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Arbitrum Foundation Unveils $400 Million Gaming Catalyst Fund Proposal
The Arbitrum Foundation has revealed a comprehensive proposal for a Gaming Catalyst Fund worth $400 million. This fund aims to enhance and expand the blockchain gaming sector within the Arbitrum network.
Overview of the Proposal
In a detailed announcement on the community forum, the Arbitrum Foundation outlined its vision for the fund. The initiative, known as the Gaming Catalyst Program (GCP), is seeking approval from the Decentralized Autonomous Organization (DAO) for a two-year rollout.
Objectives of the Gaming Fund
The GCP is designed to attract game developers to build on the Arbitrum network by offering financial support, mentorship, and other resources to expedite game development. This initiative aims to elevate Arbitrum’s gaming ecosystem and compete effectively in the decentralized finance space.
Program Structure
To participate in the program, developers must undergo approval and inclusion in the whitelist by a community council. Approved projects will be subjected to a thorough evaluation process to ensure quality and integrity.
The $400 million fund will be allocated towards builder onboarding and growth (160 million ARB) and infrastructure bounties (40 million ARB).
Goals and Key Performance Indicators
The proposal sets ambitious goals for the initiative, including attracting 200-300 game developer applications, capturing a 20% share of new web3 games on Arbitrum, leading migrations from other Layer 2 platforms, and launching over 25 Orbit projects.
Key Contributors and Timeline
The proposal was jointly drafted by Daniel “Djinn” Peng, co-founder of Vela Exchange, and Karel Vuong, co-founder of Treasure. The initiative will undergo a snapshot vote for general delegate agreement on March 15, followed by a tally vote and ratification in April 2024.
Subsequent steps include council member elections, venture team formation, and the commencement of grant applications until May.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
