Hundreds of Millions of Dollars of Offers Accepted on This Altcoin

The Arbitrum Foundation, the organization that supports Ethereum rollup-based Layer 2 network Arbitrum, has received approval to distribute hundreds of millions of dollars to support gaming projects on the network over the next three years.

The proposal, first announced in March, was officially adopted on Friday with over 75% support votes. The proposal will allocate 225 million ARB tokens, worth approximately $215 million at current prices, over three years to a newly created Game Catalyst Program (GCP).

GCP is designed to “…immediately expand awareness and adoption of Arbitrum/Orbit/Stylus by developers and players in the gaming community,” according to the proposal.

Organizations that significantly supported the proposal included L2Beat, Wintermute, and the gaming-focused Treasure DAO, while Blockworks Research and Camelot DAO were among those who voted against it.

The bulk of the funding was allocated to developers; New and early-stage developers have the opportunity to apply for grants worth up to 500,000 ARB (about $483,000 at current prices), while more established developers must apply for investments with a share of value component through tokens, equity or similar means. The remainder of the funds can be allocated to infrastructure-related awards and operational expenses.

*This is not investment advice.

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