Arbitrum ($ARB) Foundation Allocates $215 Million to Boost Gaming Ecosystem

The Arbitrum Foundation, which supports the Ethereum-based Layer 2 network Arbitrum, has announced a significant investment aimed at fostering the gaming industry within its ecosystem. Over the next three years, the foundation will allocate 225 million Arbitrum (ARB) tokens, valued at about $215 million, to the newly created Gaming Catalyst Program (GCP).

According to a report by Amaka Nwaokocha for Cointlegraph published earlier today, this initiative, which received approval on 7 June, seeks to enhance the adoption and use of Arbitrum, Orbit, and Stylus among game developers and gamers. The proposal, originally introduced in March, garnered strong support from notable organizations such as L2Beat, Wintermute, and Treasure DAO, despite opposition from entities like Blockworks Research and Camelot DAO.

Treasure DAO, celebrating the initiative’s passage, highlighted Arbitrum’s potential as a key player in the gaming sector. The GCP aims to support both emerging and established game developers. Grants up to 500,000 ARB (approximately $483,000) will be available to new and early-stage developers, while more seasoned developers can seek investments involving value-sharing components like tokens or equity. Funds will also be allocated to infrastructure-related bounties and operational costs to support the broader ecosystem.

The GCP will be managed by a specialized team under the guidance of a five-member council with expertise in gaming, venture capital, data analysis, and DAO governance. This council will ensure that funds are used effectively and in alignment with the program’s goals. They also hold veto power over investment decisions and team appointments, maintaining accountability.

Additionally, the GCP has set a cap of $25 million for operational expenses, with any expenditures beyond this limit requiring DAO approval. The Arbitrum DAO decided in March against funding the legal defense of Tornado Cash developers Roman Storm and Alexey Pertsev.

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On June 4, the Arbitrum Foundation announced the launch of Phase 2 of its Ambassador Program, targeting the burgeoning Web3 communities in Nigeria, India, and Mexico. This expansion marks a significant shift from the program’s initial phase, broadening its scope beyond university students to include a wider array of Web3 enthusiasts. This strategic move aims to leverage the influence of passionate advocates to drive educational initiatives within the Arbitrum ecosystem.

Phase 1 of the Ambassador Program, launched in Q3 2023, focused on engaging university students. According to the Arbitrum Foundation, the first phase received over 3,000 applications, selecting 160 ambassadors from 36 countries. These ambassadors, including members from prestigious university blockchain clubs like Harvard and Princeton, organized more than 30 in-person events and produced over 100 high-quality content resources. This successful engagement laid a strong foundation for the program’s expansion.

In Phase 2, the program will emphasize digital content creation and online community building, in addition to in-person workshops and hackathons. The expanded scope aims to transcend geographical boundaries and foster a global Arbitrum community. Ambassadors will produce both technical and non-technical content, host virtual events and meet-ups, and engage their local communities through various activities. They will also assist developers with onboarding, offering tools and facilitating technical workshops and hackathons.

The benefits for participants in the Ambassador Program are multifaceted. Ambassadors will represent Arbitrum in their local communities, collaborate with major ecosystem protocols, learn about Layer-2 scaling technologies, and enhance their skills in digital content creation and social media amplification. Moreover, they will have the opportunity to network with key industry players and become part of a rapidly expanding Layer-2 ecosystem.

Applications for Phase 2 of the Arbitrum Ambassador Program are now open to individuals in Nigeria, India, and Mexico. This initiative represents a significant opportunity for those passionate about Arbitrum’s mission to make a meaningful impact through community engagement and social media.

Featured Image via Pixabay

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• Source: https://www.cryptoglobe.com/latest/2024/06/arbitrum-arb-foundation-allocates-215-million-to-boost-gaming-ecosystem/