Arbitrum’s recent proposal to release 225 million ARB tokens, worth around $250 million, for its Gaming Catalyst Program (GCP), has sparked controversy among community members.
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The proposed allocation represents 8% of the ecosystem’s total value locked. Critics argue that the proposed budget is too high.
Debate Over Arbitrum’s Proposal to Unlock 225M ARB Tokens
Ryan Graham, an analyst at Messari, initially supported Arbitrum’s proposal to release 225 million ARB tokens for its Gaming Catalyst Program (GCP). However, he reversed his position due to discrepancies in the requested funds and a lack of justification for the program’s cost almost tripling from the initial $10 million to $25 million.
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Some community members have also expressed concerns about excessive upfront funding. One member suggested that incremental funding would allow for better accountability and the effective use of funds. Another member voiced concerns on X, arguing that the money might be wasted on low-quality “click-to-earn” projects, which they view as less valuable and impactful.
Source: X
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However, not everyone opposes the GCP proposal. Jason Hitchcock, the founder and General Partner of Four Moons, supported the initiative, claiming that creating games requires substantial financial investment.
Arbitrum’s Proposal: Community Reactions and Justifications
According to Ryan Graham, the proposed funds are reasonable to attract talented game developers, support game studios, and foster a robust gaming ecosystem on Arbitrum. His post was reposted by Dan Peng, Arbitrum’s core contributor and the proposal’s author.
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Source: Jason Hitchcock. X May 31, 2024
As noted in the proposal, Arbitrum has seen considerable success in decentralized finance but lags behind competitors like Immutable X, Ronin, and Solana in gaming. The Gaming Catalyst Program (GCP) intends to establish a team to support game industry developers with technical and strategic resources.
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The proposed allocation includes 160 million ARB for developers, 40 million ARB for bounty and rewards, and 25 million ARB for operating costs.
At the time of writing, over 81% of votes favor the proposal, which is likely to pass by June 8.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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