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- Arbitrum DAO has approved a proposal by the Foundation to distribute 255 million ARB tokens.
- The proposal aims to boost the gaming ecosystem within the Arbitrum network.
- Arbitrum network.75% of the Arbitrum community voted in favor of the proposal, including L2Beat and Wintermute.
Arbitrum DAO has approved a recent proposal by the Arbitrum Foundation to distribute 255 million ARB tokens, equivalent to $215 million, within three years. According to reports, the proposal aims to boost the gaming ecosystem within the Arbitrum network, targeting developers and potential gamers.
The biggest gaming initiative in Web3 is coming to Arbitrum. Congrats to everyone! pic.twitter.com/H8FdbPUQmw— Churro (@Churro808) June 7, 2024
According to the approved proposal, the Arbitrum Foundation will dispense the allocated funds via a newly created Gaming Catalyst Program (GCP), designed to “immediately expand awareness and adoption of Arbitrum/Orbit/Stylus by builders and players in the Gaming community.”
It is worth noting that renowned organizations like L2Beat, Wintermute, and gaming-focused Treasure DAO supported the proposal and formed part of the 75% majority that voted for it. However, Blockworks Research and Camelot DAO numbered among those who voted against it.
Emphasizing support for the proposal, Treasure DAO posted via its official X account, noting that Arbitrum is the home of gaming. It continued by explaining that Arbitrum’s coverage includes all the games, the gaming chains, and all the builders within its orbit.
Reportedly, the bulk of the allocated funds would go to game publishers. However, new and early-stage developers will get the chance to apply for grants worth up to 500,000 ARB, equivalent to $483,000 at the current price. Meanwhile, more established developers wishing to apply for investments must do so with a value share component through tokens, equity, or similar means.
The proposal explained that Arbitrum would channel the remaining funds to infrastructure-related bounties and operational expenses. A dedicated GCP team will oversee the day-to-day operational procedures while supervised by a council of “5 individuals with deep gaming, venture experience, analytics/reporting, and/or DAO governance skills.”
Arbitrum DAO will elect the council members, empowering them to veto investment decisions and team member appointments.
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