A significant proposal within a popular tier 2 altcoin has recently been approved through a vote.
The Arbitrum Foundation, which supports the Ethereum rollup-based Layer 2 network Arbitrum, has been given the green light to disburse hundreds of millions of dollars to support gaming projects on the network over the next three years.
This proposal, initially introduced in March, was formally accepted on Friday with a vote of over 75% in favor. The plan entails allocating 225 million ARB tokens, valued at around $215 million at current rates, over a three-year period to establish a new Game Catalyst Program (GCP).
The GCP aims to enhance awareness and adoption of Arbitrum/Orbit/Stylus among developers and gamers in the gaming community. Notable supporters of the proposal included L2Beat, Wintermute, and the gaming-focused Treasure DAO, while dissenting votes came from Blockworks Research and Camelot DAO.
The majority of the funding will go towards developers, with new and early-stage developers eligible to apply for grants of up to 500,000 ARB (approximately $483,000 at current prices). Established developers will have the opportunity to seek investments with a value-sharing component through tokens, equity, or similar means. The remaining funds can be used for infrastructure-related awards and operational costs.
*This is not financial advice.
For trading in over 300 cryptocurrencies, you can sign up with Binance exchange using this link for a 20% COMMISSION DISCOUNT!
For exclusive news, analytics, and on-chain data, follow our Telegram and Twitter accounts now!
Receive Notifications from Comments Here
Notify me when new replies are posted
0 Comments
Inline Feedbacks
View all comments
