Arbitrum DAO approves $23 million 'backfund' for projects that missed initial grant – The Block – Crypto News

Arbitrum DAO will distribute 21.1 million ARB tokens ($23.5 million) to projects that were approved for grants from the Ethereum Layer 2 Network’s Short-Term Incentive Program (STIP) but were unable to receive funding by the deadline They voted 2-1 to do so. To the program’s initial 50 million token budget.

In addition to the 29 projects funded in the first round, 26 projects will now receive grants, the largest being Gains Network’s 4.5 million tokens ($5 million). Other top grants include Stargate Finance and Synapse each receiving 2 million tokens ($2.2 million) and Wormhole receiving 1.8 million tokens ($2 million).

With the approval of the proposal, the total budget of the STIP program has increased to 71.1 million ARB tokens. According to the company, the additional funds will be distributed after a three-day waiting period. suggestion.

Some projects that received funding in the first round, such as Camelot and MUX, joined the one-third of voters who rejected additional funding proposals.Camelot explained the “no” vote at length. comment, is insisting on a second round of proposals instead of a backfunding event. MUX comment was more succinct, arguing that “proposals with good protocol fundamentals, appropriate incentive implementation strategies, and reasonable grant sizes should be supported, but not bundles of proposals of varying quality.” .

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