Arbitrum DAO approves $23 million 'backfund' for projects that missed initial grant
Quick Take The Arbitrum DAO has approved a $23.54 million one-time “backfund” to support 26 projects that missed out on its initial round of grant funding. The initiative, which passed with two-thirds voting in favor, aims to develop and incentivize the use of the projects’ applications on the Ethereum Layer 2 network.
The Arbitrum DAO has voted two-to-one to disburse 21.1 million ARB + tokens ($23.5 million) into projects that were approved for a grant from the Ethereum Layer 2 network's Short-Term Incentive Program (STIP), but failed to receive the funds due to the program's initial 50 million token budget.
In addition to the 29 projects funded in the first round , 26 projects will now receive grants, with the largest being Gains Network GNS + at 4.5 million tokens ($5 million). Other top grants include Stargate Finance STG + and Synapse SYN + , which will each get 2 million tokens ($2.2 million), and Wormhole, which will receive 1.8 million tokens ($2 million).
With the approval of the proposal, the STIP's program total budget has increased to 71.1 million ARB tokens. The additional funds will be dispersed following a three-day waiting period, according to the proposal .
Some projects that received funding in the initial round, such as Camelot and MUX, joined the one-third of voters who rejected the additional funding proposal. Camelot explained their 'no' vote in a lengthy comment , arguing for a second round of proposals instead of a backfunding event. MUX's comment was more concise, arguing "proposals with good protocol fundamentals, proper incentives execution strategies and reasonable grant size should be supported, but not in a bundle of proposals with mixed quality."
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.
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