Tokens Worth $23.5 Million Approved for Ethereum Layer 2 Projects
A total of 29 projects were initially approved for grants from the Ethereum Layer 2 network’s Short-Term Incentive Program (STIP), but due to budget constraints, they did not receive the funds. However, now an additional 26 projects will receive grants, with the largest grant going to Gains Network at 4.5 million tokens ($5 million). Other top grants include Stargate Finance and Synapse, each receiving 2 million tokens ($2.2 million), and Wormhole, receiving 1.8 million tokens ($2 million).
Increase in STIP Budget
The approval of this proposal has increased the STIP’s program budget to a total of 71.1 million ARB tokens. The additional funds will be distributed after a three-day waiting period.
Rejection of Additional Funding Proposal
Some projects that received funding in the initial round, such as Camelot and MUX, rejected the proposal for additional funding. Camelot suggested having a second round of proposals instead of a backfunding event, while MUX argued that proposals with good protocol fundamentals and reasonable grant sizes should be supported individually rather than bundled together.
Hot Take: Boosting Development in the Ethereum Layer 2 Network
The approval of grants for these projects is a positive step towards boosting development in the Ethereum Layer 2 network. By providing financial support to innovative projects, the network aims to enhance scalability and improve user experience. It is encouraging to see the commitment to funding promising initiatives that can contribute to the growth and success of the ecosystem.
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