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Market News

Arbitrum launches $215M program to drive gaming innovation

Written By:
Iyiola Adrian

Last updated: June 14, 2024 12:04 PM
Published 2024-06-09
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Arbitrum launches $215M program

The Arbitrum ecosystem is going all-in on gaming. A Gaming Catalyst Program (GCP) worth $215 million has been launched by The Arbitrum Foundation to facilitate the growth of gaming on its layer-2 scaling solution.

The ambitious initiative was first suggested in March and received overwhelming support from the community of the decentralized autonomous organization (Arbitrum), with over 75% voting for it when it passed on June 7th.

The three-year program will distribute 225 million Arbitrum (ARB) tokens to attract game developers and players to build on Arbitrum’s lineup of scaling products, which includes the Arbitrum chain itself, as well as the newer Orbit and Stylus blockchains.

Substantial grants of up to 500,000 ARB (around $483,000) will be available for new and early-stage game developers. More established studios can apply for larger investments that include a value share component like tokens or equity.

Beyond funding developers directly, the remaining funds will go towards infrastructure, bounties, and operational expenses to nurture the overall gaming ecosystem on Arbitrum.

Additionally, a dedicated team will manage the day-to-day operations, while a 5-member council with gaming and crypto expertise will provide strategic oversight. This council also holds veto power over key decisions.

The GCP has strict financial guardrails, capping operational expenses at $25 million unless explicitly approved by the DAO for exceeding that.

With an initial distribution of over $200 million, the Arbitrum DAO is betting big that gaming can drive the next wave of users and activity for its layer-2 networks built on top of Ethereum.

Also Read: Arbitrum Foundation Opens Third Phase Of Grants Program

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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Iyiola - Crypto Journalist at The Crypto Times
By Iyiola Adrian
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Iyiola is an experienced crypto writer specializing in simplifying complex blockchain and cryptocurrency topics for a broad audience. With expertise in ICOs, DeFi, NFTs, and regulatory updates, he offers valuable insights to help readers make informed decisions.

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