A Popular Altcoin Accepts Hundreds of Millions of Dollars in Offers
A significant proposal within a top tier 2 altcoin has been successfully voted on and approved.
The Arbitrum Foundation, which backs 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 for the next three years.
Initially introduced in March, the proposal was officially endorsed on Friday with a majority of over 75% in favor. This proposal will allocate 225 million ARB tokens, valued at around $215 million at current rates, over a three-year period to a newly established Game Catalyst Program (GCP).
The GCP aims to rapidly enhance the recognition and adoption of Arbitrum/Orbit/Stylus by developers and gamers within the gaming community, as outlined in the proposal.
Key supporters of the proposal included L2Beat, Wintermute, and the gaming-focused Treasure DAO, while some dissenting voices came from Blockworks Research and Camelot DAO.
The majority of the funding is earmarked for developers; both new and early-stage developers have the opportunity to apply for grants of up to 500,000 ARB (approximately $483,000 at current rates), while more established developers must seek investments with a value-sharing component through tokens, equity, or similar channels. The remaining funds can be directed towards infrastructure-related grants and operational expenses.
Please note that this article does not constitute investment advice.
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