SSV DAO To Give Out $10 Million in Grants Ahead Of Ethereum Merge
- The grant is intended for developers initiating apps, staking mechanisms, and additional projects with the SSV DAO platform.
As a preparatory effort towards migration to the proof-of-stake mechanism, a renowned protocol, identified as SSV DAO, recently announced plans to give out $10 million in grants. The grant, as hinted by the protocol, is meant for the developers currently initiating the decentralized consensus layer on Ethereum.
According to findings, SSV DAO, an initiator of the popular staking platform, SSV network is expected to migrate to the proof-of-stake mechanism next month.
“The Ethereum community has identified DVT [Distributed Validator Technology] as a crucial component in ensuring that the protocol remains decentralized and secure,” said Alon Muroch. “We encourage development teams to join the grant program and unlock distributed staking on Ethereum for the next billion users.”
Give and you’ll Receive: SSV DAO Latest Mantra
Notably, a statement credited to the firm confirmed an accumulation of about $10 million in funds by the SSV. The company claims such accumulation manifested following a robust collaboration with Coinbase, Okex, and many more.
Reportedly, the company intends to channel more than $3 million from the funds to the grants. As observed in the statement, the grant is intended for developers initiating apps, staking mechanisms, and additional projects with its platform.
Worth noting that the company further announced the intention to set aside about $3 million as bounty offerings on bugs. Reportedly, it allocated $4 million to incentive-oriented programs intended for new subscribers and testers. As announced, the organization plans to share the vast grants via ETH, USDC, and SSV tokens.
Recall that the decentralized platform had since a few months ago given out about an aggregate of $1 million grant. According to findings, numerous developers, firms, and projects have benefited from the grants. Reportedly, the beneficiaries include RockX, Forbole, and many more.
The head of the SSV.network company, identified as Alon Muroch, believes the move to initiate a series of grants would encourage the companies and creators to continuously initiate their projects on the SSV. He further said that the Ethereum community has already embraced DVT.
As noted by him, the community now views the tech to be a significant mechanism in making sure their project stays safe and sustainable.Muroch, however, urged developers to participate in the grant. He wants them to “unlock distributed staking” with Ethereum to benefit many users.
Also, reacting to the prevailing market downturns, the director of the SSV.network, Eran Efrima sees development as a privilege for the firm to enhance its goals. Efrima said the crypto space, despite the downturn, still witnesses increasing participation of experts.
Furthermore, he said the downturn in the space had not stopped many firms from growing. The director hinted that Ethereum will not be affected by the downturn but will continue to grow like the rest in the space. The statement by Efrima comes in light of the lingering cutoff of workers by crypto firms owing to market conditions. Reportedly, the SSV protocol plans to take more persons to work on the staking mechanism.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
