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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.” .

Disclaimer: The Block is an independent media outlet that delivers news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in: Other companies In the crypto space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block remains independently operated to provide objective, impactful, and timely information about the cryptocurrency industry. Current financial disclosure information is as follows:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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