$SSV Today, let's talk about the @ssv network project, which is an important foundational protocol in the Ethereum ecosystem's re-staking track (LSD) and is quite representative.

First, let’s discuss the current situation of LSD. LDO still holds a leading position (Figure 1), with a market share exceeding 60%. However, compared to its peak, this has declined somewhat. Additionally, platforms like Binance and Coinbase have increased their market share significantly due to their asset and security advantages. Overall, the valuation of the LSD sector has seen a considerable decline compared to before, and thus the price adjustment of SSV, while it has dropped significantly from its relative high, is still at a reasonable level when compared horizontally.

Next, let's take a look at SSV. As one of the strongest decentralized LSD representative protocols, there are currently $14 billion worth of ETH staked through the SSV protocol. However, since most of SSV's staking is implemented through upper-layer protocols, it does not independently reflect TVL. SSV is currently the highest-ranked decentralized LSD protocol in terms of TVL, and its no-threshold entry mechanism along with the F1+F2+F3 tiered fee structure will continue to occupy a certain market share in this sector.

In terms of price, SSV is currently between $8-10, with a market capitalization of over $50 million and a total market cap of over $100 million, making it relatively undervalued. Regarding revenue, SSV currently only generates annual income at the million-dollar level, so its current market cap is more about future expectations. Since SSV’s operator service fees and others are paid through SSV, it can create certain buying pressure, and as the network develops, SSV’s market cap will also grow. As an LSD protocol of Ethereum, its value is not only directly related to market share, but another key factor is the price of Ethereum. Therefore, holding SSV long-term is also a way to bet on Ethereum.

In summary, I believe SSV is a good project to hold. The recent rise of Ethereum has not directly driven the rise of the LSD sector, which is objectively unreasonable. If Ethereum's price can achieve a significant breakthrough, such as stabilizing above $5,000 in the long term, it is highly likely that the LSD ecosystem can keep pace, making it relatively easy for SSV's price to reach $20-30.