BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Arbitrum DAO Boosts Grant Program Budget by $23M to Support 56 Projects

by Dan K
Dec 4, 2023 - 3:00 pm
in Blockchain
Graph showing 2023 investment trends in cryptocurrencies by CoinShares, highlighting Bitcoin’s dominance.

Expanding Support for Blockchain Innovation

The Arbitrum DAO, governing the layer-2 scaling solution for Ethereum, has taken a bold step in fostering blockchain innovation. In a recent move, the DAO has expanded its grant program’s budget, adding $23.4 million to support an array of new projects.

Record Budget for Diverse Projects

The decision to increase the budget to over $70 million follows the DAO’s initiative to fund all applicants that met the criteria of its Short-Term Incentive Program (STIP). This move will see the DAO disburse 21.1 million ARB tokens, valued at $23.4 million, to 26 additional projects. This decision was backed by a significant majority of the community, receiving 216.7 million votes in favor.

Layer-2 Scaling: The Arbitrum Edge

Arbitrum’s prominence in the blockchain space stems from its role as a layer-2 network. By enhancing transaction efficiency on the Ethereum blockchain, it provides a more cost-effective and faster alternative for transfers. This technological advancement is driven by the governance of ARB token holders and is sustained through transaction fee revenues.

Financial Milestones

Recent data from DefiLlama highlights Arbitrum’s financial success, with the network generating significant fees and revenue. On December 1 alone, the network recorded over $180,000 in fees and $43,000 in revenue. These figures are a testament to Arbitrum’s growing influence in the DeFi space.

Funding Allocation: A Look at the Beneficiaries

The newly approved budget will fund various projects, including Gains Network, Wormhole, and Stargate Finance. However, not all projects have proceeded smoothly; PancakeSwap withdrew its proposal, citing the STIP’s KYC requirements.

Debate within the DAO

The decision to increase funding was not without its critics. Some DAO members, like the delegates from MUX protocol, expressed concerns over the mixed quality of projects receiving funding. Others argued for a more equitable approach, suggesting a second round of funding instead of a backfund.

Looking Ahead

As Arbitrum DAO continues to shape the blockchain landscape, its commitment to supporting diverse and innovative projects remains evident. This recent budget expansion is a clear signal of the DAO’s dedication to nurturing growth and innovation within the DeFi ecosystem.

Tags: ArbitrumBlockchainDAO
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service