Blockchain infrastructure provider SSV Network has announced significant enhancements to its Incentivized Mainnet Program (IMP), following a governance referendum on the DIP 18 proposal. All contributors to the mainnet will now be able to claim upgraded rewards, as the program undergoes a comprehensive revamp designed to extend its duration and increase incentives.

The DIP 18 proposal, introduced by a pseudonymous SSV user known as BenAffleck, received overwhelming support from the community. More than 99% of voters approved the proposal, with less than 0.01% abstaining. This robust endorsement has led to a three-month extension of the IMP, pushing its end date to December 2024 and bringing the total program length to 15 months. The extension aims to encourage more users to join as validators and maximize their rewards during the program's extended lifespan.

One of the key revisions under DIP 18 is the introduction of a new tiered rewards system, which significantly boosts the Annual Percentage Rate (APR) for SSV validators. The first 20,000 to 30,000 validators will receive a 30% APR boost, the next 35,001 to 45,000 validators will see a 20% APR boost, and validators numbered 45,001 to 100,000 will enjoy a 10% APR boost. This new reward structure takes effect immediately following the successful governance vote and will remain in place for the duration of the program.

In addition to extending the program and enhancing APR conditions, the protocol has also revised the requirements for wallet eligibility. Validators participating through SAFE multisig wallets will now be eligible for rewards distribution under the IMP program. This change ensures that rewards are allocated directly to the SAFE wallet, rather than to the deployer, thereby benefiting users who utilize multisig registrations.

These upgrades to the IMP come on the heels of SSV Network’s recent tech roadmap release in May 2024, which outlined plans for future hardforks and expansion ambitions. The latest enhancements are expected to further solidify SSV Network's position as a leading staking infrastructure provider, by offering attractive incentives to its participants and fostering greater engagement within the community.

By extending the program duration and significantly increasing the reward rates, SSV Network aims to attract more validators and enhance the overall security and decentralization of its mainnet. This move is set to bolster confidence among current and potential participants, ensuring sustained growth and robustness of the network.