The plan got official approval on June 7th, but the idea was first brought up in March. More than 75% of the individuals voted in favor of this proposal.
The team behind the rollup-based layer-2 network Arbitrum, called the Arbitrim Foundation promised that it will help the gaming industry boost its network.
A total of 225 million Arbitrum (ARB) tokens worth $215 million have been put aside in the plan for be given over three years through the newly established Gaming Catalyst Program (GCP).
The goal of the program is to make more developers of the game and players who are aware of Arbitrum, Stylus, and Orbit because it will help the growth of the gaming community and get more involved.
The idea was initially made in March, approved on June 7th, and received over 75% of the votes in favor. To promote game development on its blockchain, the program suggested that Arbitrum DAO distribute 200 million ARB tokens over two years.
Wintermute, L2Beat, and Treasure DAO were the big supporters who focused on gaming. The proposal was still approved although Camelot DAO and Blockworks were not in favor of this idea.
Treasure DAO responded to the suggestion with celebration on social media X:
“Arbitrum is the home of gaming — let’s make some magic happen.”
Structure for Funding and Governance
A large part of the money will be set aside for publishers, while new and beginner developers will get 500,000 ARB tokens. Based upon the current prices, it is about $483,000.
In the meantime, well-known developers can request investments that contain a part of the value like ownership, tokens, or similar ideas. The remaining money gets distributed among the community members to support and improve efforts linked to the system and operating expenses.
There will be a proper team that will manage day to day tasks of the Gaming Catalyst Program (GCP). The team of five members having expertise in data analysis, DAO management, and gaming capital will give advice and direction on the strategy of the program.
This method of management will make sure that the money gets distributed in the right direction to achieve the goals of DAO. This will lead to the promotion of advanced ideas and responsibilities. To ensure that the program adheres to its goals and regulations, the council can refuse decisions about investments and team selection.
The GCP made rules about money and decided that they would not spend more than $25 million on running things. I need more money to spend, they first have to ask DAO.
In March, the Arbitrum DAO declined to back a proposal to cover Tornado Cash developers Roman Storm and Alexey Pertsev’s legal expenses.
