P2P.org, a validator for the Ethereum blockchain, has achieved a significant milestone in its growth and is introducing a new staking model specifically designed for businesses.
According to an announcement made to Cointelegraph on April 10, the total value locked (TVL) in P2P.org has increased from $5 billion in February to over $7.4 billion in March.
P2P.org’s TVL saw a remarkable year-over-year increase of 396%, rising from $1.4 billion at the end of Q1 2023 to $7.3 billion at the end of Q1 2024.
Based on data from Dune Analytics, P2P.org currently holds a 0.75% market share in terms of total staked Ether (ETH), which amounts to 240,832 of staked ETH as of April 8. In comparison, the largest Ethereum validator, Lido, holds a 29% market share with 9.5 million ETH staked. Additionally, unidentified validators stake around 17% of the market.
To complement this growth, P2P.org has also announced the launch of a new staking model called staking-as-a-business (SaaB), which specifically targets businesses. This model aims to address the challenges that businesses face when it comes to staking, including issues related to functionality, promotion of staking services, and revenue generation.
“Our goal is to facilitate the establishment or expansion of staked assets within institutional products, ensuring that staking contributes at least 10% to total revenue, ideally reaching 20%,” said P2P.org CEO Alex Esin in an interview with Cointelegraph.
Ethereum staking involves locking up Ether to support the Ethereum network and rewarding users with newly minted ETH. The staking mechanism was introduced in September 2022 when Ethereum adopted a proof-of-stake (PoS) consensus mechanism, which is different from the proof-of-work (PoW) mechanism used by Bitcoin.
In the PoS consensus mechanism, validation is relied upon instead of mining. 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.