The first round of voting on Arbitrum's Short Term Incentive Program (STIP) has ended. Among 97 protocols applying, 57 had their proposals passed. The total amount of $ARB they asked for is more than 74 million. According to a previous announcement, if requested grants exceed the 50 million budget, funding will be allocated based on the amount of votes in favor of a proposal. Under the rule, 29 protocols will share close to 50 million $ARB in incentives.
The top five protocols by votes in favor are Camelot, Jones, Dopex, GMX, and Galxe. GMX has the biggest $ARB request at 12 million. Lido's and Curve's proposals didn't pass as they failed to get more than 50% of votes in favor.
Arbitrum launched STIP to distribute a total of 50 million $ARB to the Dapps within the ecosystem, aiming to drive network and ecosystem growth. Previously, Arbitrum said that should the requested grants exceed the 50 million budget, the Arbitrum DAO may choose to unlock further funds or backfund successful incentive proposals.
Related: Arbitrum DAO Starts Voting on 95 Short Term Incentive Program Applications
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