Arbitrum $55M STIP: What Is the Money Used For?
How are 29 projects using $55M in capital?
Arbitrum’s $55M Grant
What Will the Recipients Do With the 50M ARB?
The first grant round of Arbitrum’s Short-Term Incentive Program (STIP) has ended. The round was a success with 78M in ARB requested out of the 50M ARB budget.
29 projects will collectively receive 50M ARB tokens, valued at ~$55M.
To succeed, an application must reach a 71.51M ARB quorum and receive more than 50% of votes in favor of the proposal.
Perps is the sector that receives the largest proportion of the grants (44%), DEXs come in second with 15% and Lending is the third position with (11%).
Here is the list of the top 10 recipients based on the ARB funding amount out of the 29 first-grant-round STIP recipients and what will they do with the grant money:
1 In ARB.
The funding is allocated on a per-grant basis dependent upon the number of votes in favor of each proposal until the 50M ARB budget has been exhausted.
Beyond the confirmed recipients, 28 projects including PancakeSwap, Wormhole, and Synapse have surpassed the 50% votes and quorum requirement, yet fell short of the 50M ARB cutoff. These proposals requested ~24.5M ARB in total.
The top 5 projects with the highest quorum % that fell short of the budget cutoff are WINR Protocol, WOOFi, Gains Network, DefiEdge, and Synapse.
However, there is a proposal to “backfund successful STIP proposals” by Savvy DAO to increase the total budget by 21.4M to 71.4M which will increase the recipients to 56 projects.
PancakeSwap has removed its proposal from consideration because of KYC requirements.
The 28 projects that fell short of the budget cutoff.
3/ Outside of the confirmed recipient list, 28 projects have received >50% votes and quorum but did not meet the 50m ARB cutoff
~24.5m have been requested by these projects
the top 5 in this list are @WINRProtocol, @_WOOFi, @GainsNetwork_io, @DefiEdge and @SynapseProtocol
— 0xRamen (@0xRamenUmai)
Oct 13, 2023
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