Arbitrum DAO voting on $24 million 'backfund' for projects that missed out on grants
The Arbitrum DAO is currently voting on a proposal that could inject 21.4 million ARB tokens ($24 million) into projects that were approved but fell short of the 50 million ARB total funding cut-off in last month’s first round of grants for its Short-Term Incentive Program. Dubbed a one-time “backfund,” it outlines plans to increase the total STIP budget to 71.4 million ARB, funding a further 26 protocols in addition to the 29 initially successful projects.
By nearly doubling the projects receiving support, the proposal, prepared by the Arbitrum STIP Inclusion Working Group following a series of community calls and workshops, argues it represents a critical opportunity to “support diverse, emerging builders” and “avoid potentially irreversible harm of crushing small, high potential builders.” The majority of temperature check voters, some 90.3% are currently in favor of the proposal, with 8.3% against and 1.4% abstaining. Voting began on Tuesday and is set to conclude on Nov. 14. If passed, the program is designed to maintain the timeline and process of STIP 1, approving funding of an additional 21.4M ARB through the end of Jan. 31, 2024.
