The Arbitrum Foundation, responsible for the Ethereum Layer 2 scaling solution, has committed a considerable sum to promoting growth in the gaming sector within its ecosystem. A proposal has been approved to distribute 225 million ARB tokens, valued at around $215 million, over the next three years to fund the Gaming Catalyst Program (GCP). This program aims to boost engagement and advancement in the gaming industry by promoting the use of Arbitrum, Orbit, and Stylus among game creators and players.

The proposal, first introduced in March and officially approved on June 7, had widespread support from the community, with over 75% of votes in favor. Notable supporters such as L2Beat, Wintermute, and Treasure DAO backed the move, while Blockworks Research and Camelot DAO opposed it. Treasure DAO, a major advocate for the proposal, took to social media to celebrate the decision and highlight Arbitrum’s potential as a hub for gaming innovation.

The GCP offers financial assistance to game developers, regardless of their level of experience. Grants of up to 500,000 ARB tokens (approximately $483,000) are available for new and early-stage developers, while those who are more established can request investments involving value share options like tokens or equity. Additionally, the fund sets aside funds for infrastructure-related bounties and operational expenses, providing a well-rounded support system for the gaming industry.

The day-to-day operations of the GCP will be overseen by a dedicated team, while a five-member council provides strategic guidance. Made up of experts in gaming, venture capital, data analysis, and DAO governance, this council holds veto power over investment decisions and team appointments. To maintain financial discipline and accountability, the program’s operational expenses are limited to $25 million, with any extra spending requiring approval from the DAO.

The GCP is expected to drive long-term growth and stability for the Arbitrum ecosystem. Through attracting fresh developers and players, the venture strives to cultivate a thriving gaming community on the Arbitrum network. Despite a recent downturn in the value of the ARB token, which currently sits at $0.9638 with a 32.17% decrease in trading volume, it is expected that strategic investments through GCP will ultimately stabilize and improve its market performance.

Overall, the authorization of the $215 million fund signifies a major milestone for the Arbitrum Foundation and its dedication to progressing the gaming sector within its ecosystem. Backed by strong community backing and a well-defined governance framework, the GCP is ready to have a significant influence on the future of gaming on the Arbitrum network.

The post Arbitrum’s $215 Million Gaming Catalyst Program Receives Community Approval appeared first on NFT News Today.

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