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Arbitrum DAO greenlights $23.4 million enhancement for 26 projects in its newest incentive initiative

Market and Events: Arbitrum DAO greenlights $23.4 million enhancement for 26 projects in its newest incentive initiative

The Arbitrum DAO recently approved a significant budget increase of $23.4 million for its Short-Term Incentive Program (STIP), aiming to support projects that had hit the cap of 50 million ARB tokens. Following a community vote from November 18 to December 2, 21.1 million ARB tokens were allocated to 26 additional projects, bringing the total STIP budget to 71.4 million ARB tokens, backed by 216.7 million votes in favor. This boost aids 56 projects, fostering diversity and inclusivity among emerging builders.

Arbitrum, a layer-2 network on #Ethereum, facilitates faster and cost-effective fund transfers. Governed by ARB token holders, it sustains itself through transaction fees. Notably, on December 1, it recorded $180,165 in fees and $43,342 in revenue. Funding provisions from the expanded budget include notable projects like Gains Network, Wormhole, and Stargate Finance, though #PancakeSwap withdrew a proposal due to KYC requirements.

Controversially, concerns were raised by MUX protocol delegates, fearing a mix of projects with varying quality due to the injected funds. They advocated for supporting proposals based on protocol fundamentals, proper incentives, and reasonable grant sizes. Some #Arbitrum DAO members suggested a full second round, instead of a backfund, for a more equitable approach to include additional protocols in the incentives program

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