The Arbitrum decentralized autonomous organization (DAO) has voted to supplement its Short-Term Incentive Program (STIP) with an additional $23.4 million worth of tokens to support more projects building on the Ethereum scaling solution.
The proposal sought to distribute 21.1 million ARB tokens – Arbitrum’s governance token – to 26 extra projects that had applied and qualified for STIP grants but missed out due to the program’s 50 million token cap. The community voted 216.7 million votes in favor and 73.1 million against between Nov. 18 and Dec. 2.
ARB holders approved the addition of 21.1 million tokens for funding grant applications. Source: Tally/Arbitrum
This brings the total STIP budget to 71.4 million ARB across 56 projects focused on expanding Arbitrum’s growing ecosystem of decentralized applications.
Arbitrum is a layer-2 rollup network designed to batch transactions off-chain before settling them on Ethereum, helping lower fees and improve throughput.
The additional funding will support emerging builders and create a more welcoming environment for new protocols launching on Arbitrum, which has seen over $5.9 million in fees paid in November alone.
Some of the biggest recipients include Gains Network with 4.5 million ARB, Wormhole with 1.8 million ARB, and Stargate Finance with 2 million ARB.
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