{"id":85713,"date":"2023-10-13T17:59:46","date_gmt":"2023-10-13T14:59:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85713"},"modified":"2025-09-13T00:58:34","modified_gmt":"2025-09-12T21:58:34","slug":"gmx-to-receive-9-6-million-under-arbitrum-grant-program","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/gmx-to-receive-9-6-million-under-arbitrum-grant-program\/","title":{"rendered":"GMX to receive $9.6 million under Arbitrum grant program"},"content":{"rendered":"<p>Following an Arbitrum community vote, 29 projects will receive grants totaling 49.6 million ARB (~$40 million) to develop and promote the use of applications in the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-layer%e2%80%912-solution-in-blockchain\">L2 network<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">1\/ <a href=\"https:\/\/twitter.com\/arbitrum?ref_src=twsrc%5Etfw\">@arbitrum<\/a> round 1 grant application has officially come to an end<\/p>\n<p>Congratulations to the 29 projects which will collectively receive 49.6m ARB<\/p>\n<p>Delegates came through in the last couple of hours, with all proposals achieving quorum <a href=\"https:\/\/t.co\/mu3MSYFiYM\">pic.twitter.com\/mu3MSYFiYM<\/a><\/p>\n<p>\u2014 0xRamen (@0xRamenUmai) <a href=\"https:\/\/twitter.com\/0xRamenUmai\/status\/1712670929569116398?ref_src=twsrc%5Etfw\">October 13, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The largest recipient in the first round of the initiative <span data-descr=\"Short-Term Incentives Program\" class=\"old_tooltip\">Short-Term Incentives Program<\/span> (STIP) was the GMX derivatives platform \u2014 12 million ARB (~$9.6 million).<\/p>\n<p><span data-descr=\"decentralized exchange\" class=\"old_tooltip\">DEX<\/span> Camelot \u2014 with holders of 250 million ARB participating. More than 98% voted in favour of allocating 3 million tokens to the project.<\/p>\n<p>The largest share of grants, 44% of the total, will go to protocols trading perpetual swaps such as GMX, MUX Protocol, Vertex Protocol and Perennial. Among the category participants, 21.75 million tokens will be allocated.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">2\/ Perps will by far receive the largest proportion of grants (44%), led by <a href=\"https:\/\/twitter.com\/GMX_IO?ref_src=twsrc%5Etfw\">@GMX_IO<\/a>, <a href=\"https:\/\/twitter.com\/muxprotocol?ref_src=twsrc%5Etfw\">@muxprotocol<\/a>, <a href=\"https:\/\/twitter.com\/vertex_protocol?ref_src=twsrc%5Etfw\">@vertex_protocol<\/a> and <a href=\"https:\/\/twitter.com\/perenniallabs?ref_src=twsrc%5Etfw\">@perenniallabs<\/a><\/p>\n<p>DEXs are the second largest recipient sector (15% of grants), led by <a href=\"https:\/\/twitter.com\/CamelotDEX?ref_src=twsrc%5Etfw\">@CamelotDEX<\/a>, <a href=\"https:\/\/twitter.com\/KyberNetwork?ref_src=twsrc%5Etfw\">@KyberNetwork<\/a>, <a href=\"https:\/\/twitter.com\/TraderJoe_xyz?ref_src=twsrc%5Etfw\">@TraderJoe_xyz<\/a>, <a href=\"https:\/\/twitter.com\/Balancer?ref_src=twsrc%5Etfw\">@Balancer<\/a> <a href=\"https:\/\/t.co\/jTTVAnz3im\">pic.twitter.com\/jTTVAnz3im<\/a><\/p>\n<p>\u2014 0xRamen (@0xRamenUmai) <a href=\"https:\/\/twitter.com\/0xRamenUmai\/status\/1712670931481760229?ref_src=twsrc%5Etfw\">October 13, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>DEX segment led by Camelot, Kyber Network, Trader Joe and Balancer was the second-largest recipient segment, accounting for about 15% or 14.5 million ARB.<\/p>\n<p>In addition to the winners, another 218 applications surpassed the 50% quorum and support threshold.<\/p>\n<p>However, these projects, including PancakeSwap, Wormhole, Gains Network and Synapse Protocol, did not reach the round&#8217;s 50 million ARB cap in &#8216;yes&#8217; votes. Their requests totaled 24.5 million tokens.<\/p>\n<p>Other proposals failed to gain sufficient community support. Among the losers were the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-liquid-staking\">liquid staking<\/a> protocol Lido Finance and the DeFi platform Curve Finance.<\/p>\n<p>Under STIP rules, teams cannot convert the allocated tokens into other assets or participate in governance of the L2 network with the tokens.<\/p>\n<p>Earlier in July, the Arbitrum DAO blocked 700 million ARB ($560 million at the time of writing) to fund the project\u2019s fund.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following Arbitrum community vote, 29 projects will receive grants totaling 49.6 million ARB (~$40 million) to develop and promote the use of applications in the L2 network.<\/p>\n","protected":false},"author":1,"featured_media":85714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1335,1358,1179],"class_list":["post-85713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-arbitrum-arb","tag-grants","tag-layer-2-solutions"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=85713"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85713\/revisions"}],"predecessor-version":[{"id":85715,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85713\/revisions\/85715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/85714"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=85713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=85713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=85713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}