Arbitrum DAO voted to approve a $215 million gaming ecosystem fund proposed by the Arbitrum Foundation.
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The Foundation, the organization behind Arbitrum, a layer 2 network based on Ethereum rollups, will hope to deploy hundreds of millions of dollars over the next three years to support gaming projects on the network.
The proposal will allocate 225 million ARB tokens, worth approximately $215 million at current prices, to the newly created Gaming Catalyst Program (GCP) over three years. According to the proposal, builders and players in the gaming community.
The proposal, first unveiled in March, officially passed last Friday with more than 75% support. Organizations that largely supported the proposal included L2Beat, Wintermute, and the gaming-focused Treasure DAO, while Blockworks Research and Camelot DAO were among those that voted against it.
“Arbitrum is the home of the game. This includes all games, game chains, and all builders within orbit. Let’s make the magic happen,” Treasure DAO wrote to X in response to the proposal’s passage.
The majority of the funds are earmarked for publishers, with new and early-stage developers getting the opportunity to apply for grants worth up to 500,000 ARB (about $483,000 at current prices), while more established developers structure their share of value through: You must apply for an investment that has the following elements: Tokens, assets or similar instruments. The remaining funds will be allocated to infrastructure-related awards and operating costs.
While day-to-day operations will be run by a dedicated GCP team, the program will be overseen by a council of “five individuals with deep gaming, venture experience, analytics/reporting, and/or DAO governance skills.” A DAO that can veto investment decisions and team member appointments. The GCP team’s budget limit has been set at $25 million for operating expenses, with any overspending requiring DAO approval.
According to The Block’s pricing page, Arbitrum’s token price has fallen about 12% since the voting period ended, from its highest value of $1.10 on Friday to about $0.97 as of press time.
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