The recent approval of funding allocation by Arbitrum governance represents a significant milestone in the development of the Ethereum Layer 2 network, especially in the realm of Web3 gaming.
With a allocation of 225 million ARB tokens, valued at approximately $210 million dollars, currently, the Gaming Catalyst Program will foster Arbitrum's innovation and growth in the blockchain gaming space. The program aims to support the community of video game developers and players over a three-year period.
This strategic initiative, proposed by Dan Peng, co-founder of Vela Exchange, not only reflects confidence in the growth potential of blockchain-based games, but also underscores the Arbitrum network's commitment to expansion and adoption. of its innovative digital ecosystem.
The Arbitrum community is confident in its vision of the future
The overwhelming support that the Arbitrum community has given to the Gaming Catalyst program, with more than 75% of the votes in favor of this proposal, demonstrates the confidence of ARB users and holders in the direction and vision of the Arbitrum developers.
Several influential crypto industry organizations, such as L2Beat, wintermute y Treasure DAO, have supported the proposal to create the program, recognizing the importance of Web3 games as a key sector for the growth and adoption of blockchain technology.
On the other hand, the opposition of entities such as Blockworks Research y Camelot DAO reflects the diversity of opinions and approaches within the vast cryptocurrency community.
According to statistics consulted on the Tally portal, an interface used by DAOs to carry out governance votes, indicate that a total of 162,4 million ARB votes were in favor of creating the Gaming Catalyst program, while 50,4 million votes They were against it and nearly 44.000 votes abstained from participating in the proposal.
How will Arbitrum's Gaming Catalyst program work?
The Web3 game development program in question will not only provide financial resources to game publishers, but will also offer grants to new and early-stage developers, allowing them to apply for up to 500.000 ARB, which is equivalent to approximately $483.000 in current prices. . Additionally, more established developers should look for investments that include an equity component, such as tokens, shares, or similar financial structures. Additionally, a portion of the funds will be dedicated to infrastructure-related rewards and operational expenses.
On the other hand, day-to-day management of the program will be handled by a dedicated team, while a board of five individuals with experience in gaming, venture capital, analytics, reporting, and DAO governance will provide oversight. This board, which will be elected by the Arbitrum DAO, will have the authority to veto investment decisions and appointments of team members, ensuring strong and responsible governance.
The Gaming Catalyst program team's operating budget is limited to $25 million, and any expenditures in excess of this limit will require approval from the network governance organization.
ARB remains below $1
Despite the positive news, the cryptocurrency market is well known for its volatility and Arbitrum is no exception.
The price of ARB tokens has seen a decline, falling by around 1,76% in the last 24 hours and 17,49% in the last 7 days, reflecting the dynamic nature of the digital assets.
Source: CoinMarketCap
However, network expansion in the gaming sector could be a key catalyst for the long-term growth and mass adoption of Arbitrum and its digital ecosystem.
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