The proposal aims to allocate 200 million ARB to drive the growth of web3 gaming projects and infrastructure.
Within the Arbitrum community, there’s a surge of support for a governance proposal advocating for a significant allocation of ARB tokens to fuel the development of web3 games on Ethereum’s Layer 2.
So far, 35 million ARB have been mobilized in favor of the Gaming Catalyst Program (GCP) proposal, which plans to set aside 200 million ARB (equivalent to $250 million) as incentives for game developers over the next three years.
However, the proposal needs at least 105.57 million ARB votes to reach quorum, and with just 101,400 ARB cast in opposition, voting is underway until June 7, following its start on May 24.
The Gaming Catalyst Program (GCP) aims to boost awareness and adoption of Arbitrum/Orbit/Stylus within the gaming community by offering support, incentives, and specialized tools for game development. This proposal, having previously passed a preliminary vote with nearly 97% support, seeks to replicate the success of Arbitrum’s DeFi sector within the web3 gaming ecosystem.
Arbitrum, currently the leading Ethereum Layer 2 network by total value locked (TVL), with approximately $19.3 billion, stands to potentially ignite similar growth in its gaming sector.
The GCP proposal suggests allocating 160 million ARB for onboarding and growth initiatives, while 40 million ARB would fund infrastructure and tooling development. Additionally, it requests $25 million to cover legal and compliance costs, marketing, infrastructure, and team salaries.
To oversee the incentives program, the GCP council, consisting of professionals from various backgrounds including gaming, venture, and web3 technology, would be elected by the DAO. Their objective would be to attract and support publishers, studios, and independent developers in building web3 gaming titles, potentially positioning Arbitrum as a prominent platform for game development.
As the GameFi sector continues to gain momentum, with a combined capitalization of $22.7 billion, up 144% from October, initiatives like the GCP could play a pivotal role in Arbitrum’s expansion within the gaming industry.
