The organization will grant funds in USDC, ETH, and SSV tokens.

ssv.network’s Decentralized Autonomous Organization (DAO), the team behind decentralized staking infrastructure, will distribute $10 million in grants to development teams working on decentralizing Ethereum's consensus layer in preparation for the network's long-awaited transition to a proof-of-stake model, which is scheduled for August.

The SSV (Secret Shared Validator) DAO raised $10 million through partnerships with Coinbase, DCG (Digital Currency Group is the parent company of CoinDesk), and OKEx. The organization will use more than $3 million to fund open and pre-defined grants for developers who are building applications, staking pools, and other tools that are needed by the network. In addition, it has allocated $3 million for bug bounties, and four million dollars for early adopters' incentivized programs and testers'. The grants will be distributed in USDC, ETH & SSV tokens.

Since March, SSV DAO has awarded one million dollars in grants to companies and builders like RockX, Swell, Forbole and AnkrAnkr, but SSV's network Protocol Lead Alon Muroch hopes the DAO's commitment to double down on grants will incentivize companies and developers to build on top of the SSV protocol.

Muroch said that the Ethereum community considered DVT to be a fundamental element in maintaining the protocol's decentralization and security.

As many crypto companies are tightening their belts as industry leaders declare bankruptcy or lay off workers during the bear market, SSV.network Director of Marketing Eran Efrima sees the downturn as an opportunity to double down on SSV.network’s mission.

"Efrima told CoinDesk that a lot of brain power is still in the industry, and that many companies are still developing [and] Ethereum, so the only logical thing to do is to double down now,"

Following the completion of the Sepolia testnet merge, which was the penultimate merger test before Ethereum's big merger, also known as "The Merge", Efirma's team is especially concerned about growing the number of individuals working on staking infrastructure.

Efirma was able to recruit a large number of workers who are enthusiastic about the future of web3 because many companies in the sector have recently laid off employees.