According to Carl Cervone's research, grants worth more than $360 million have been allocated to more than 5,000 projects in the Ethereum ecosystem since 2019, most of which occurred during the bear market. The highest amount of grants allocated in 2023 was $169 million; $106 million in grants have been allocated so far in 2024, including Arbitrum Foundation, DAO Drops, Gitcoin Grants, Octant, and Optimism Foundation.