The SSV DAO, responsible for building ssv.network with a mission to offer a decentralized and secure ETH staking infrastructure, today announced it’s investing over $10 million to solidify the future of Eth staking. As part of that commitment, SSV DAO is distributing grants to development teams to help decentralize Ethereum’s consensus layer in preparation for its transition to POS (‘the merge’).
The SSV DAO, which holds over $10M in assets after partnering with prominent industry leaders such as Coinbase, DCG, and Okex, is now doubling down on building the staking infrastructure needed for other decentralized staking applications. They encourage developers to apply for grants and participate in bug bounties and incentivized testnets. Emerging projects in collaboration with the likes of Swell, Rated Network, and RockX are already innovating the network.
The DAO is allocating over $3 million to open and pre-defined grants aimed toward developers to build applications, staking pools, and other tools needed by the network. An additional $3 million is earmarked for bug bounties, while a whopping $4 million is available for incentivized programs for early adopters and testers. The DAO will allocate these assets in USDC, ETH, and SSV tokens.
Distributed Validator Technology (DVT) is crucial in Ethereum’s roadmap towards a fully functional and scalable Ethereum 2.0, and ssv.network has positioned itself as Ethereum’s security layer, or Layer 0. Ethereum’s coming transition to Proof-of-Stake and the enormous popularity of Eth staking require a secure and decentralized infrastructure.
Since March, companies, and builders in the space like RockX, Swell, Forbole, and Ankr have submitted and received roughly $1M in approved grant requests. The objective now is to scale the program and invite more companies and developers to build on top of the SSV protocol.
According to Protocol Lead Alon Muroch, “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.”
ssv.network provides a stable infrastructure for developers to build liquid staking protocols, delegation services, and staking pools, and it solves the fundamental issues of centralization, scalability, and security that have existed since Ethereum’s inception. Exchanges, DAOs, staking providers, and even highly technical at-home validators transitioning to PoS Eth staking can benefit.
The recent market downturn is an excellent opportunity for teams working on key blockchain infrastructure pieces to double down on their mission and execute aggressively. ssv.network will launch on Ethereum’s mainnet in 2022, and now is the perfect time for us to ramp up our efforts by building a flourishing developer ecosystem using the DAO’s resources.
