The proposal was initially introduced in March and was ultimately authorized on June 7, with more than 75% of the votes in favor.
The Arbitrum Foundation has poured a lot of funds into growing the gaming sector on its platform. They’re the ones behind the Ethereum rollup-based layer-2 network, Arbitrum.
The newly formed Gaming Catalyst Program (GCP) would distribute 225,000,000 Arbitrum (ARB) tokens, with a total worth of around $215,000,000, over a period of three years, according to the plan.
The program’s overarching goal is to encourage more participation and development in the gaming community by quickly raising the profile of Arbitrum, Orbit, and Stylus among programmers and gamers.
The plan was first put up in March and finally passed with a favorable vote of more than 75% on June 7. The initiative had planned to approach the Arbitrum DAO for approval of a two-year allocation of 200 million ARB to promote blockchain-based gaming creation.
L2Beat, Wintermute, and the gaming-focused Treasure DAO were among the notable members that backed the plan. A few of the groups who were against it were Camelot DAO and Blockworks Research.
“Arbitrum is the birthplace of gaming – let’s make some magic happen,” Treasure DAO cheerily responded on X, endorsing the proposition.
Grants of up to 500,000 ARB (about $483,000 at current rates) are available to new and early-stage developers, with a large chunk of the funds going toward publishers.
Conversely, developers with greater experience might seek investments that include a value sharing component, such tokens, stock, or comparable arrangements. The rest of the money will go toward operating costs and infrastructure bounties, which will help the ecosystem expand and thrive.
Every day, a specialized group will manage the GCP. Experts in gaming, VC, data analytics, and DAO governance will make up a five-person council that will provide strategic direction and monitoring.
Allocating funds efficiently to accomplish the DAO’s goals while fostering innovation and transparency is the goal of this governance system. To ensure the program’s smooth execution and compliance with its standards, the council also has the authority to reject investment choices and team assignments.
The GCP set a hard limit on its operating expenditures of $25 million as part of its strict financial strategy. The DAO must approve any expenditures that go over this limit.
The Arbitrum DAO also withdrew a proposal in March that would have paid for the legal defense of Alexey Pertsev and Roman Storm, the creators of Tornado Cash.
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