Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Arbitrum Community Supports Proposal to Allocate 200M ARB to Web3 Game Development

Arbitrum Community Supports Proposal to Allocate 200M ARB to Web3 Game Development

Cryptonews2024/05/27 14:04
By:Ruholamin Haqshanas
Arbitrum Community Supports Proposal to Allocate 200M ARB to Web3 Game Development image 0

The Arbitrum community is showing strong support for a governance proposal that aims to allocate 200 million ARB tokens towards the development of web3 games on the Ethereum Layer 2.

Community members have mobilized 35 million ARB tokens in favor of the Gaming Catalyst Program (GCP) proposal , which seeks to allocate $250 million worth of ARB as incentives for game developers over the next three years.

While only 101,400 ARB tokens have been mobilized in opposition to the proposal, a minimum of 105.57 million ARB tokens must be cast as votes for the proposal to reach quorum.

The voting process began on May 24 and is set to conclude on June 7.

Proposal to Expand Awareness of Arbitrum Among Players


The GCP proposal aims to expand awareness and adoption of Arbitrum/Orbit/Stylus among builders and players in the gaming community.

It plans to achieve this by offering support, incentives, and game industry-specific tools, positioning Arbitrum as an attractive platform for game development, per the proposal.

“By offering support, incentives, and game industry-specific tools, Arbitrum can position itself as an attractive platform for game development, leading to a surge in high-quality gaming experiences on the network.”

Previously, the proposal passed a preliminary temperature check vote with nearly 97% support in March.

Arbitrum currently holds the position of the largest Ethereum Layer 2 network in terms of total value locked (TVL), with approximately $19.3 billion locked, according to L2beat.

Additionally, it ranks fifth in the DeFi space with $4.79 billion in total value locked, as reported by DeFi Llama.

The proposal noted that Arbitrum has been successful in the decentralized finance (DeFi) sector but recognized the need to establish itself as a hub for gamers and game builders.

“Several L1s and L2s see this opportunity (most notably Solana, Cardano, Opstack, Immutable, Optimism, to name a few) and are moving to claim the builders with grants and investments.”

160M ARB Tokens Allocated to Onboarding and Growth


Under the GCP, 160 million ARB tokens would be allocated to “onboarding and growth,” attracting and supporting publishers, studios, and independent developers working on web3 gaming titles.

The proposal also includes the establishment of the “Build Grants” program, which would provide 25 million ARB tokens as grants for early-stage projects, with a cap of 500,000 ARB tokens per project.

The remaining 40 million ARB tokens would be allocated to infrastructure and tooling development.

To oversee the incentives program, a GCP council would be formed, consisting of trusted professionals with backgrounds in gaming, venture capital, grant allocation, web3 technology, and DAO relations.

Council members would be elected by the DAO and would not represent GCP applicants or competing networks.

The GameFi sector currently boasts a combined market capitalization of $22.7 billion, experiencing a 144% increase from $9.31 billion at the end of October, according to CoinGecko.

It is worth noting that Ethereum scaling solutions and layer 2 solutions have yet to surpass other Layer 1 blockchains in terms of real processing speed.

This may be attributed to the lower number of on-chain transactions on Ethereum scaling solutions, resulting in slower realized TPS for these blockchains.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

1MCHEEMSUSDT now launched for futures trading and trading bots

Bitget has launched 1MCHEEMSUSDT for futures trading with a maximum leverage of 20, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. 1MCHEEMSUSDT-M perpetual futures: Parameters Details

Bitget Announcement2024/11/25 09:01

Token listing: Instantly buy/sell BTC with EUR & BRL via cash conversion!

Bitget users can now instantly buy or sell BTC with EUR or BRL balances via cash conversion! Buy/Sell Crypto Tips: Enjoy a transaction fee rebate in USDT on your first cash conversion transaction! Additional perks >>> Flash Monday: Buy crypto with a credit/debit card for zero fees >>> Flash Thursda

Bitget Announcement2024/11/25 08:12

Orbiter Finance collaborates with the Ethereum Foundation and the University of California, Santa Barbara to enhance the security model of bridging p

Since its establishment in 2021, Orbiter has been deeply exploring security, aiming to become a reliable infrastructure in the cross-chain field.

Chaincatcher2024/11/25 07:55

OXTUSDT now launched for futures trading and trading bots

Bitget has launched OXTUSDT for futures trading with a maximum leverage of 25, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. OXTUSDT-M perpetual futures: Parameters Details Listing t

Bitget Announcement2024/11/25 07:50