the API Product
Functionality and operational process
Advantages for institutional clients
Security and Diversity
Importance of node operator selection
How the API enhances overall network security
MEV Handling Strategies
Current approaches and strategies
Future plans and potential customization options
Future Development Plans
Potential improvements in cluster size and payment process
Customized services for institutional clients
Q&A Session
Discussion and responses to key questions by participants
Speaker 0: Hey, what's up, guys?
Speaker 1: Hey, guys.
Speaker 0: Yo, yo, yo. Sounds good. Let's wait a few minutes for people to join. Yeah, yeah.
Speaker 1: Hey, Robert. Long time.
Speaker 0: Yeah, it feels like just the other day.
Speaker 1: Happy to be here.
Speaker 0: Yeah, nice to have you on again. We'll be at least discussing something else and something exciting. Yeah, so ready to get the show on the road.
Speaker 1: Absolutely. Let me send a message to Vlad.
Speaker 0: Yeah. Is the P2P account joining?
Speaker 1: I think they should. So let me ask the guys.
Speaker 2: Yeah, they are joining. They are joining, yes.
Speaker 0: All right. What's up, Joel? What's up? Hello, hello. Thanks for joining, guys. See the SSVC and channel author here. Nice to see y'all. Nice. Hello, everyone. What's up? Just going to give it one or two more minutes just to get a few more people that are joining. Hello, guys.
Speaker 2: How are you?
Speaker 0: Noise. Vladislav, you want to quickly just do a mic check? Check, check, check it out.
Speaker 2: Yeah, check, check, check. Can you hear me?
Speaker 0: Yeah, yeah, yeah. You sound good. Awesome.
Speaker 2: Let's wait for Lisandro and other participants.
Speaker 0: Yeah, yeah, yeah. Thanks for joining us. Fun having you on here. think we're gonna give it. yeah.
Speaker 2: yeah it's a pleasure. it's a pleasure a really cool topic really cool space to share in our a new product and overall talk about ssv and your last achievements. really cool stuff.
Speaker 0: uh thanks dude appreciate it. yeah i know it's nice having you guys on. it's always good having partners up and especially creating something so cool. I think as soon as we hit 04 minutes, I'll do the intro and we can get started. But I'm just going to say for anyone in the audience that's listening, we're going to do a Q&A after. So if anyone has anything to add or you can just request to speak or post a message in the chat.
Speaker 2: Yeah, as I see, Alessandro is here.
Speaker 1: Hey, guys. Nice.
Speaker 0: Yeah, okay, let's go. I think we're good to go. Let me do the welcomes. And yeah, well, welcome, everyone, to Chain Reactions. We're ready to dive into the dynamic world of blockchain and the innovative minds shaping a future. Today we're super excited to host two key players from P2P.org. P2P is a trailblazing company in the staking domain. They've carved out a niche in the industry with a robust portfolio of staking services across 50 networks and they are already safeguarding over 1.6 billion in assets. At the heart of their mission is a commitment to security and efficiency, which shines through in their latest venture, which we'll be discussing, an institutional staking API, which is designed to streamline institutional staking. This platform is not just a milestone for p2p.org, but a beacon for the Ethereum staking ecosystem and a bridge to help onboard institutions to ease staking with the integration of cutting-edge SSV network. So, Alessandro and Wladyslaw, it's great to have you guys here. Before we jump into the nitty-gritty, we'd love to hear a bit more about you each and some additional insights you might want to share before getting started.
Speaker 1: Beautiful words, Robert. Thanks a lot. So, my name is Alessandro. I'm a product manager at P2P.org. And I'm responsible for the development of dvt staking API, which I think is a product we're going to talk a lot to in this space. So thanks a lot for tonight. And yeah, really happy to be here, guys.
Speaker 2: Yeah. And let me continue. I'm Vlad Kurinkov. I'm a product manager in Ethereum team in p2p.org. So I'm responsible for all infrastructure side and what we are doing. in different projects in Ethereum. And one of our lovely ones is SSV, so I'm really happy to speak about SSV and what we are doing to make SSV better today. Yeah.
Speaker 0: Awesome, awesome. Yeah, thanks so much for joining, guys. Alessandro, it's good to see you again. For those that missed the Partner in Focus session, we had it previously. Check the SSV YouTube. We dove into P2P as a whole. And for those interested in finding out more, definitely go have a look. But today's focus will be more on the institutional staking API. So to get us started, can you guys give us an overview of the recent launch of the API for institutions? Can you maybe give us a little bit of an overview and the key features and then maybe after we can dive into the more specific components and maybe the flow. I think Vladislav, this is in your territory, right?
Speaker 2: No, not really. I will pass the question to start to Alessandra.
Speaker 0: Yeah, no worries.
Speaker 2: And then connect.
Speaker 1: Thanks, Vlad. Yeah, I was telling Robert at the beginning, I hope you were not tired of me after the last partner call, but yeah, here I am. Yeah, super happy, guys, to talk about DVT Staking API. A very simple definition. So DVT Staking API is an integration, an integration specifically built for institutions. And the goal is to basically enable them, enable them staking on SSV. leveraging DVT, leveraging distributed validator technology. It's also important to understand why we're doing this. So before, let's say, before launching this product, essentially users that wanted to stake on SSV had two options. I say two main options. One was to use the SSV website. And second one for the more tech savvy would be probably to integrate, to interact directly with the smart contract. But both options are not the kind of the preferred for institutions. And the reason is very often institutions are like intermediaries. They have their platform where they act on behalf of the clients. And for them, it's crucial to kind of provide a very good user experience. So using a manual interface would mean that essentially a user on the institution platform will have to be redirected from one place to the other. that's not always ideal. So that's why institutions very often work with technology integrations like API, like SDK, some of them even widget. We already have quite some experience with this technology. So we basically took the time to research it, to build it again, an API like this one that will make it very easy for them to stake. So there are a bunch of benefits, Robert, but let me know if we want to deep dive already in this.
Speaker 0: Yeah, for sure. I will go into it now. But I think one of the key things, especially now as we've started reaching such high amounts of e-staked and validators, institutions are definitely... a missing piece in the Ethereum ecosystem. Not that there aren't already, but I'm just saying like, you know, be onboarding, giving institutions the opportunity to onboard is like really, really, I think will take a really big step, especially when looking at like the amount of ETH staked. And, you know, we have the, we have the upgrade coming. Well, we have the potential upgrade coming soon, which will increase the validator balance to 2048, which could be really good for institutions. Have one validator key, but you have at least, you know, a bunch more ETH stake there. So I would just like to know, can you maybe give us like a brief overview of the components and maybe like an operational flow? Like how does it work when you go into the API? Like what type of options do you have? You know, how does this cater to institutions?
Speaker 1: Yeah, so I will take this one. So again, for us was key to kind of keep the flow as simple as possible. We already have an integration for clients to stake on Ethereum. That's already live. We have several clients. So we also use a lot of that experience here and kind of integrating dvt staking API. So just it's important key. API is very, I mean, it's just a communication channel. It's a communication between a client and our infrastructure. All the magic happens actually behind our infrastructure. But for the client, the starting point is essentially to send a request to our API, to our endpoint, specifying a bunch of inputs. Inputs can be like how much you want to stake, what's your withdrawal address, what's your fee recipient address, and some other information. And what we do? basically, then we basically generate a validator key for them. We shard it, and then we return all the data, all the information that the client needs to do two things. One, register the validator in SSV. And second is essentially send the stake to the Ethereum deposit smart contract. Now, there is an important element. Our solution is non-custodial. So all of these operations are something that the client will do. Because again, we kind of give, say, the client will hold the keys, the client will, let's say, have a stake. So for us, it's very important that the client will do this operation. Again, the API, to that extent, facilitates the process. So after receiving the data, the client will basically sign and broadcast some transactions, register, validate on SSV, and do the same for a team smart contract. And yeah, then your validator is up and running on SSV.
Speaker 0: Wild. Yeah. Okay. That's really cool. Uh, you know, having like such a, such a seamless like user experience, I think, you know, I, we've discussed it many, many times, but I mean, having, you know, a good UX is definitely one of the important things, um, that's missing in the, in the crypto space and especially having non-custodial like, you know, institutions, I'm sure you guys know, have really high and very specific like security and risk management needs. Um, Is there any other kind of like, you know, like criteria that institutions need that you guys are catering for?
Speaker 2: Yeah, I think I can take one. So as Alessandra mentioned, institutionals actually very, very risk others. And actually, our main insight we have is that they already choosing the custody wallet or Neobank to hold their money secure. So this choice already happened. And that's why we actually introduced this API, just like a easy way to integrate with your preferred custody or Neobank wallet. So we have an ability to stake with DVC, but let's do a step back and think why actually, institutionalists want to stake with DVC. So, as we see, and it's happened very, very often, institutional clients just stake with different providers to diversify their risks. Because if you have a lot of money, You don't want to risk at all. And you put some money to one operator and stake with another and so on and so forth. And dvt simplifies this process drastically because you have only one click and you staked your Azure with top providers here. And what I want to highlight from our product What I want to highlight from our product side is that it's very important to create a robust and diversified cluster here. So it's not enough just to set up four operators But if these operators will be not diversified, it won't give you any benefits that DVT can bring on the table. So from P2P, and we try to mitigate this all possible risk. And what we have, we have a cluster with the top operators with recorded proof of performance. It's all nodes, it's Stakely, it's IOB, and each of them has a different location, different infrastructure provider, different nodes, including minority node client. And actually you are pretty secured from any cases, from any problems with node software. Like if, for example, prism will have some issue. uh your data won't be affected just because uh you have a strongly diversified cluster. inside that we what we bring on the table to institutional clients.
Speaker 0: nice you actually already answered my next question which was you know like how you know how do you guys um you know do operator selection and how does it cater to institutions. but exactly like you said like I think the beauty about DVT is the fact that, you know, anyone can plug into this, um, into this network. And, you know, when you have people, um, just normal stakers going into SSV right now, we have the permissionless launch. So that means that, you know, anyone that has a validator can come to SSV network and kind of distribute it, um, between these different nodes and a hundred percent, like you said, you know, um, There are many different providers, each in different jurisdictions, running different ELCL clients and different hardware setups. So I think, yeah, that's a really cool thing to add, especially for not just improving your rewards, but distributing and making Ethereum much more decentralized. So I mean, the benefits here are obviously that the fault tolerance, right? Right. Yeah, you have one node operator that might go down, or even when you look at jurisdictional kind of events, right? Let's say the US decides to outlaw staking tomorrow. I mean, we've seen some rash decisions in the past. And then even if that's the case, if you have node operators in different parts of the world, that will not be the case. I think that's a really cool thing for institutions. What do you think?
Speaker 2: Yeah, for sure, for sure. And that's why we construct our cluster exactly this way that I already described here. Because it will prevent a lot of possible risks, a lot of possible risks. You know, it could be like a black swan. when there is a bug in some node clients and we all know that we have a problem with client diversity in the network and possibly it can be very very bad for operators in the future when some some bug in a prison or lighthouse or any other client will appear and it will influence, for example, for large outage or even slashing event. We can predict such black swan, but we can mitigate this risk using DVT technology. And that is awesome because if you have four completely different beacon nodes inside for each operator, your operator just won't sign your own message. And actually, from my point of view, DVT technology...
Speaker 0: Oh, we lost you there for a second.
Speaker 2: From my perspective, DVT... There we go. From my perspective, DVT makes slashing events just with zero probability. So, yeah, it drastically reduces the probability of slashing, likely to zero.
Speaker 0: Yeah, for sure. I think that's one of the really cool components. So what I'm wondering is two things. What you said earlier was really, really cool. It's kind of promoting minority clients. Is there... is it like an opt-in thing? Do they get to choose? Or it's kind of like we want to, or P2P wants to use these minority clients to improve validator, to improve client diversity. And just on top of that, how does MEV work in this? Because I know some institutions, maybe some institutions in the US might need to conform to some rules, for example, like signing OFAC compliant blocks and stuff like that. So how does that process work?
Speaker 1: Yeah, let me jump in, Robert. I mean, this is a very, very important point because when we basically started designing this product, designing these solutions, we really took the time, the responsibility to find partners that will share our vision. So a lot of pieces have already been presented. So for us, it was very important to have an API integration that will allow clients to stake on a cluster with the highest level of diversification. We mentioned already geographical distribution, we mentioned already client diversification on the consensus and execution layer. So we really try to integrate this directly in our platform. How do we do that? Well, we basically make it by default. So when a client stakes using our API, we basically let him register his validator, choosing for node operators. We already mentioned some of our partners. Each one of this partner will have a specific set of again, as I say, of node locations, consensus execution layer. And when you put all of them together, basically what we have is four different execution clients, three different consensus clients. So this option is not an opt-in, it's something we provide by default to the client, somehow removing a bit of the choice dilemma when they have to select which node operators. And for us right now, what's important is to validate this, you know, because obviously we talk a lot with clients, you know, we explain them all these advantages. And right now, no one, no one has ever told us, no, we don't want this. No, we won't have the decision of choosing like a different node operator. So it seems like we are moving in the right directions. And I'm really, really happy. This also has a positive side effect on Ethereum. So that's just amazing.
Speaker 0: that's really cool. and what if? what about mev? uh you know how does that work like? are you guys choosing specific relays? um you know do institutions even know what mev is? and like obviously mev boost rewards? so i assume you know anyone that is not chasing yield but looking for maximum returns a maximum uptime and stuff like that. like how are there like any specific relays or How are you guys looking at that situation?
Speaker 1: Yeah, that's also a good one. So I will take it. So for us at this stage, basically what we agreed with our partners to make sure that all the available MEV relays will be supported in our cluster. But for us, it's also important to already start looking at the next steps of this project. Based on our experience, we know that for clients, it's also important not customization. Basically, you have the ability to choose, essentially, the attributes of your node, in this case, of the cluster. So what we want to do, basically, is give clients the option to choose what type of NDV relays they want to choose. Do you prefer to choose, for example, some MEV relays that are more offer compliance, that are not offer compliance, that look more profitability or not profitability? So that's already part of our vision. It's not there yet. So for us at this stage, we basically offer all the MEV relays in there. But yes, to answer your question, so yes, we know this is important for institutions. We often get this question. Sometimes we might underestimate how much they know, but my experience tells me that actually they have sometimes a very depth deep technical know-how and they know this is also related to the rewards. And of course there is also the side of the regulation. So for them, understanding MEB, understanding how our technology deals with MEB is very important. And the node customization is also something like a key factor that they are looking at.
Speaker 0: That's really cool. I think, you know, that's one thing that we definitely have in common is, you know, being agnostic essentially and providing, providing people with the choice, right? You come in, you select your, well, I mean, you come in and you can kind of have, have some sort of say. Um, what I'm wondering is towards the future, you said that you guys have a cluster size of four. So just for, just for interest sake, like, do you guys plan on perhaps, um, increasing the cluster size in the future, maybe 17 or 13 node operators? I mean, You know, for those that aren't really au fait with DVT, at the moment, SSD can support up to 13 node operators in a cluster. So for every... For every three, so the formula is 3n plus 1, right? So for every three in a cluster of four, you can have one offline. In a cluster of seven, you can have two. In a cluster of 10, you can have three nodes offline. So I mean, as that scales, the amount of fault tolerance also scales. So have you guys looked into something like that? Or I'm just wondering, like, you know, out of pure interest.
Speaker 1: We did, we did. So to give you maybe some context on this part, there it is that we are also aware in the situations where we basically had to decide which node operator to add. So we're also a bit surprised of the reaction from some of the partner we contacted. But for us was of course also important to try to release a product at early stage. So again, we can also say start the conversations with the clients. But the reality is that, yes, we're already looking at increasing this number. We already started talking with some of the node operators. And for us, indeed, seven seems the next step. But at the same time, as I say, it's important for us to start conversation with the client. So we don't want that to delay. So it's something we are doing in parallel. And yeah, as you kind of mentioned, this increases diversification, increases the default tolerance part. So yeah, definitely something we're looking at.
Speaker 0: Very, very cool. Oh, Vlad, you have something to add?
Speaker 2: Yeah, yeah, yeah. I have something to add. Actually, it's very nice to have as much... much more operators inside the cluster. But the opposite side here is increasing price of this cluster as well. So you have spent much more money for infrastructure here. So, and we need actually to find the health balance between amount of operators inside the cluster and fault tolerance. Yeah.
Speaker 0: Interesting, yeah.
Speaker 2: Here is the point.
Speaker 0: For sure, for sure. Yeah, I mean, that's definitely the more node operators you have. Once again, for those that don't know SSV that well, when you choose your node operators, you pay them in SSV, but you keep 100% of your ETH rewards, which is pretty dope. So, I mean, in terms of changing the landscape for institutional staking, What kind of opportunities do you think you guys are presenting for institutions to be able to start taking part? There are so many initiatives out there at the moment that are doing some interesting stuff. I think it was Metapool that had a staking module. which you know some type of rewards are allocated to. um you know like humanitarian efforts i mean like what kind of are there like? what kind of opportunities do you think you guys will be able to present like as time goes on for institutions?
Speaker 1: um yeah glad you want to take this one.
Speaker 2: Yeah, I can take this one. From the next opportunities, as Alessandro already mentioned, we see customization of our offering here very important. So as Alessandro said, we need to make an ability to choose nodes location, and the re-strategy, and so forth. Regarding other interesting, what's happening around, I think that LIDAR simple dvt module is very, very good example of what's happening. So, and we are really excited to be a part of operators that are testing this dvt module right now. And Yeah, I think that it will drastically improve diversity wider. So we really want to make it more popular. Very interesting story about Eigenlayer, what's happening right now. So I think that collaboration and there is a synergy effect of SSV staking and Eigenlayer. And we will for sure. So we already have such option in our native staking right now. And hopefully.
Speaker 0: Sorry, I seem to have lost you for a moment there. But yeah, I think for restaking, there's some really cool opportunities. Alessandro, can you maybe speak to that? Like, tell me a bit more about how you guys are working with them.
Speaker 1: Yeah, indeed. So I think Vlad indeed was introducing basically some of the experimentations we're doing right now. I mean, Obviously, next to DVT, risk-taking is the next big trend. Everyone is talking about risk-taking and all these juicy rewards that can come. So for us, it's important. As I say, our focus is really about integration. So we really want to make the institution's life as easy as possible when it comes to access all these technologies. I think that's our niche that we are creating here. We did it with DVT, with API, and of course, we are also planning to do the same with risk-taking. But what I think is very cool, Robert, here is Try to imagine these two words not as separate, but actually combined with each other. Imagine, for example, having your validator secured by DVT on SSV, while at the same time, your validator, I don't know, securing some infrastructure on another service available like a layer and therefore getting X rewards. That's the type of scenarios we are looking at. Of course, there are a lot of the uh let's say testings to be done before. uh but uh yeah this is definitely an um something we are looking at. we are researching right now with our team.
Speaker 0: wow that is super duper interesting i think. like um you know i feel like the staking space right now is kind of like going in the same direction as d5 was. you know we have like the d5 legos like people are building on top of each other. People are borrowing, you know, here and there to create these amazing services. And I think, you know, what's happening right now, what we're seeing right now is really, you know, an attestant to that kind of paradigm. So yeah, I think that's really cool. It's really cool that you guys are on the forefront. I'm really happy, you know, that SSV can be working with people that are like looking forward and not just, you know, looking down at the ground, building. I mean, that's also important, but I think, know especially in the industry that we are there's always. there's always new things happening. um and when speaking about new things happening since the launch um what has been your initial feedback? have there been any um developments or enhancements planned for the api in the future? or are you guys just 100 focused on getting these institutions on board and getting the staking online?
Speaker 1: Yeah, I will take this one, Robert. So this is something that we need to continue to battle. So for us, it's not like either one or that. It's an important one, as you say, to start the conversation with the clients because um there is a lot of education. part related to this is for not not for everyone is is is always 100 clear. what is dvt? what are the advantages? why does it bring more security? so for us there is a lot of work to be done on that side in try to to basically fill that gap in terms in terms of in terms of knowledge. On the other hand, for us, launching this product is not like, okay, we launch it, we are done. Okay, thanks, everyone. It's part of the milestone. Of course, it's exciting to see that we are probably the first operator to offer this type of integrations to institutions. But we are also aware that there are a lot of announcements to be done. Let me mention a few to kind of summarize. One that we are really trying to focus right now is to simplify the whole payments flow for the clients. I think it was you, Robert, you mentioned it indeed. On SSV, basically as a client, you have the responsibility to maintain a cluster balance. So actually this is a balance where basically client top-ups with SSV token and then node operators get rewarded by SSV. through this cluster balance. For some clients, this can be a challenge. This can be a challenge in a sense that it's like an extra operation on top of that, especially to something that they're not used to if they already do some direct staking on Ethereum. So what we're doing right now, and I'm honestly really, really proud of the team at Achieve, is essentially creating a smart contract which essentially abstract all the operations from the client so the client only has to stake on on ethereum. the ethereum deposit smart contract will receive rewards in ethereum and the smart contract essentially will act as a third party taking care of topping up the balance making sure that basically there is always enough ssv tokens so it doesn't go below a certain threshold and and so for the clients the old flow gets simplified in that sense. Yes, there is a trade-off in terms of probably security because you essentially rely on P2P to make sure that this cluster balance always has enough balance. But we provide our clients the option. And I think that's also a very important benefit of this integration. It's also the flexibility. Whatever is your needs, are you looking more for simplicity or looking for more security? This integration can kind of shape in the way that fit better your needs.
Speaker 0: I think that's such a cool initiative and especially like, you know, for people to like institutions to improve the UX, which is funny that you say it because I was actually going to say something about accounts abstraction like later, you know, like. Um, I imagine like, uh, you have ETH validators, um, you know, running,
Speaker 1: um,
Speaker 0: in a cluster and, you know, if they don't necessarily have SSV, you know, hopefully in the future, um, with the account abstraction upgrade, like they'll be able to pay in ETH or, you know, whatever, um, currency like they have available to them. Um, so yeah, very, very cool guys. I think we're getting close towards the end. So I just want to remind the listeners that if anyone has any questions, you can request to speak when we have the Q&A, or you can pop a message in the chat. But I recently saw something that was really interesting to me, and I saw that P2P and Mantle are creating a strategic alliance. I think it would be interesting for me as well, I'm sure for the listeners, just to maybe tell us a little bit about that. How does that work? What is the purpose? And yeah.
Speaker 1: Yeah, if you if you need or wondering like how this API can be can be leveraged by clients, Mantle is a classic example. Basically, with Mantle, we worked the last several months on indeed on this integration. Mantle just launched a new LST, which basically uses our staking API. It's not DVT staking API, but the technology is very similar. to basically request on demand the new validators, whatever they needed, and as well as initiate withdrawals on demand. So these integrations are exactly what institutions like Mantle essentially need in order to offer their clients these amazing products. And I'm really happy to see this happening, how this will evolve in the Ethereum ecosystem. Of course, it's always good to see more competition, especially in the liquidity space. So yeah, it's very exciting. So really, yeah, looking forward to see the future of that.
Speaker 0: Cool stuff. Congratulations, guys. Well, do you guys have any questions for me? You know, like wondering about something?
Speaker 1: Robert, I'm always curious to hear your take on the future of SSV, especially when it comes to institutions. What do you think would be the key element there to convince them?
Speaker 0: For sure. Thomas, I'll definitely get to you as soon as I answer this question. I think SSV in itself really solves a lot of these kind of problems that institutions are facing. They want to diversify the risk, hence split your validator key between multiple node operators in the network. You only want to operate specific validators and not all validators. Well, SSV also caters for that. You can create a private island, essentially, which allows applications to whitelist specific validators. So they can still benefit from DVT, but only run validators that they choose or their own validators. Once again, those whitelisted validators or that operation could be KYC'd, all of those things. So I think it's really cool. And I think especially the fact that when you do that, you can, if you have, for example, let's say P2P, right? Let's use you guys as an example. You guys can create a private island you can have four of your own nodes running and you don't have to pay fees, which essentially means that you can be using the SSB network for free because you'll just be running your own nodes because otherwise you're paying yourself, right? There's no point. So I think that's a really cool way for institutions to plug in directly into SSV and kind of, you know, I mean, the sky's the limit, really. I think, you know, in the last three years that we've been going on, there have been super interesting projects being built on SSV. I mean, you guys are obviously one of them. And I think... you know, there's already what I think there's like 40 plus grantees building stake, wide variety of staking applications, tooling. And I'm personally super excited to see the future of, you know, when all of these DVT powered staking applications go online and start competing with each other, each with their own special offering. I mean, we see Lido, we're starting testing with Lido now, or the third test, and hopefully by Jan or end Jan, February side, you know, we'll have SSV online on Mainnet on Lido. So I think that's really, really cool. And then I think something else that's really like, we've never said multi-chain, but I mean, it's definitely not on the cards.
Speaker 1: Oh, 100%. I mean, I hope like people listening, like really get the, the, let's say the opportunity also in terms of advancement, enhancements, this technology is opening up and also how staking is, is evolving, is becoming more and more advanced every day. And yeah, as you say, the sky, the sky is the limit. Maybe just to, just to maybe also share some, some insights, of course, like One of the benefits of launching this product, one of the benefits, of course, also working P2P is affecting it. You have the opportunity to talk a lot with institutions. That's the main target also for this product. And very often we get the question, especially when you start introducing DVT, okay, so tell me more about security. So what's the added value in terms of security when it comes to DVT? And this is very, I think this is very key, because it's not enough to say, okay, yes, this reduces the risk of slashing insurance. This reduces the dependency of a one-node and stuff. Institution won't really know the details, won't understand really what is going on. And I think it's us, as well as, of course, others, to really, as I say, fill that gap in terms of educations, in terms of like really explaining in details what is happening under the hood. and why dvt indeed is is a better choice than i mean some of the others available out there. so that's uh yeah that's uh that's our our fight.
Speaker 0: let's say 100. um i mean just to add to that we recently we're busy working on well we're pretty much we're very close to completing a dkg tool. um which is also you know like You have, we have on the web app, we have key splitting, which allows you to bring your key and split it between node operators. But soon enough, people will have the option to distribute, to create, to generate their key through DKG, which means that the key will never actually exist. And in terms of security, this is probably the most, you know, the most safe you can get. So, yeah, I think it's really cool. Thomas, let's hear what you have to say. Connecting. GM, GM.
Speaker 3: Hey, I was just wondering, you know, sitting in the audience thinking, okay, it's obvious that LSTs have great PMF with retail. Are institutions looking at LSTs as a way to take advantage of their staked positions? Or is this something that for some compliance or security reason they aren't looking at?
Speaker 0: Good question.
Speaker 1: I can take that. So there is definitely the element of regulation. There is more uncertainty when it comes to LSD for a lot of these institutions. You have to understand Thomas that indeed like these guys, they speak very often with regulators. They really try to play by the rules. So for them, the element of uncertainty is not good for this business. So we see some objections in that side. Direct staking seems to be at this stage a better option for them. But yeah, there is often an element of curiosity, understanding how they can leverage that. But indeed, regulation is not that straightforward yet.
Speaker 3: Makes perfect sense. I know the institutions hate any unknown. So that I get. Curious to know, recently Coinbase has come under fire for using Geth exclusively as their staking client, which is the super majority, and it's not great for the Ethereum network. With having institutional capital going through your smart contracts, I'm guessing you guys have an outsized opportunity to... really decentralize the staking infrastructure. So do you take any steps there? Are institutions saying, let's use Geth because it's the biggest and the best and we don't want to take any risks with these other clients? Or are you pushing them to contribute to other networks, for lack of a better term?
Speaker 1: Yeah, maybe pushing is not the right term I would like to use, but yes, we are providing basically right now a default option. So essentially staking with via our API allows you to register validators using a specific set of cluster. This cluster, basically what we have is the highest level of diversification. Basically, we support four different execution clients, three different consensus clients. So staking on dvt in general, but specifically staking via our dvt staking API enables, improves the client diversification on Ethereum. This is something, as I mentioned before, it's really something we really try to, from the beginning, to put it there, really part of the design of the product. We want to have that positive impact on the network. And yeah, if we can make a contribution, why not?
Speaker 3: Thanks for answering the questions. Appreciate it.
Speaker 0: Nice. Thanks for asking some questions. It appreciate it. So, I mean, that's, I feel like we're pretty much towards the end of the session. Vlad and Alessandro, thank you so much for joining guys. Always fun to speak with you and, you know, sharing, thanks for sharing your, your knowledge and your perspectives. I'm sure, you know, this is definitely not the last. We'll do something in the future again. So yeah, thanks for joining. And it's been an absolute pleasure.
Speaker 1: Thank you, Robert. Thank you, everyone. Thank you for listening.
Speaker 2: Yeah, thank you for the opportunity to share our ideas and listen to you. Bye-bye.
Speaker 0: Cool. So as everyone logs off, I'm just going to kind of give a little overview. of this week in SSV. It's been quite an exciting week. I think I mentioned it earlier, but the permissionless phase one is live, which means that any validators you know, can permissionlessly join. So if you're an at-home staker, you can take your key, you can bring it over to SSV, and you can have it distributed. I think one of the other cool things is our incentivization program is online. So, you know, if you're also maybe running a rocket pool, mini pool, you can actually... join SSV as well and earn double protocol rewards, which I would say is quite wild. And yeah, I think one of the other things that happened today is that we released the node operators upgrade to version 1.2.1. This is a really big step for the permissionless launch. There's a scheduled fork for the mainnet a week from today at Epoch. 249,056. So if there are any node operators listening or anyone joining, that is the node version to upgrade to and it'll ensure a smooth transition. And yeah, we already spoke about the Lido integration. That's super exciting. That's strong going. And yeah, thank you everyone for joining. It's been an absolute pleasure having you and thanks for listening.
Speaker 1: Thank you. Bye guys.
本次会议深入探讨了P2P.org新推出的面向机构客户的质押API。讨论重点包括API的关键功能、如何满足机构客户的特定需求，以及P2P.org在质押领域的未来战略和发展方向。此外，还讨论了API如何增强网络安全性和多样性，以及处理MEV（最大可提取价值）的策略。
The meeting delved into P2P.org's newly launched staking API aimed at institutional clients. Key points of discussion included the critical features of the API, how it meets the specific needs of institutional clients, and P2P.org's future strategy and direction in the staking arena. Additionally, the meeting covered how the API enhances network security and diversity and strategies for handling Maximum Extractable Value (MEV).
P2P.org的API专为机构客户设计，提供高效、简化的质押解决方案。
API特别强调了节点运营商的多样性和网络安全性，以提升整体网络的稳定性和可靠性。
针对未来发展，P2P.org致力于提供更加个性化和定制化的服务选项，以更好地适应不同机构客户的需求和预期。
P2P.org's API is designed for institutional clients, offering an efficient, streamlined staking solution.
The API particularly emphasizes the diversity of node operators and network security to enhance the overall stability and reliability of the network.
For future development, P2P.org is committed to offering more personalized and customized service options to better meet the needs and expectations of various institutional clients.
机构客户对流动性质押凭证（LSTs）的态度
问题: 机构客户是否会利用流动性质押凭证（LSTs）来优化他们的质押头寸？
回答: Alessandro指出，由于监管不确定性，机构客户对LSTs持谨慎态度，更倾向于直接的质押方式。他们尽量避免涉足复杂或不明确的监管领域。
推广客户多样性
问题: 考虑到Coinbase因为仅使用Geth作为其质押客户端而受到批评，P2P.org在引导机构资本通过智能合约质押时，是否采取措施促进质押基础设施的去中心化？
回答: P2P.org通过API默认设置提供多样化的节点运营商选项，以此促进以太坊网络的多样性和稳定性。这不是一个可选择的选项，而是默认提供给客户的，以减轻客户在选择节点运营商时的困难。
未来发展计划
问题: 你们是否有计划在未来扩大节点集群的规模？
回答: Alessandro表示，他们正在考虑扩大集群的规模，并正在研究简化支付流程的方法。同时他们也意识到增大集群规模将增加成本，因此需要在集群规模和成本之间找到平衡。
解释DVT的安全性
问题: 你们如何向机构客户解释分布式验证者技术（DVT）的安全性？
回答: P2P.org强调需要详细解释DBT的安全优势，包括如何降低被削减（Slashing）的风险。他们认为对客户的教育和清晰沟通DBT的优势非常重要。
处理最大可提取价值（MEV）
问题: 你们如何处理最大可提取价值（MEV）？
回答: Alessandro说明目前支持所有MEV中继，未来计划提供更多定制选项。他们重视客户对于MEV的不同策略，如遵守某些规定或追求最大化收益。
Institutions' Attitude Towards Liquidity Staking Tokens (LSTs)
Question: Are institutions considering leveraging Liquidity Staking Tokens (LSTs) to optimize their staked positions?
Answer: Alessandro noted that due to regulatory uncertainties, institutions are cautious about LSTs and prefer direct staking methods. They tend to avoid complex or ambiguous regulatory areas.
Promoting Client Diversity
Question: Given Coinbase's criticism for exclusively using Geth as its staking client, does P2P.org take measures to promote the decentralization of staking infrastructure when guiding institutional capital through smart contracts?
Answer: P2P.org promotes Ethereum network diversity and stability by offering diverse node operator options as a default setting through their API. This is not an opt-in feature but a default offering to alleviate the difficulty for clients in choosing node operators.
Future Development Plans
Question: Do you plan to expand the node cluster size in the future?
Answer: Alessandro indicated they are considering expanding the cluster size and researching methods to simplify the payment process. They are also aware that increasing the cluster size will raise costs, so a balance between cluster size and cost is needed.
Explaining the Security of DBT
Question: How do you explain the security of Distributed Validator Technology (DBT) to institutional clients?
Answer: P2P.org emphasizes the need to thoroughly explain the security advantages of DBT, including how it reduces the risk of slashing. Educating clients and clearly communicating the benefits of DBT is seen as crucial.
Handling Maximum Extractable Value (MEV)
Question: How do you handle Maximum Extractable Value (MEV)?
Answer: Alessandro explains that currently, all MEV relays are supported, with plans for more customized options in the future. They take into account clients' varying strategies for MEV, such as compliance with certain regulations or pursuing maximum profitability.