Cryptocurrency market continues to see notable developments. Accordingly, Ethereum Layer-2 network Arbitrum is looking to strengthen its Web3 gaming development arm. A post published on the official forum on March 12 announced the launch of the Gaming Catalyst Program (GCP), a project requesting 200 million ARB tokens to encourage developer participation and enhance game development processes.
Arbitrum Team Takes a Notable Step
At the time of writing, 200 million ARB is valued at approximately 426 million dollars. According to the forum post, the funds will be partly used to invest in promising studios and games to be developed on the platform. The announcement states that the purpose of the GCP is to develop a long-term gaming ecosystem on the Arbitrum network:
“We are asking the DAO to allocate 200 million ARB over a two-year period to strengthen the gaming ecosystem on Arbitrum and make the network the top choice for game developers worldwide. The GCP is not intended to be a comprehensive program but rather to act as a catalyst, focusing on the recruitment and support of high-quality founders. Following the launch of GCP, the aim is to transition into a longer-term gaming program with a more comprehensive approach to growing the gaming ecosystem.”
The project also shared key performance indicators and forecasts, which include establishing Arbitrum as the de facto leader in ecosystem gaming. Other goals include receiving 200 to 300 applications from builders, having over 20% of all Web3 games choose Arbitrum as their primary network, launching 25 new Orbit projects, and achieving more network transitions to Arbitrum compared to other Layer-2 networks.
What Are the Details of the Initiative?
The proposal also states that, if approved, 40 million ARB will be allocated for infrastructure rewards. These will be paid per proposal for any tools and infrastructure needed to support gaming in the Arbitrum ecosystem.
The timing of the GCP launch and proposal comes just three days before the planned unlocking of ARB tokens. According to recent news, Arbitrum will unlock approximately 673.5 million tokens worth about $1.34 billion for the team and advisors as part of the token unlock event on March 16, releasing about 1.1 billion tokens.
