Arbitrum DAO passes $23M extra budget to fund all grant applicants

The Arbitrum community is expanding its grant program budget to over $70 million, supporting a total of 56 projects.

The Arbitrum DAO has confirmed the disbursement of millions in extra tokens to fund all projects approved on its latest Short-Term Incentive Program (STIP), boosting its budget by $23.4 million.

The proposal, voted by the Arbitrum community between Nov.

The supplementary capital was approved by 216.7 million votes in favor to 73.1 million against, bringing STIP's total budget to 71.4 million ARB tokens.

ARB holders approved the addition of 21.1 million tokens for funding grant applications. Source: Tally/Arbitrum

Arbitrum is a layer-2 networking designed to scale transactions on the Ethereum blockchain, allowing funds to be transferred more quickly and at a lower cost.

DefiLlama data shows that Arbitrum generated over $180,165 in fees and $43,342 in revenue just on Dec.

Layer-2 Arbitrum generated over $57 million in cumulative transaction fees. Source: DefiLlama

The new budget includes funding for Gains Network (4.5 million ARB), Wormhole (1.8 million ARB), and Stargate Finance (2 million ARB).

The approval of additional funding was not without controversy.

Read more

from Cointelegraph.com News https://ift.tt/TfKMY0z