The post Arbitrum Injects $222 Million into Gaming Sector appeared on BitcoinEthereumNews.com.

The Arbitrum Decentralized Autonomous Organization (DAO) has approved over $200 million worth of ARB tokens to enhance the Ethereum layer-2 network’s gaming sector. This funding milestone coincides with a surge in key network metrics, reflecting growing community adoption. On June 7, the Arbitrum community passed a proposal to fund the gaming ecosystem using resources from the Arbitrum Foundation. The initiative will allocate 225 million ARB tokens, valued at approximately $222 million, over three years through the new Gaming Catalyst Program (GCP). Read more: Arbiscan: A Comprehensive Guide to Arbitrum Blockchain Explorer Arbitrum Gaming Proposal. Source: Tally The GCP will stimulate user engagement across Arbitrum, Orbit, and Stylus gaming communities. A dedicated team, overseen by a five-member council of experts in gaming, venture capital, data analysis, and DAO governance, will manage the program. The team will cap its operational budget at $25 million, with any additional expenses requiring DAO approval. “The GCP Council will be a DAO elected group of trusted professionals with backgrounds ranging across gaming, venture, grant allocation, web3 technology, and DAO relations. The group functions as a braintrust that offers their accumulated knowledge to empower the GCP Core Team,” the proposal stated. Meanwhile, most funds are designated for publishers, while new and early-stage developers can apply for grants of up to 500,000 ARB. However, established developers seeking funding must seek investments with value-sharing components such as tokens or equity. The remaining funds will support infrastructure-related bounties and operational costs. According to Growthepie data, the Arbitrum network has seen a significant surge in activity, with a 30% increase in daily active addresses over the past month, reaching 710,000. This growth also positions Arbitrum ahead of other layer-2 networks. Data from DeFiLlama confirms that Arbitrum is currently the largest Ethereum Layer 2 solution, dominating the market with a total value locked…

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Filed under: News - @ June 9, 2024 5:16 pm