Quick take:
- 216.7 million community votes were in favour of the additional funding while 73.1 million voted against it.
- The vote approved the distribution of an additional 21.4 million ARB tokens worth approximately $23.4 million as of this writing.
- The new funding brings the total for the STIP to 71.4 million ARB tokens with 56 projects backed in total.
Arbitrum DAO has approved an additional 21.4 million ARB tokens worth approximately $23.4 million in grants for its Short-Term Incentive Program (STIP). The latest amount brings the total approved for the program to 71.4 million ARB tokens.
The program is backing an additional 26 projects that were approved for funding but did not receive any funds because of the limited cap of 50 million ARB tokens allocated in the main round. This brings the total number of projects backed through the STIP to 56.
According to the announcement, 216.7 million community votes were in favour of the additional funding while 73.1 million voted against it.
The STIP program targets a diverse range of emerging builders in the Arbitrum ecosystem. The new funding includes 4.5 million ARB tokens for Gains Network — DeFi ecosystem building on both Arbitrum and Polygon, 2 million ARB tokens for cross-chain communications network Synapse, and 2 million ARB tokens for Omnichain liquidity transport protocol Stargate Finance.
While the approval for the extended STIP shows signs of a recovering crypto market, not every participating project was excited about the decision, with delegates from MUX protocol arguing the additional funding would mix projects of different qualities.
“Proposals with good protocol fundamentals, proper incentives execution strategies and reasonable grant size should be supported, but not in a bundle of proposals with mixed quality,” they wrote.
Others seemed to understand the reasoning behind the additional funding, with community member DanThales replying: “If a STIP was already voted in, I see no reason to add overhead and stress to delegates by doing another round of 100 applications to review.”
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
