📖 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 is rolling out in two phases. Phase 1 is live on Mainnet, and Phase 2 is planned for Q1 2027. CMv1 will be replaced gradually as operators migrate.
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 |
*CSM currently uses 0x01 validators on Mainnet. A separate 0x02 CSM instance has been approved but is not yet live.
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 Mainnet (and Hoodi testnet)
- 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 Q1 2027 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