The SSV DAO has announced that it will distribute grants worth $10 million to development teams. The grants will help decentralize Ethereum’s consensus layer in advance of its switch to Proof of Stake consensus algorithm (PoS). Over $3 million will go to open and pre-defined grants for developing applications, staking pools, and other network tools. There will be an additional $3 million set out to pay bug bounty hunters. Another $4 million will go towards rewards for early adopters and beta testers.
SSV DAO’s financial boost and impact on Eth staking
With the help of renowned industry giants like Coinbase, DCG, and Okex, the SSV DAO has amassed over $10 million in assets. Once again, the DAO is working hard to construct the staking infrastructure necessary for additional dapps. Ethereum’s roadmap to a fully functional and scalable Ethereum 2.0 relies heavily on Distributed Validator Technology (DVT). In this way, ssv.network has established itself as Ethereum’s first layer of security, sometimes known as Layer 0.
For the development of liquid stake protocols, delegation services, and stake pools, the ssv.network provides a reliable infrastructure. Additionally, it addresses the basic issues of centralization, scalability, and security that have plagued Ethereum since its creation. Also, Swell, Rated Network, and RockX, among others, are collaborating on new projects that are already reshaping the network.
Some of the most well-known names in the industry, like RockX, Swell, Forbole and Ankr have received over $1 million in grant funding since March. For now, it’s all about expanding the SSV program to include additional companies and developers. Grants are available, as are bug bounties and incentive testnets, and developers should apply. As Ethereum moves to PoS, a decentralized and secure infrastructure is necessary.
Despite the prevailing crypto winter, Eth staking is still popular. Therefore, it makes sense that SSV DAO directs a substantial sum of money towards this course. Furthermore, the transition by Ethereum to full PoS could possibly stimulate greater interest in the network. Developers are also likely to develop greater interest and develop new products. PoS has been hailed as having better energy efficiency than Proof of Work (PoW).