On September 28th, the application period for the first round of funding for the Arbitrum Short-Term Incentive Program ended at 11:59 Beijing time. A total of 106 projects submitted applications during this period. It is reported that the review period for the first round of funding will be from 24:00 on September 28th to 11:59 on October 5th, followed by a week of voting.
106 projects submitted funding proposals to Arbitrum in the past month
On September 4th, BlockBeats reported that the Arbitrum Incentive Working Group submitted the “Arbitrum Short-Term Incentive Program” AIP proposal on the Arbitrum community forum. The proposal aims to distribute a maximum of 75 million ARB tokens from the DAO treasury as rewards to active Arbitrum protocols to meet the short-term needs of the community. On September 18th, the “Arbitrum Short-Term Incentive Program” proposal vote ended with 0 opposing votes.
Just 3 days after the vote ended, cross-chain protocol Wormhole submitted a funding proposal to the Arbitrum community on September 21st, requesting a maximum of 2.5 million ARB tokens for funding.
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On September 25th, ARB tokens worth $56 million were airdropped and transferred to the DAO treasury without anyone claiming them. Since then, project teams have been engaging in more frequent “ecosystem arbitrage” activities.
On September 26th, cross-chain lending protocol Radiant Capital submitted a strategic proposal to the Arbitrum DAO, requesting a maximum of 3.36 million ARB tokens for funding. On the same day, decentralized trading platform Trader Joe published a proposal in the Arbitrum community, requesting a grant of 1.83 million ARB tokens from the Arbitrum DAO treasury.
On September 27th, Web3 on-chain operations incentive platform RabbitHole published a proposal in the Arbitrum community, requesting a grant of 1 million ARB tokens from the DAO treasury.
On September 28th, GMX submitted a detailed funding application to Arbitrum, requesting a maximum of 14 million ARB tokens for funding. On the same day, Camelot applied to the Arbitrum community for a maximum of 3.09 million ARB tokens in funding. Additionally, Pendle Finance submitted a Lighthouse funding application for 2 million ARB tokens to the Arbitrum community.
In addition, according to BlockBeats’ incomplete statistics, a total of 106 projects, including Lido Finance, Aave, Curve, and Frax Finance, submitted applications to Arbitrum during the incentive program period.
Arbitrum community previously launched “incentive programs” to revive ecosystem vitality
BlockBeats previously reported in mid-September that the Arbitrum network’s TVL had dropped below $5 billion. To revive its ecosystem vitality, the Arbitrum team and community have launched a series of “incentive programs”.
In addition to the “Arbitrum Short-Term Incentive Program” AIP proposal submitted by the Arbitrum Incentive Working Group on September 4th, Arbitrum officially announced on September 27th that its Odyssey event has been relaunched on social media platforms. The first task was launched on GMX, and after completing the task, users need to wait a few days to prove their eligibility to claim the NFT badge. However, according to official documents, the restart of the Arbitrum Odyssey will not involve any form of airdrop or reward.
Related reading: “No One Claims $56 Million Airdrop, Can Incentives Reignite the Arbitrum Ecosystem?“
“However, the series of incentives by Arbitrum did not bring any improvement to its ecosystem activity. The Arbitrum TVL has not significantly increased in the past few months. As of now, according to L2BEAT data, the Arbitrum TVL is $5.6 billion, and the price of the ARB token is $0.81.”
“According to Dune Analytics data, most L2 networks have shown weak revenue growth in the past two months, with Arbitrum’s revenue share shrinking the most…”
“After Arbitrum proposed the incentives, many projects started to submit proposals to the Arbitrum community for ARB funding.”
The application period for the first round of funding for this “incentive plan” ended at 11:59 Beijing time on September 28. BlockBeasts will continue to track the latest developments in the vitality of the Arbitrum ecosystem.
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