SSV DAO allocates $10 million to ETH staking developers

The Ethereum Network will soon leave the Proof of Work mechanism and move to Proof of Stake.

SSVDAO, the organization responsible for building the ssv.network, announced today that it will distribute a grant to the development team to help decentralize Ethereum’s consensus layer in preparation for the transition to POS.

According to a press release shared with Coinjournal, SSV DAO revealed that it has allocated over $ 10 million in assets to facilitate staking activities on the Ethereum network.

This latest development took place after SSV DAO partnered with industry-leading companies such as Coinbase, DCG and Okex. As a result of these partnerships, SSV DAO is stepping up its efforts to build the staking infrastructure needed for other decentralized staking applications.

SSV DAO is currently encouraging developers to apply for grants and participate in bug bounties and encouraged testnets.

DAO will allocate more than $ 3 million to open, predefined grants aimed at developers building applications, staking pools, and other tools needed for networks.

An additional $ 3 million has been allocated to bug bounties and a whopping $ 4 million is available for incentive programs for early adopters and testers. These funds are available to developers with USDC, ETH, and SSV tokens.

Alon Muroch, Head of the SSV Protocol, commented:

“The Ethereum community has identified DVT as a key component in ensuring that the protocol remains decentralized and secure. The development team has joined the grant program for the next billion users. It is recommended to unlock Ethereum’s distributed stakes. “

According to SSV DAO, developers in areas such as RockX, Swell, Forbole, and Ankr have submitted and received approximately $ 1 million in approved grant applications since March.

The team is currently expanding its grant program and will invite more companies and developers to build projects based on the SSV protocol.

Ssv.network provides developers with a stable infrastructure, enabling them to build liquid staking protocols, delegation services, and staking pools. The network also solves the centralized, scalable, and security blockchain trilemma that has existed since the founding of Ethereum.