Arbitrum Proposes $400 Million Gaming Catalyst Fund for Blockchain Gaming
The Arbitrum Foundation has put forward a proposal for a $400 million Gaming Catalyst Fund with the aim of expanding and enhancing the blockchain gaming sector. The foundation has outlined its vision for the fund in a detailed proposal published on the community forum. It is currently seeking endorsement from the Decentralized Autonomous Organization (DAO) to implement the initiative over a two-year period.
Arbitrum’s Proposed Gaming Fund
Arbitrum has made significant strides in decentralized finance but lags behind competitors in terms of games and player engagement. To address this, the foundation has introduced the Gaming Catalyst Program (GCP), which aims to attract developers and retain talent within the Arbitrum network.
The GCP provides support and resources to game developers interested in building on Arbitrum. This includes access to funding, mentorship, and other forms of assistance to expedite the development process. The program will utilize the platform’s resources to support experienced professionals and high-potential gaming projects, fostering the creation of quality games within the ecosystem.
Participation in the program requires developers to be approved and included in the whitelist by a community council. Approved projects will be subject to a thorough evaluation process.
Allocation of Funds and Goals
The proposed $400 million fund, equivalent to 200 million ARB tokens, will be distributed for builder onboarding and growth (160 million ARB) as well as infrastructure bounties (40 million ARB).
The goals of the initiative include:
– Receiving 200-300 applications from game developers interested in building on Arbitrum.
– Achieving a 20% share of all new web3 games on Arbitrum.
– Leading net migrations from other Layer 2 platforms.
– Facilitating the launch of over 25 Orbit projects.
Timeline and Voting Process
The proposal was drafted by Daniel “Djinn” Peng, co-founder of Vela Exchange, and Karel Vuong, co-founder of Treasure. The initiative will undergo a snapshot vote on March 15 for general delegate agreement and feedback. The tally vote and ratification are scheduled for April 2024.
Following the voting process, the community will proceed with council member elections, venture team formation, and accept grant applications until May.
Hot Take: A Boost for Blockchain Gaming 🚀
Arbitrum’s proposal for a $400 million Gaming Catalyst Fund demonstrates its commitment to strengthening the blockchain gaming sector. By providing funding and resources, as well as attracting developers, Arbitrum aims to bridge the gap with its competitors in terms of games and player engagement.
The establishment of the Gaming Catalyst Program (GCP) is a strategic move that will encourage the development of high-quality games within the Arbitrum ecosystem. With a robust evaluation process in place, the program ensures that approved projects meet certain standards.
If approved by the DAO, this fund has the potential to significantly boost the growth and innovation of blockchain gaming on the Arbitrum network. It could attract talented developers and incentivize them to create cutting-edge games that leverage blockchain technology.
Overall, this proposal marks an exciting development for the blockchain gaming industry and positions Arbitrum as a key player in this rapidly evolving sector. The success of this initiative could have far-reaching implications for the future of gaming on the blockchain.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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