Arbitrum Disburses IDR 3.5 Trillion to Boost Game Ecosystem!

Bittime - Arbitrum, Ethereum's second layer, has just approved a fantastic funding allocation proposal of IDR 3.5 trillion (225 million ARB tokens) to support game development on their network.

Funds from Arbitrum are distributed over 3 years

These funds will be distributed over three years through a program called the Gaming Catalyst Program (GCP). This program was proposed by Dan Peng, co-founder of Vela Exchange.

It aims to "immediately increase awareness and adoption of Arbitrum/Orbit/Stylus by developers and players in the Gaming community," according to the proposal.

The proposal submitted in March was officially approved on Friday with majority support, namely more than 75%. Some organizations that support this proposal include L2Beat, Wintermute, and Treasure DAO (a gaming-focused DAO).

Meanwhile, Blockworks Research and Camelot DAO are among those who disagree.

"Arbitrum is the home of gaming enthusiasts – it includes all games, game chains, and all developers in its orbit. Let's make amazing things happen together," wrote Treasure DAO in response to the approval of the proposal.

Funds from Arbitrum Allocated to Game Publishers

Most of the funds are allocated to game publishers. New developers and startups have the opportunity to apply for grants of up to a maximum of 500,000 ARB tokens (around IDR 7.8 billion).

Meanwhile, more established developers can apply for investment with a profit sharing scheme via tokens, equity, or similar methods. The remaining funds will be allocated for infrastructure support programs and operational costs.

Program operations will be run by a dedicated GCP team, This is done with oversight from a board consisting of "5 individuals with deep expertise in gaming, venture capital experience, analytics/reporting, and/or DAO governance."

This board is elected by the DAO and has the authority to veto investment decisions and appointment of team members. The GCP team's budget limit for operational costs is set at IDR 402 billion ($25 million US dollars), and additional spending must be approved by the DAO.

Interestingly, the price of the Arbitrum token itself fell by around 12% from its highest value. The previous price of the ARB token was IDR 17,600 (1.10 US dollars) to around IDR 15,500 ($0.97 US dollars) after the voting period closed, based on data from The Block's Price Page.

How To Buy Crypto With Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.