GMX Raises $10 Million in Funding via Arbitrum Grant

Arbitrum Grant Program Ends with GMX Winning Big

The $40 million Arbitrum grant program has concluded, with the perpetual trading platform GMX receiving the largest payout. However, the liquid staking platform Lido did not secure any funding.

Perpetual Trading Platform Wins Big

A total of 29 projects won the Arbitrum grant, with GMX securing the highest funding of 12 million ARB tokens (around $10 million). The price of the GMX token increased by 2.63% after the announcement.

GMX, GMX Price — GMXUSDT daily chart on Binance | Source: TradingView

The leveraged trading platform MUX protocol will receive the second-highest grant of 6 million ARB (about $5 million), while the decentralized exchange (DEX) Camelot will receive 3.09 million ARB tokens (around $2.5 million).

The funds from the Arbitrum grant are intended to bring more users to the Layer 2 blockchain.

Arbitrum grant, project list — List of 29 projects that won an Arbitrum grant. Source: X (Twitter)

Lido Misses Out on Funding

Lido, a non-native platform, did not secure any funding as the Arbitrum community voted against it. Some community members expressed concerns about the size of the grant and how it would specifically benefit Arbitrum.

“Apologies, but 5m ARB is way too much for a non-native protocol. I respect the size of Lido and its contribution to Ethereum, but I struggle to see how such a huge amount will specifically drive value for Arbitrum. How does this 5m bring in new users or new builders? I would support a proposal that is significantly reduced in size with additional details on what native protocols this will support.”

Hot Take: GMX Emerges as the Top Winner in Arbitrum Grant Program

GMX, the perpetual trading platform, has emerged as the top winner in the Arbitrum grant program, securing 12 million ARB tokens (around $10 million) in funding. This significant payout reflects the potential of GMX and its contribution to the development of the Layer 2 blockchain. However, Lido’s failure to secure any funding highlights the community’s preference for native protocols. As the grant program comes to an end, it will be interesting to see how these projects utilize their funding to attract more users and builders to the Arbitrum ecosystem.