Arbitrum Announces Injection of US$215 Million in Tokens to Revolutionize Blockchain Gaming

The Arbitrum Foundation, responsible for the layer 2 Ethereum network that uses rollup technology, announced a major investment in the development of the gaming industry within its ecosystem. Around 225 million Arbitrum tokens (ARB), valued at approximately US$215 million, will be distributed over three years through the recently launched Gaming Catalyst Program (GCP).

GCP aims to drive recognition and adoption of Arbitrum, Orbit and Stylus technologies among game developers and enthusiasts, seeking to strengthen engagement and growth in the gaming community. The proposal, which was initially presented in March, received approval on June 7, with more than 75% voting in favor, marking a significant step towards encouraging game development on the Arbitrum blockchain.

Proponents of the proposal include L2Beat and Wintermute, as well as Treasure DAO, an organization focused on the gaming universe. Upon approval, Treasure DAO celebrated the decision with an enthusiastic statement: “Arbitrum is the home of gaming – let’s make magic happen.”

The GCP has been approved by Arbitrum DAO 🔓

Arbitrum is the home of gaming – this includes all of the games, the gaming chains, and all of the builders within its orbit.

Let’s make some magic happen 🎮 pic.twitter.com/QqWD1MmkdD

— Treasure (@Treasure_DAO) June 7, 2024

The funding will be administered with a targeted approach, benefiting both new developers, who will be able to receive up to 500,000 ARB each, and more established promoters, who will have the chance to obtain investments involving value sharing models such as tokens and shares. In addition, the program will also allocate resources for infrastructure and operational expenses, aiming for the continued growth of the ecosystem.

A dedicated team will be responsible for the day-to-day operations of GCP, while a board comprised of five members specializing in gaming, venture capital, data analytics, and DAO governance will provide oversight and strategic guidance. This council also has veto power over investment decisions and team appointments, thus ensuring the effectiveness and compliance of the program with established guidelines.

The program capped operating expenses at $25 million, with any spending exceeding that cap requiring explicit approval from the DAO. The change in financial strategy reflects an ongoing commitment to responsible governance and innovation in the blockchain gaming sector.

At the time of publication, the ARB price was quoted at US$0.9789 with an increase of 1% in the last 24 hours.

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