According to Wu, research by data enthusiast Carl Cervone shows that more than 5,000 projects in the Ethereum ecosystem have allocated more than $360 million in grants since 2019, most of which were issued during the bear market. Grants in 2023 were the highest, reaching $169 million, while $106 million in grants have been allocated so far in 2024, and the full year is expected to exceed 2023. These grants come from the Arbitrum Foundation, DAO Drops, Gitcoin Grants, Octant, and the Optimism Foundation.
