Arbitrum Community Proposes to Transfer 220 Million ARBs to DAO Vaults

On October 13, the Arbitrum community released a proposal recommending the transfer of 220 million ARB tokens (approximately $122 million) from its Game Catalyst Program (GCP) to the Arbitrum DAO vault, leaving 3.65 million ARBs for the GCP to continue operations (nearly $2 million) until it demonstrates the need to deploy additional funds.

The proposal states that the GCP has spent approximately 1.7 million ARBs since its adoption on June 10, but has failed to post progress as planned, create a website, issue an RFP, or consider grants, and it is not clear whether permanent board members have been elected.

Previously, the GCP was adopted in June of this year after being announced in March to expand awareness and adoption of Arbitrum/Orbit/Stylus in the gaming community, with the proposal allocating 225 million ARB tokens to the program over a three-year period, which at the time was worth a total of $215 million but has now fallen to about $122 million as the price of ARBs has fallen.