Arbitrum Community Backs 200M ARB Allocation for Web3 Game Development 👾

Arbitrum Community Backs Proposal to Boost Web3 Game Development

The Arbitrum community is rallying behind a governance proposal that aims to allocate 200 million ARB tokens toward the development of web3 games on the Ethereum Layer 2 network.

Strong Support for Gaming Catalyst Program Proposal

Community members have gathered 35 million ARB tokens in support of the Gaming Catalyst Program (GCP) proposal.
The proposal seeks to allocate $250 million worth of ARB as incentives for game developers over the next three years.
Only 101,400 ARB tokens have been mobilized in opposition to the proposal.
A minimum of 105.57 million ARB tokens is needed for the proposal to reach quorum.

Voting Process Timeline

The voting process started on May 24 and is scheduled to end on June 7.

Proposed Plan to Boost Arbitrum Awareness Among Gamers

The GCP proposal aims to increase awareness and adoption of Arbitrum/Orbit/Stylus among game builders and players within the gaming community.

Strategies for Expansion

The proposal outlines plans to provide support, incentives, and game industry-specific tools to position Arbitrum as an attractive platform for game development.
By offering these resources, Arbitrum aims to drive the creation of high-quality gaming experiences on its network.

Prior Support for the Proposal

Previously, the proposal received nearly 97% support in a preliminary temperature check vote back in March.

Arbitrum’s Current Standing

Arbitrum is the largest Ethereum Layer 2 network in terms of total value locked, with approximately $19.3 billion locked.
The network ranks fifth in the DeFi space with $4.79 billion in total value locked.

Allocations and Initiatives Under the GCP Proposal

Under the GCP, 160 million ARB tokens are earmarked for “onboarding and growth” initiatives to attract and support publishers, studios, and independent developers creating web3 gaming titles.

Key Allocations and Programs

The proposal includes the establishment of the “Build Grants” program that would provide 25 million ARB tokens as grants for early-stage projects.
A council would oversee the incentives program, comprising professionals with backgrounds in gaming, venture capital, grant allocation, web3 technology, and DAO relations.

Market Growth in GameFi Sector

The GameFi sector has experienced significant growth, with a combined market capitalization of $22.7 billion, marking a 144% increase from $9.31 billion at the end of October.