DeFi

29 Projects Receive Funding from Arbitrum Foundation

Web3 Station

Web3 Station

— 2 min read
29 Projects Receive Funding from Arbitrum Foundation

As previously reported by Coin68, the community voting round for projects applying for funding from the Arbitrum Foundation has concluded. A budget of 50 million ARB will be awarded to 29 projects that met the quorum of 71.51 million ARB and received over 50% approval votes.

List of Funded Projects

According to the data, the projects that received the most funding were primarily decentralized exchanges (DEXs), derivatives, and lending platforms. Here is a summary of the results:

Derivatives

  • GMX
  • Mux Protocol
  • Vertex Protocol
  • Perennial

These four projects alone received approximately 44% of the total budget. Notably, GMX has the highest Total Value Locked (TVL) on Arbitrum.

Decentralized Exchanges (DEXs)

  • Camelot
  • KyberNetwork
  • TraderJoe
  • Balancer

This group received around 15% of the total funding.

Other Funded Projects

In addition to the aforementioned, the following projects also secured funding:

  • Pendle Finance
  • WINR Protocol
  • WOOFi
  • Gains Network
  • DefiEdge
  • Synapse Protocol

Projects That Did Not Receive Funding

Despite meeting the criteria, 28 projects did not receive funding due to budget limitations. These projects collectively requested around 24.5 million ARB, which exceeded the available budget.

Breakdown of Funding Allocation

The allocation of funds across different sectors is as follows:

  • Derivatives: 44%
  • DEXs: 15%
  • Others: The remaining budget was divided among various smaller projects across different sectors.

Future of the Arbitrum Short-Term Incentives Program

With approximately 49.6 million ARB allocated to the successful projects, the possibility of a second round of funding is uncertain. However, the Arbitrum Foundation has promised that the Short-Term Incentives Program will continue to ensure fairness and provide opportunities for smaller projects in various fields to receive support.

The decision to extend the program will be put to a vote by the DAO, with options including:

  • No extension
  • Increase the budget by 10 million ARB
  • Increase the budget by 20 million ARB
  • Increase the budget by 30 million ARB

The continuation of this program is aimed at fostering a more inclusive and supportive ecosystem for emerging projects within the Arbitrum network.

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