The Arbitrum community is displaying strong backing for a governance proposition targeting the allotment of 200 million ARB tokens for the advancement of web3 games on the Ethereum Layer 2.
Supporters of the Gaming Catalyst Program (GCP) proposal have amassed 35 million ARB tokens, aiming to earmark $250 million worth of ARB as incentives for game developers over the upcoming three years.
Contrarily, only 101,400 ARB tokens have been rallied in opposition to the proposal, yet a minimum of 105.57 million ARB tokens must be utilized in voting for the proposal to achieve quorum.
The voting commenced on May 24 and is slated to conclude on June 7.
Proposal to Expand Awareness of Arbitrum Among Players
The GCP proposal sets out to enhance the visibility and uptake of Arbitrum/Orbit/Stylus within the gaming community, targeting both developers and players.
Its strategy involves providing assistance, incentives, and specialized tools tailored to the gaming industry, aiming to establish Arbitrum as a compelling platform for game creation, as outlined in the proposal.
“Through providing assistance, incentives, and specialized tools for the gaming industry, Arbitrum aims to position itself as a prime destination for game development, paving the way for an influx of top-notch gaming experiences on the network.”
Previously, the proposal received a preliminary temperature check vote in March, garnering nearly 97% support.
Arbitrum currently stands as the leading Ethereum Layer 2 network in terms of total value locked (TVL), boasting approximately $19.3 billion locked, according to L2beat.
Furthermore, it holds the fifth position in the DeFi space, with $4.79 billion in total value locked, as reported by DeFi Llama.
The proposal highlights Arbitrum’s success in the decentralized finance (DeFi) sector while acknowledging the imperative to solidify its position as a focal point for gamers and game developers.
“Numerous Layer 1s and Layer 2s recognize this opportunity (notably Solana, Cardano, Opstack, Immutable, Optimism, among others) and are actively pursuing developers through grants and investments.”
160M ARB Tokens Allocated to Onboarding and Growth
Under the GCP, 160 million ARB tokens are earmarked for “onboarding and growth,” aimed at attracting and supporting publishers, studios, and independent developers engaged in web3 gaming projects.
Furthermore, the proposal entails the creation of the “Build Grants” program, which would allocate 25 million ARB tokens as grants for early-stage projects, with a maximum cap of 500,000 ARB tokens per project.
The remaining 40 million ARB tokens would be dedicated to infrastructure and tooling development.
To oversee the incentives program, a GCP council would be established, comprising trusted professionals with diverse backgrounds in gaming, venture capital, grant allocation, web3 technology, and DAO relations.
Council members would be elected by the DAO and would not advocate for GCP applicants or rival networks.
The GameFi sector presently enjoys a collective market capitalization of $22.7 billion, marking a 144% surge from $9.31 billion recorded at the end of October, as reported by CoinGecko.
It’s important to acknowledge that Ethereum scaling solutions and Layer 2 technologies have yet to outstrip other Layer 1 blockchains in terms of actual processing speed.
This could be attributed to the relatively fewer on-chain transactions on Ethereum scaling solutions, leading to slower realized transactions per second (TPS) for these blockchains.
