Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Arbitrum DAO approves $23 million 'backfund' for projects that missed initial grant

Arbitrum DAO approves $23 million 'backfund' for projects that missed initial grant

The BlockThe Block2023/12/03 03:12
By:The Block

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.

Arbitrum DAO approves $23 million 'backfund' for projects that missed initial grant image 0

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." 


0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Circle Submits IPO Filing to SEC for USDC Issuer

Bitcoininfonews2025/04/02 10:00

Federal judge lets DOGE keep USIP headquarters worth $500 Million for free

Share link:In this post: Federal judge rules DOGE’s takeover of USIP headquarters is already completed. DOGE transferred the $500 million building to GSA at no cost. Court to decide final ownership and board reinstatement by end of April.

Cryptopolitan2025/04/02 09:00

Asia-Pacific markets open slightly higher ahead of Trump’s expected tariff rollout

Share link:In this post: Asia-Pacific markets rose slightly on Wednesday despite market uncertainty over Trump’s expected “reciprocal tariffs” Japan’s Nikkei 225 surged modestly by 0.06%, while South Korea’s Kospi advanced 0.14% Trump says his administration’s tariffs will be much “nicer” than what other countries have been charging the United States.

Cryptopolitan2025/04/02 09:00
Asia-Pacific markets open slightly higher ahead of Trump’s expected tariff rollout