Arbitrum

Immutable

Million

Foundation

The Arbitrum Foundation, a <a href="https://bitcoinist.com/arbitrum-announces-the-launch-of-its-new-token-arb/" rel="nofollow">Decentralized Autonomous Organization (DAO)</a> tasked with developing and nurturing the Arbitrum ecosystem, has approved the start-up of a support fund aimed at developing projects in its gaming ecosystem. The organization has revealed plans to distribute a whopping $216 million to improve its gaming ecosystem. 
<h2 id="arbitrum-to-allocate-216-million-for-gaming-proposal">Arbitrum To Allocate $216 Million For Gaming Proposal</h2> 
<a href="https://bitcoinist.com/arbitrums-plan-to-return-700-million-arb-fails-heres-why/" rel="nofollow">The Arbitrum Foundation</a> has officially endorsed a proposal, involving a funding initiative to expand and develop its gaming ecosystem. According to its <a href="https://www.tally.xyz/gov/arbitrum/proposal/53472400873981607449547539050199074000442490831067826984987297151333310022877" rel="nofollow">blog post</a>, the <a href="https://www.newsbtc.com/analysis/arb/arbitrum-dao-locks-tokens-into-vesting-contract/">Arbitrum DAO</a> will work towards allocating 225 million ARB tokens, valued at approximately $216 million, to support the growth of gaming projects on the network. 
This proposal underwent a <a href="https://bitcoinist.com/governance-all-its-chalked-up-to-be-arbitrum/" rel="nofollow">formal voting process</a> amongst <a href="https://bitcoinist.com/fraudulent-arbitrum-airdrops/" rel="nofollow">community</a> members. Of the total voters in the foundation, a staggering 162.41 million voted in favor of the gaming proposal, while 50.48 million opposed it. Additionally, about 44,093 members abstained from voting.&nbsp; 
As a result of the overwhelming approval, the Gaming Catalyst Program (GCP) will receive financial support from the Arbitrum Foundation over the course of three years. The program is designed to facilitate and expand awareness and adoption of Arbitrum/Orbit/Stylus by builders and players within the gaming community. 
Moreover, the Arbitrum Foundation has set its sights on the $250 billion <a href="https://www.newsbtc.com/news/company/crypto-gaming-rises-again/">gaming vertical</a> which is <a href="https://bitcoinist.com/crypto-gaming-industry-may-hit-350-billion-by-2027/" rel="nofollow">projected</a> to double by 2030, reaching a substantial $500 billion market. The organization is positioning itself to capitalize on the market’s growth as well as the prevailing trend of integrating <a href="https://www.newsbtc.com/sponsored/why-is-crypto-gaming-failing-and-how-to-fix-it/">blockchain technology with gaming</a>.&nbsp; 
In its blog post, the organization revealed plans to recruit top-tier developers to build high-quality and engaging games that will effectively attract and retain the attention of users within the <a href="https://bitcoinist.com/arbitrum-trading-volume-balloons-over-75/" rel="nofollow">Arbitrum ecosystem</a>. It disclosed that it has emerged as a leader in the competitive gaming market by incorporating a dynamic strategy that combines innovation, strong technological capabilities, organic builders and short and long-term incentives. 
Moreover, the rapid expansion of <a href="https://www.newsbtc.com/news/company/the-post-fintech-revolution-understanding-defi-applications/">Decentralized Finance (DeFi) applications</a> on Arbitrum highlights the platform’s ability to attract new developers and users. The foundation has labeled this growth as a “snowball effect,” emphasizing that when there is an increasing number of builders and users, the Arbitrum DAO continues to add value.&nbsp; 
<h2 id="the-goal-of-the-gaming-catalyst-program">The Goal Of The Gaming Catalyst Program</h2> 
While acknowledging its shortcomings and recognizing its failure to match the performance of competitors such as <a href="https://www.newsbtc.com/news/immutable-x-solidifies-position-with-31-rally-how-far-is-imx-heading/">Immutable X</a>, <a href="https://www.newsbtc.com/news/ronin-plunges-nearly-30-after-binance-debut-raising-concerns-about-pre-listing-hype/">Ronin</a>, and Solana, the Arbitrum Foundation has also lauded its immense success in the decentralized finance sector. The organization has disclosed that through the Gaming Catalyst Program, it will facilitate the growth of its ecosystem by establishing a dedicated team and funds to provide technical and strategic support to the <a href="https://www.newsbtc.com/news/company/a-brief-introduction-to-the-rapid-expansion-of-the-gaming-industry/">gaming industry</a>.&nbsp; 
The foundation outlined a list of hypothetical projects in the program that will help develop Arbitrum’s gaming ecosystem. According to the organization, the Gaming Catalyst Program will provide support and resources for developers interested in building on the network. This will include mentorship, funding, and other assistance to expedite development.&nbsp; 
Moreover, the Arbitrum DAO will allocate all resources strategically to maximize efficient usage and impact on the gaming ecosystem. The organization also aims to position itself as an attractive platform that will draw and maintain the best game developers in the industry.&nbsp; 
Additionally, the Gaming Catalyst Program will play a major role in expanding new opportunities and use cases for the <a href="https://www.newsbtc.com/news/arbitrum-launches-fraud-proofs-in-testnet-why-is-arb-down/">Arbitrum network</a>. By supporting the development of gaming infrastructure, <a href="https://www.newsbtc.com/arbitrum/arbitrum-prints-td-buy-signal-trend-flip/">Arbitrum (ARB)</a> will be able to diversify its ecosystem and extend services to a wider range of users and developers, not limited to Orbit chain and Stylus adoption. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/zES8nNT7/" alt="ARB price chart from Tradingview.com (Arbitrum DAO)" width="3286" height="1576">

Arbitrum DAO Agrees To Distribute $216 Million In Funding – Here’s What You Should Know

Table of Contents

NewsBTC

Other articles published on Jun 10, 2024

Mengapa Kapitalisasi Pasar Solana US$80 Miliar dan Pectra Update Ethereum Membuat Bonus Token Fur...

Crypto News Today: Market Holds Breath Ahead of U.S. Data

Roaring Kitty vs Crypto + GameStop

GME Hits New ATH, While New Meme Coin APORK Is Predicted To Become The Next ‘Meme King’ By Analysts

Rapper Iggy Azalea says MOTHER token can be used to buy smartphones and cell plans

MoonBag Coin Shines as Top Crypto Presale, Bitcoin Cash and Shiba Inu Face the Shadows

Join our free newsletter for daily crypto updates!