Arbitrum DAO approves 225 million ARB allocation

Arbitrum DAO, Ethereum Layer 2 network Arbitrum’s governance platform has approved a proposal to allocate 225 million ARB to support gaming projects. This measure is worth about $215 million at current prices.

The proposal, submitted by Vela Exchange co-founder Dan Peng, will allocate 225 million ARB tokens, valued at approximately $215 million, over three years for the newly created Game Catalyst Program (GCP), which aims to increase awareness and adoption of Arbitrum, Orbit and Stylus. The proposal was first introduced in March and was officially adopted on Friday with over 75% support. Among the organizations that gave significant support to the proposal were L2Beat, Wintermute and the gaming-focused Treasure DAO, while Blockworks Research and Camelot DAO voted against it.

After the bid is passed, Treasure DAO will be available on the X platform. “Arbitrum is the home of games – this includes all games, game chains and all developers in this ecosystem. Let’s do something magical.”He wrote as follows:

A large portion of the fund is allocated to publishers. New and early-stage developers can apply for grants worth a maximum of 500,000 ARB (about $483,000 at current prices), while more established developers will have to apply for investments that include a value-sharing component through tokens, shares, or other means. The remaining funds will be allocated to infrastructure-related awards and operational expenses.

Day-to-day operations will be handled by a dedicated GCP team but will be overseen by a 5-person board with programming, gaming, enterprise experience, analysis/reporting and/or DAO governance chops. This board will have the power to veto investment decisions and group member appointments. The GCP group’s budget ceiling for operational expenses is set at $25 million, and excess expenditures will require DAO approval.

This news was first published on the Coin Engineer website.