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Akira Ming
Akira Ming
Jun 10, 2024
News

Arbitrum to Launch $215 Million Gaming Catalyst Program

Arbitrum Foundation, the team behind the Ethereum L2 network Arbitrum, is setting aside 225 million ARB tokens, worth around $215 million, to the Gaming Catalyst Program. This funding will be distributed over three years to support game development.
Arbitrum to Launch $215 Million Gaming Catalyst Program

The Arbitrum Foundation has taken a huge step to boost the gaming industry. They have set aside 225 million ARB tokens, worth around $215 million, to be given out over three years through the Gaming Catalyst Program (GCP). This program aims to enhance the recognition and use of Arbitrum, Orbit, and Stylus, among game developers and players.

The proposal for this program was first introduced in March and approved on June 7th, with more than 75% of votes in favor. The goal was to get the Arbitrum DAO to approve the allocation of 200 million ARB tokens over two years to encourage game development on Arbitrum. Key supporters include L2Beat, Wintermute, and Treasure DAO, a gaming-focused entity. However, Blockworks Research and Camelot DAO opposed the proposal. 

Treasure DAO celebrated the approval on X, stating, "Arbitrum is the home of gaming — let's make some magic happen." This program will support both new and early-stage developers, who can receive grants of up to 500,000 ARB (around $525,000). More established developers can apply for investments that may involve a value share component, such as tokens, equity, or similar arrangements. The remaining funds will go toward infrastructure-related bounties and operational expenses. 

A team will be set up to manage the program's daily operations, while a five-member council of experts in gaming, VC, data analysis, and DAO governance will offer strategic oversight. This council ensures that funding is properly allocated to meet the DAO's objectives. They also have veto power over investment decisions and team appointments. 

The GCP has a strict financial framework, capping operational expenses at $25 million. Any spending beyond this limit will need explicit DAO approval.

The latest move by Arbitrum is set to drive innovation and growth in blockchain gaming. This will place the Layer 2 network as a key player in this industry.  

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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