📖 Context & Background
What is CMv2
The Curated Module v2 (CMv2) is the successor to the existing Curated Module v1 (CMv1).
It's a permissioned module designed for professional operators that introduces bond requirements, operator classification, and a governance committee to handle routine operations without full DAO votes. It reuses architecture and components from the latest version of CSM, adapted for a permissioned setting.
A new Operator Group model is also introduced allowing each entity in CMv2 to manage multiple Node Operators (also referred to as sub-NOs) with different configurations.
CMv2 rolls out in two phases (planned for Q3 and Q4 2026) and will replace CMv1 through a structured migration once complete.
Key differences from CMv1 and CSM
CMv2 introduces significant changes from CMv1 and CSM. The table below summarizes the most important differences.
| Feature | CMv1 | CSM | CMv2 |
|---|---|---|---|
| Stake allocation | MinFirst allocation | FIFO queue | Weighted stake allocation with respect to sub-operators |
| Validator type | 0x01 only | 0x01 only | 0x02 only |
| Deposit flow | Single 32 ETH deposits | Single 32 ETH deposits | Two-phased: initial 32 ETH + top-ups up to 2048 ETH validator balance |
| Operator creation | Via governance | Permissionless | Via Curated Gate contracts controlled by governance |
| Bond | No bond; reputation-based model | Per validator | Bond required per 0x02 key at the sub-NO level |
| Rewards | Push-based | Pull-based | Pull-based |
| Address management | Governance | Operator-controlled | Operator-controlled + governance fallback |
Rollout Plan
CMv2 is being rolled out in two distinct phases. Understanding which features are available in each phase will help you plan your migration and operations.
Phase 1
Live on Hoodi, targeted Q3 2026 for Mainnet
- Introduction of bond and penalties to Curated Module operators
- Address management by Node Operators
- Operator types with type-specific bonds, fee caps, stake allocation weights, and other parameters
- Weighted stake allocation
- Two-phase deposits (initial 32 ETH + top-ups)
- Consolidations from CMv1 validators
- Pull-based reward claims with FeeSplit support
- Node Operator creation method and mapping into Operator Groups representing the entity
Phase 2
Targeted Q4 2026 for Mainnet
- Validator Market (ValMart), a dynamic allocation mechanism that can factor in parameters such as operator fees, risk profiles, additional bond reserves, and LDO locking or delegation
- Strike system, a sub-NO-level accountability mechanism where repeated misbehavior reduces allocation weight and can eventually lead to full Node Operator ejection