The recent vote by the Arbitrum community has resulted in the distribution of additional funds for projects approved for a grant but not funded due to the cap on ARB tokens. A total of 21.1 million ARB tokens worth $23.4 million will be distributed to 26 projects. This decision was made after receiving 216.7 million votes in favor and 73.1 million votes against.With this supplementary capital, the total budget for the STIP (Strategic Token Investment Program) now stands at 71.4 million ARB tokens. The aim is to fund 56 projects and support diverse, emerging builders in the crypto space. The goal is to create a welcoming environment for new projects and promote innovation.Arbitrum, a layer-2 networking solution built on the Ethereum blockchain, is designed to scale transactions and reduce costs. The protocol is governed by ARB token holders and generates revenue through transaction fees. In December alone, Arbitrum generated over $180,165 in fees and $43,342 in revenue. In November, the fees totaled $5.93 million, while revenue reached $1.47 million.The new budget includes funding for projects such as Gains Network, Wormhole, and Stargate Finance. However, PancakeSwap withdrew its proposal due to the Know Your Customer (KYC) requirements of the STIP.While the approval of additional funding has been welcomed by many, there has been some controversy. Delegates from MUX protocol argued that the extra funding would mix projects of varying quality. They believe that proposals with strong protocol fundamentals, proper execution strategies, and reasonable grant sizes should be supported individually, rather than bundled together.Some Arbitrum DAO members also expressed their disagreement with the decision, suggesting that a full second round instead of a backfund would have been a fairer way to include additional protocols in the incentives program.Overall, the recent vote and distribution of additional funds highlight the commitment of the Arbitrum community to support and nurture innovative projects in the crypto space.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | None |
| Companies | Wormhole, Stargate Finance, Gains Network, PancakeSwap, MUX protocol |
| Currencies | Arbitrum |
| Securities | None |
