The Arbitrum DAO has voted two-to-one to disburse 21.1 million tokens ($23.5 million) into projects that were approved for a grant from the Ethereum Layer 2 network’s Short-Term Incentive Program (STIP), but failed to receive the funds due to the program’s initial 50 million token budget.
In addition to the 29 projects funded in the first round, 26 projects will now receive grants, with the largest being Gains Network at 4.5 million tokens ($5 million). With the approval of the proposal, the STIP’s program total budget has increased to 71.1 million ARB tokens.
The additional funds will be dispersed following a three-day waiting period, according to the proposal. Some projects that received funding in the initial round, such as Camelot and MUX, joined the one-third of voters who rejected the additional funding proposal.
Camelot explained their ‘no’ vote in a lengthy comment, arguing for a second round of proposals instead of a back funding event. MUX’s comment was more concise, arguing that “proposals with good protocol fundamentals, proper incentives execution strategies and reasonable grant size should be supported, but not in a bundle of proposals with mixed quality.”