- In order to promote the development of web3 game titles and infrastructure, the proposal proposes incentives totaling 200 million ARB.
The Ethereum Layer 2 web3 game developer community is supporting the allocation of a significant amount of ARB through a governance proposal, which has the support of the Arbitrum community.
The Gaming Catalyst Program (GCP) initiative, which would set aside 200 million ARB ($250 million) as incentives for game producers over the following three years, has 35 million ARB in support thanks to community members’ mobilization.
The proposal has only garnered 101,400 Arbitrum in opposition; yet, in order for the proposal to attain quorum, at least 105.57 million ARB must be cast in voting. Voting is expected to close on June 7 and started on May 24.
According to the proposal, the goal of the Gaming Catalyst Program (GCP) is to quickly increase Arbitrum/Orbit/Stylus’s exposure and adoption among gamers and builders.
By providing incentives, tools tailored to the game industry, and assistance, Arbitrum may establish itself as a desirable platform for game production, which will increase the number of excellent gaming experiences available on the network.
In March, the idea received nearly 97% of the vote in a preliminary temperature check vote.
According to L2beat, with a total value locked (TVL) of almost $19.3 billion, Arbitrum is the largest Ethereum Layer 2. With $4.79 billion, Arbitrum is also the fifth-ranked network by DeFi, according to DeFi Llama.
Program for Gaming Catalyst
The plan claims that the GCP may spur a similar expansion for its web3 gaming ecosystem, citing the “snowball”-like proliferation of Arbitrum’s DeFi sector in the past.
The plan does concede, though, that Arbitrum is trailing a number of its rivals who have aggressively courted the GameFi business, based on criteria like total titles launched, total transferred, and total gamers.
The GCP would set aside 160 million ARB for “onboarding and growth,” whereby publishers, studios, and independent developers creating web3 game games would be drawn in and given continuous assistance. This includes starting the “Build Grants” program, which will allocate 25 million ARB in grants for projects in their early stages, with a ceiling of 500,000 ARB per project.
The development of tools and infrastructure would receive the final 40 million ARB.
An additional $25 million is requested in the plan to pay for infrastructure, marketing, and team member compensation in addition to legal and compliance expenses.
The GCP council, a group of dependable experts with experience in gaming, venture capital, grant distribution, web3 technology, and DAO interactions, would be in charge of the incentives program. Members of the council cannot represent GCP applicants or rival networks; instead, they would be chosen by the DAO.
According to CoinGecko, the cumulative capitalization of GameFi projects is currently $22.7 billion, up 144% from $9.31 billion at the end of October.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
