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Home»ADOPTION NEWS»Arbitrum DAO approves $23 million ‘backfund’ for projects that missed out on initial grants
ADOPTION NEWS

Arbitrum DAO approves $23 million ‘backfund’ for projects that missed out on initial grants

By Crypto FlexsDecember 3, 20232 Mins Read
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Arbitrum DAO approves  million ‘backfund’ for projects that missed out on initial grants
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Posted 1 minute ago In ~

Arbitrum DAO voted 2:1 to spend $21.1 million. ARB

+
We invested tokens ($23.5 million) in projects that were approved for grants from the Ethereum Layer 2 network’s Short-Term Incentive Program (STIP) but did not receive funding due to the program’s initial 50 million token budget.

In addition to the 29 projects that received the first round of funding,Now 26 projects will receive grants, the largest being gain network GNS

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4.5 million tokens ($5 million). Other major grants include: Stargate Finance shooting

-0.04%
and synapse sink

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will receive 2 million tokens ($2.2 million) each and Wormhole will receive 1.8 million tokens ($2 million).

The proposal approval increases STIP’s total program budget to 71.1 million ARB tokens. Additional funds would be distributed following a three-day waiting period under the proposal.

Some projects funded in the first round, including Camelot and MUX, also joined the one-third of voters who rejected proposals for additional funding. Camelot explained the ‘no’ vote in lengthy comments, arguing for a second proposal instead of a backfunding event. MUX’s opinion was more concise, arguing that “proposals with good protocol fundamentals, appropriate incentive implementation strategies, and reasonable grant sizes should be supported, but not in bundles of proposals with mixed quality.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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