Behind the scenes, we’ve been researching possible upgrades to SSV’s tokenomics, and I'm excited to share our progress thus far. Since our mainnet launch is approaching, and because it might be appropriate to start executing changes, we thought it seemed like a good time to open up the discussion more formally to the community. There are still many complex decisions and issues to navigate, and these issues are highly simplified here. But together, let's do our best to confirm our immediate preparedness for mainnet, then take our time to engineer and refine a long-term design and plan that will create a solid foundation on which we can build an ambitious future. The following is the result of many discussions with a long list of talented contributors, so the credit belongs to all of them (thank you all 🙏). However, note that the plan presented here only represents my own perspective, and consensus must still be reached among the SSV team and community. I don’t claim that this is the optimal solution, and we won't move forward with anything unless there is wide support (and ultimately, a DAO vote). So I encourage everyone to give their thoughts, ideas, and feedback to help guide the project 🙂 Our Current Tokenomics For a complete description of the current tokenomics design, see the documentation. However to summarize, using the figure below (taken from the documentation), we can see that ETH stakers on the protocol pay operators a fee (in SSV tokens) to run their validators. A small additional “network fee” is also charged to the staker, which is taken by the DAO treasury as revenue used to fund further protocol and ecosystem development, as well as other activities approved by the DAO. This network fee is calculated as a percentage of the operator fees. Proposed Changes

概述 随着我们启动 SSV 的 Shifu V2 测试网并接近后续的候选版本，网络的细节开始固化。但此时此刻，在所有这一切都为主网启动做准备之前，我们有机会增强项目的代币经济学，以改善网络的属性，支持 SSV 社区，并更好地服务于更大的以太坊生态系统。本文说明了我们如何寻求实现这种效果，并提供了一些示例解决方案供我们考虑，包括： 通过为小型运营商提供优势来鼓励分散化 通过激励用户持有更多 SSV 来提高网络和市场稳定性 创建一种方法来“质押”SSV 并获得回报，而无需 DAO 铸造新的代币来支付它 通过激励定期投票增加 DAO 治理参与 但请不要将其视为详尽的清单。相反，这样做的目的是解释我们的目标如何转化为有形的特征，我想传达的主要概念是：如果我们可以定义目标，并且如果我们可以根据可衡量的指标来制定这些目标， 然后我们可以设计数学机制来鼓励那些期望的属性。 因此，让我们讨论一下我们的目标应该是什么，然后努力设计支持这些目标的相应机制。

Overview As we launch SSV's Shifu V2 Testnet and move closer to a subsequent release candidate, the details of the network are beginning to solidify. But at this moment, before all of this is finalized in preparation for mainnet launch, we have an opportunity to augment the project's tokenomics to improve the network's properties, support the SSV community, and better serve the greater Ethereum ecosystem. This article illustrates how we might seek to achieve such effects and presents some example solutions for us to consider, including: Encouraging decentralization by giving advantages to small operators Increasing network and market stability by incentivizing users to hold more SSV Creating a method to "stake" SSV and earn a return without needing the DAO to mint new tokens to pay for it Increasing DAO governance participation by incentivizing regular voting But please do not view this as an exhaustive list. Instead, the purpose of this is to explain how our objectives can be transformed into tangible features, and the primary concept that I wish to convey is this: If we can define objectives, and if we can formulate those objectives in terms of measurable metrics, then we can design mathematical mechanisms to encourage those desired properties. So let's discuss what our objectives should be and then work towards designing the corresponding mechanisms that support them.