Arbitrum Launches On-chain Vote for STIP Program Reward Increase

Arbitrum DAO has agreed to allocate an additional $23.54 million to 26 projects participating in the STIP program.

Arbitrum DAO decides to add 21.4 million ARB to the STIP program. Image: Newton

Two-thirds of Arbitrum DAO members have passed a Temperature Check phase to increase the reward cap for the STIP program by an additional 21.4 million ARB and have officially launched an on-chain vote lasting until December 10. This action increases the total number of projects receiving funding to 55 and raises the total STIP budget to $71.1 million.

If approved, Arbitrum DAO will disburse 21.4 million ARB tokens (approximately $23.5 million) to projects approved for sponsorship from the Short-Term Incentive Program (STIP) of the eponymous layer-2 platform, which did not receive support from the initial 50 million token budget of the program.

Voting results as of 10:20 AM on December 4, 2023, on Snapshot

In addition to the 29 projects that won in the first round, the Arbitrum Foundation will grant funds to 26 other platforms to diversify and reduce the risk of missing out on "builders of small but promising projects."

Leading the list of grant recipients is Gains Network with 4.5 million tokens, followed by Stargate Finance (2.2 million tokens), Synapse (2 million tokens), and Wormhole (1.8 million tokens). The grants will be allocated to these projects over a period of 3 days.

Some projects such as Camelot and MUX, which received funding in the first round, voted against. They prefer Arbitrum to organize a second round of funding rather than announce additional allocations as currently planned.