Arbitrum-Based Crypto Projects Raise $40 Million in ARBs for STIP Program
Several crypto projects built on the Arbitrum blockchain have successfully raised $40 million in ARB tokens through the STIP short-term incentive program. The GMX perpetual trading protocol received the most support, earning 12 million ARBs worth over $10 million. Gains Network’s crypto project came in second with 7 million ARBs. The STIP program is a one-time distribution, and recipients cannot convert their ARB awards or participate in governance activities. The proposal to support the Arbitrum ecosystem was approved in September, and as a result, 29 projects were able to obtain 50 million ARB tokens by pitching their products or services to ARB holders.
GMX Protocol Emerges as the Top Beneficiary
The GMX perpetual trading protocol was the clear winner among the 29 projects on Arbitrum, receiving rewards of 12 million ARB tokens valued at just over $10 million. Gains Network’s crypto project secured 7 million ARBs. Lido Finance’s project was unable to participate due to concerns about its control over a significant portion of staked ETH tokens.
ARB Price Experiences a Decline
The price of ARB tokens has seen an 8% decline in the past week, dropping from $0.87 to the current price of $0.80. However, at the beginning of October 2023, ARB was close to $1. Despite the decline in price and transaction volume, the total market cap of ARB remains above $1 billion.
Hot Take: Arbitrum-based Crypto Projects Raise $40 Million in STIP Program
Arbitrum-based crypto projects have successfully raised $40 million in ARB tokens through the STIP short-term incentive program. GMX emerged as the top beneficiary, followed by Gains Network’s crypto project. However, the price of ARB has experienced a decline in the past week. Despite this, the total market cap of ARB remains above $1 billion. Overall, this funding success demonstrates the growing popularity and potential of projects built on the Arbitrum blockchain.
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