SSV DAO commits over $10M to boost decentralized ETH staking

The SSV DAO, a decentralized protocol aiming to provide access to Ethereum staking via an open source infrastructure ssv.network, has announced financial commitment as it seeks to boost validators ahead of Ethereum’s much awaited “merge.”

A press statement the platform shared with Invezz on Thursday indicated that SSV DAO was committing over $10 million in grants to teams working on ensuring the Ethereum consensus layer is decentralized.

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Commenting on the need to fund projects, Protocol Lead Alon Muroch said:

The Ethereum community has identified DVT as a crucial component in ensuring that the protocol remains decentralized and secure. We encourage development teams to join the Grant Program and unlock distributed staking on Ethereum for the next billion users.”

$10 million for grants, bug bounties and incentives

Ethereum, cryptocurrency’s leading smart contracts platform, is moving towards its full switch to a proof-of-stake (POS) mechanism with millions of ETH staked by holders.

According to the SSV DAO, a partnership with various industry players like Coinbase, Okex and DCG, has provided for a $10M fund that it intends to avail to teams working on decentralized staking applications.

The DAO has earmarked $3 million+ for “open and pre-defined grants”, which the platform says will be used by projects building staking pools and other applications on the Ethereum network. There is also $3 million for bug bounties, while $4 million will go into incentive programs targeted for various early adopters and app testers.

SSV will allocate the funds in the Ether (ETH) token, stablecoin USDC and its SSV tokens.