🚀 Arbitrum blockchain projects secure $40M in ARB tokens! 🎉

29 projects built on Arbitrum have received a total of $40 million in ARB tokens as part of a short-term incentives program (STIP) round that ended on Thursday. The STIP is a one-time distribution, and grantees cannot convert ARB rewards to other tokens or participate in governance activities.

Top winners:

- Perpetual trading protocol GMX: 12 million ARB ($10M+)

- Gains Network: 7 million ARB

Surprise dud: Ether staking giant Lido Finance failed to win approval amid concerns over control of staked ether tokens.

What's next? These projects are expected to use the tokens to provide increased rewards for users supporting the protocols, potentially attracting more funds to the blockchain. 💰

What do you think of these projects' success? Share your thoughts in the comments! 👇