GMX will receive the lion's share of the $ 40 million Arbitrum grant, Lido failed
The Arbitrum vote on the first round of grants for its short-term incentive Program (STIP) has officially concluded. A total of 29 projects are set to collectively receive 49.6 million ARB tokens, worth about $40 million, to further develop and encourage the use of their applications on the Ethereum Layer 2 network.
Perpetual trading protocol GMX is the largest grantee of STIP, approved to receive 12 million ARBs ($15 million). Camelot's decentralized exchange garnered the most votes, and Lido Finance's liquid staking solution was one of the biggest projects missed.
Grant distribution experienced a flurry of activity in its final hours, with all proposals making it to the required quorum.
Perpetual protocols, or" doers, " were the biggest beneficiaries in the round, securing 44% of the total grants, as indicated by Ouroboros Research-the research arm of crypto hedge fund Ouroboros Capital. GMX, MUX protocol, Vertex protocol, and Perennial lead this category, which allows traders to speculate on the future price of crypto assets through non-expiring contracts.
DEX was the second largest sector recipient, grabbing 15% of the Grant, led by Camelot, Kyber Network, Trader Joe's and Balancer.
Close missed calls and opportunities
Nearly 100 projects submitted proposals to receive funding. Of these, 29 projects were successful, while another 28 achieved the required quorum with more than 50% of the vote but failed to reach the ARB's total funding limit of 50 million. These 28 projects have requested about 24.5 million ARBs ($19.6 million), including PancakeSwap, Wormhole, gains Network, and Synapse Protocol.
The rest of the project proposals failed to get enough votes to receive grants. Notably, Lido Finance's largest liquid betting protocol was missed, fueling speculation that voters were reluctant to incentivize the project due to its perceived centralizing influence over the Ethereum betting ecosystem.