Arbitrum Foundation will allocate $217 million for the development of blockchain games

What’s new? Arbitrum Foundation, a non-profit organization dedicated to supporting the eponymous Layer 2 (L2) network based on the Ethereum blockchain, will allocate $217 million in native tokens ARB to develop games within the ecosystem. Over three years, 225 million ARB will be distributed through the Gaming Catalyst Program (GCP).

Voting on the community forum

What else is know? The program aims to drive blockchain game development, awareness, and use of Arbitrum, Orbit, and Stylus among developers and players to grow and engage the gaming community.

The proposal, submitted in March, was approved on June 7, with more than 75% of the community voting in favor. The funds will come from the coffers of the decentralized autonomous organization (DAO) Arbitrum DAO.

Notable supporters of the proposal include the L2Beat aggregator team, market maker Wintermute, and gaming-focused organization Treasure DAO. Analytics platform Blockworks Research and Camelot DAO were among those opposed.

A large portion of the fund is earmarked for publishers, and early-stage projects are eligible for grants of up to ARB 500 000, or about $482 000 at current prices.

Larger developers can also apply for funding, subject to Arbitrum’s equity participation through tokens or shares. The remaining funds will be allocated to infrastructure and operating expenses to support the growth and development of Arbitrum’s gaming ecosystem.

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The GCP program management board will include experts in gaming, venture capital, data analytics, and DAO management to ensure efficient allocation of funding. The board will also have veto power over investment decisions and team assignment decisions. Its operating expenses will be capped at $25 million, with increases requiring community approval.

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Arbitrum is the largest Ethereum-based L2 solution by total value locked (TVL) at $18,1 billion. Leading projects within the network are the AAVE lending protocol and the Pendle revenue protocol.

According to CoinGecko analysts, Arbitrum ranked 12th in terms of throughput among all blockchains with 59 transactions per second (TPS).

ARB ranks 45th in the overall ranking of cryptocurrencies by market capitalization with a market a figure of $2,79 billion and is trading at $0,9628, having lost 1,3% overnight. The weekly drop was 15,1%, and the asset has lost 38,3% since the beginning of the year.