Arbitrum DAO approves $23 million ‘backfund’ for projects that missed initial grant

The Arbitrum DAO voted two to one to pay out 21.1 million ARB

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tokens ($23.5 million) in projects that were approved for a grant from the Ethereum Layer 2 network’s Short-Term Incentive Program (STIP), but did not receive the funds due to the initial 50 million token budget of the program.

In addition to the 29 projects funded in the first round26 projects will now receive subsidies, the largest of which Wins network GNS

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at 4.5 million tokens ($5 million). Other top grants include Stargate Finances STG

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And Synapse SYN

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who will each receive 2 million tokens ($2.2 million), and Wormhole, who will each receive 1.8 million tokens ($2 million).

With the approval of the proposal, the total budget of the STIP program has been increased to 71.1 million ARB tokens. The additional funds will be distributed after a three-day waiting period, the said proposal.

Some projects that received funding in the first round, such as Camelot and MUX, joined a third of voters who rejected the proposal for additional funding. Camelot explained their ‘no’ vote in detail remark, which calls for a second round of proposals rather than a backfunding event. MUXs remark was more succinct, stating that “proposals with good protocol foundations, good incentive implementation strategies, and reasonable grant sizes should be supported, but not in a bundle of mixed-quality proposals.”