A number of initiatives developed on the #Arbitrum blockchain have acquired a combined total of $40 million in ARB tokens after the conclusion of a short-term incentives programme (STIP) round on Thursday.
According to a recent tally, a total of 29 enterprises on the Arbitrum platform presented their products and services to token holders in the preceding week. Their objective was to secure votes in order to obtain a portion of the 50 million ARB tokens, which are valued at approximately $40 million based on current market pricing.
The STIP (Single Time Incentive Programme) is a non-recurring allocation, and recipients are prohibited from converting $ARB awards into alternative tokens or engaging in any form of governance-related actions. The grant proposal was submitted and granted approval in September.
The perpetual trading protocol GMX received the highest number of awards, totaling 12 million #ARB , which is equivalent to little over $10 million. Following closely behind is Gains Network, with a total of 7 million ARB.
Lido Finance, a prominent participant in the field of ether staking, had unexpected setbacks as it was unable to secure approval due to apprehensions regarding its potential ownership over a significant portion of staked ether tokens.
These projects are currently anticipated to utilise tokens as a means to offer enhanced benefits to users who actively support the respective protocols. This support can be in the form of supplying liquidity or utilising services. Consequently, this strategy may draw capital to the blockchain as traders seek out investment opportunities.
