Ethereum
Arbitrum Close to Unlocking $250 Million in Funds for Ethereum Gaming
In an attempt to strengthen the Ethereum the layer 2 network gaming ecosystem, it appears that over $250 million worth of Arbitration tokens will be unlocked over the next three years, following strongly positive support for a DAO proposal which is currently being voted on by token holders.
Arbitrum is a scalable network that enables cheaper and faster transactions than the Ethereum mainnet. It has also attracted a number of high-profile video game projects, including the Xai Layer 3 Network, Infinite Chains of TreasureProof of play blockchain gaming networkTHE AnimeChanneland the ApeChain coming soon built to power Bored Monkeys Yacht Club-thematic projects via ApeCoin.
But even with so much gaming action already in the works on Arbitrum, the network’s backers want to encourage even more growth in this direction.
THE Game Catalyst Program (GCP) aims to enable gaming on the network to the tune of 225 million ARB tokens (just over $255 million) over a three-year period. This includes 200 million ARBs that will be specifically dedicated to gaming projects, as well as an additional 25 million ARBs that will be used to help administer the fundraising campaign.
These tokens will be allocated “strategically” focusing on two initiatives. The first initiative, Builder Onboarding and Growth, will receive 160 million ARB tokens in an effort to attract and support game developers. Funds will be allocated through grants or direct investment in projects on a transaction-by-transaction basis.
As for the second initiative, Infrastructure Bounties, it will receive 40 million ARB tokens to set up the Arbitrum network to properly serve the gaming community it aims to foster. This includes the tools and other technical infrastructure needed to power on-chain games.
“Publishers and developers will be subject to a robust set of checks and balances to ensure alignment with the objectives of this proposal and the values of Arbitrum DAO,” the DAO proposal states. This process will include the formation of a board of five people with gaming expertise who will oversee the program, in addition to support from the Arbitrum Foundation.
As of this writing, the vote has reached quorum and has nearly 83% yes votes, up from about 98% yes votes on Thursday. Voting closes on June 7. Treasure welcomed the positive response in a tweet Wednesday evening, writing that the proposal was “on its way to unlocking for Treasure and others focused on gaming within the Arbitrum ecosystem.”
Over a three-year period, the program aims to fund 100 to 200 games, which will result in more than 50 Arbitral orbit launched channels and see more projects migrate to Arbitrum compared to others Scaling Ethereum choice.
That said, the proposal recognizes that it will take some time for funding initiatives to produce results. Namely, most of the games funded by this program won’t be available this year, especially with grant applications not expected to open until June or July.
“The GCP is intended to serve as a catalyst, not a comprehensive program,” the DAO proposal explains. “After deploying the GCP, the goal is to use its learnings to evolve the organization into a longer-term gaming program with a holistic approach to growing the gaming ecosystem.”
Edited by Andrew Hayward