Ethereum

Arbitrum

DeFi

when

The <a href="https://thecoinrise.com/arbitrum-pursues-dao-nod-for-400m-gaming-fund-investor-focus-turns-to-solana-monero-challenger/" rel="noopener noreferrer nofollow">Arbitrum Gaming Catalyst Program (GCP), an initiative</a> aimed at boosting the gaming ecosystem on the Ethereum Layer 2 network, is under fire after missing several key deadlines.
The <a href="https://www.tally.xyz/gov/arbitrum/proposal/53472400873981607449547539050199074000442490831067826984987297151333310022877" rel="noopener noreferrer nofollow">program</a>, which passed in June 2024, allocated 225 million ARB tokens (worth approximately $215 million at the time) to stimulate growth and innovation in the blockchain gaming space. However, the value of the allocated tokens has since dropped to around $122 million, adding to concerns about the program’s progress.
Joseph Schiarizzi, a DAO member and founder in the DeFi space, has proposed recalling a majority of the program’s funds, citing the GCP’s failure to deliver on commitments such as issuing requests for proposals (RFPs), opening grant applications, and maintaining <a href="https://thecoinrise.com/arbitrum-launch-arb-token-and-a-unique-dao-governance-model/" rel="noopener noreferrer nofollow">transparent communication with the Arbitrum DAO</a>. According to Schiarizzi, the GCP has not adhered to its biweekly update schedule, leading him to question whether the funds are being managed effectively.
<h2 id="span-style-font-weight-400-calls-for-accountability-span">Calls for Accountability</h2>
Schiarizzi’s proposal <a href="https://forum.arbitrum.foundation/t/gcp-fund-security-review-oversight/27123" rel="noopener noreferrer nofollow">calls</a> for the recall of 220 million ARB tokens, valued at roughly $118.6 million, from the GCP’s multisig wallet back into the DAO treasury. He expressed frustration over the lack of transparency, stating, “It is unconscionable to allow a 3/5 multisig to hold $120M in ARB when they have failed to meet their agreed oversight obligations.”
While Schiarizzi does not expect the proposal to pass, he believes it has already served its purpose by shining a light on the GCP’s shortcomings. He emphasized that his goal isn’t to cancel the program, but to prompt better communication and ensure the DAO’s original objectives are met.
<h2 id="span-style-font-weight-400-arbitrum-responds-to-criticism-span">Arbitrum Responds to Criticism</h2>
In response to Schiarizzi’s concerns, Steven Goldfeder, co-founder of Offchain Labs, the developer behind Arbitrum, defended the program. Goldfeder <a href="https://x.com/sgoldfed/status/1844783117812269358" rel="noopener noreferrer nofollow">acknowledged</a> the delays but attributed them to the complexity of setting up the GCP. He assured the community that biweekly calls have taken place and progress is ongoing, though it may not be immediately visible.
Further, A.J. Warner, director of partnerships at Offchain Labs, <a href="https://x.com/ajwarner90/status/1844733152306073735" rel="noopener noreferrer nofollow">explained</a> that the lack of a transparency report was due to the program still being in its setup phase. He urged the community to remain patient as the program moves towards fulfilling its goals.
Despite the setbacks, Schiarizzi remains optimistic, urging the DAO to stay committed to transparency and the program’s success. He stated, “I want GCP to succeed… We just need to get back on track.”
The post <a href="https://thecoinrise.com/arbitrum-gaming-catalyst-program-missed-deadlines-and-funding-recall-proposal/" rel="noopener noreferrer nofollow">Arbitrum Gaming Catalyst Program: Missed Deadlines and Funding Recall Proposal</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Arbitrum Gaming Catalyst Program: Missed Deadlines and Funding Recall Proposal

Table of Contents

TheCoinrise Media

Other articles published on Oct 13, 2024

Tokenisasi Treasuri AS Tumbuh Pesat, Tambah US$210 Juta Lagi!

Let’s Be Honest: Not All Crypto Projects Need a Token

Ripple Accelerates Stablecoin Launch With 3.5 Million RLUSD Transfer

Is Vitalik Buterin In Support Of Unichain? Community Digs Past Trend

XRP Price Prediction for October 13

Qubetics’ QubeQode IDE Empowers Blockchain Development Process While LINK Strengthens Financial P...

Join our free newsletter for daily crypto updates!