Arbitrum Community Proposes Transfer Of Gaming Catalyst Program Funds

According to Foresight News, the Arbitrum community has proposed transferring 220 million ARB tokens (approximately $122 million) from its Gaming Catalyst Program (GCP) to the Arbitrum DAO treasury. The proposal suggests leaving 3.65 million ARB tokens (nearly $2 million) for the GCP to continue its operations until further funding is deemed necessary. Since its approval on June 10, the GCP has spent around 1.7 million ARB tokens over the past four months. However, the program has not met its planned milestones, such as launching a website, issuing requests for proposals (RFPs), or considering grants. Additionally, it remains unclear whether permanent council members have been elected. Although some updates have been provided on Arbitrum's DAO forum, the frequency of public updates has not met the proposal's requirement of bi-weekly updates. Previously, the GCP was approved in June after being announced in March. The program aimed to increase awareness and adoption of Arbitrum/Orbit/Stylus among developers and gamers within the gaming community. Initially, 225 million ARB tokens were allocated to the program over three years, valued at $215 million at the time. However, due to a decline in ARB prices, the current value has dropped to approximately $122 million.