Altcoin Community Approves $216 Million Plan

The community of Arbitrum, the Layer 2 project in the Ethereum ecosystem, approved the $216 million plan.

The Arbitrum community came together to vote on the grant program, which will span three years.

Received more than 75% of votes

The bill, which was first brought to the agenda by Dan Peng, the founder of Vela Exchange, in March, aims to support gaming projects on the Arbitrum network.

Within the scope of the bill, which was accepted with more than 75% of the votes, 225 million Arbitrum (ARB) will be donated to game projects within a three-year period. This equates to $216 million at current prices.

Among the organizations supporting the bill, L2Beat, Wintermute and Treasure DAO stood out. Blockworks Research and Camelot DAO were among the names opposing the bill.

“Arbitrum is the home of gaming – this includes all games, gaming chains and all developers within its orbit,” said Treasure DAO.

A special team will be established

A large portion of the program, called the Gaming Catalyst Program (GCP), will be dedicated to game publishers. Early stage game developers will be able to apply to receive a maximum grant of 500 thousand ARB.

A special team will be established to carry out GCP's daily activities. The program will be overseen by “5 individuals who have deep experience in the gaming and enterprise field and are skilled in analysis/reporting and/or DAO management.”

These individuals, who will be selected by the DAO, will have the authority to veto investment decisions and team members.