P2P.org, a validator on the Ethereum blockchain, has achieved a significant milestone in growth and is introducing a novel staking model tailored for enterprises. The company revealed that the total value locked (TVL) of Ethereum validators surged from $5 billion in February to surpass $7.4 billion by March. In a statement, on April 10, P2P.org highlighted its own remarkable growth trajectory, with its TVL soaring from $1.4 billion in the first quarter of 2023 to an impressive $7.3 billion in the corresponding period of 2024, marking a remarkable year-over-year surge of 396%.
According to data from Dune Analytics as of April 8, P2P.org commands a market share of 0.75% of total Ethereum staked, representing approximately 240,832 ETH. In comparison, the largest Ethereum validator, Lido, holds a considerable 29% of total Ethereum stakes, equivalent to 9.5 million ETH. Additionally, Dune Analytics data suggests that unidentified validators account for up to 17% of the market share. As P2P.org approaches this TVL milestone, it unveils its latest offering: the Staking as a Business (SaaS) model, meticulously designed to address the staking challenges encountered by enterprises, encompassing issues related to functionality, service promotion, and revenue generation.
CEO of P2P.org, Alex Esin, elucidated the objectives behind the new staking model in an interview with Cointelegraph, emphasizing the aim to facilitate the establishment or expansion of staking assets in institutional products. Esin outlined the target of ensuring that staking contributes a substantial portion, ideally 10% to 20%, to overall revenue. Describing it not merely as a service but as a comprehensive partnership model, Esin highlighted how the SaaS model enables businesses to scale by seamlessly integrating new DeFi and stake services into their platforms.
Ethereum staking involves locking up ether to support the Ethereum network and rewarding users with newly minted ether. This mechanism was introduced in September 2022 when Ethereum transitioned to a proof-of-stake (PoS) consensus mechanism. Unlike the energy-intensive proof-of-work (PoW) mechanism used by the Bitcoin blockchain, PoS relies on verification rather than mining. Validators on the Ethereum blockchain are entities that stake a minimum of 32 ETH to partake in running Ethereum’s PoS consensus blockchain. As of April 9, there were reportedly 980,000 validators active on the Ethereum network, according to data from Beacon Chain.
