Arbitrum DAO Allocates 225 Million ARB Tokens for Gaming Catalyst Program.
Arbitrum DAO has allocated 225 billion ARB tokens to the Gaming Catalyst Program (GCP) to increase the adaptation of game developers and players. However, a lack of sufficient accountability and public updates regarding the program over the past four months has raised concerns among community members. At current prices, 225 million ARB is worth approximately 120.3 million dollars.
Concerns Regarding Governance.
In light of these concerns, Arbitrum delegate Joseph Schiarizzi published a governance proposal early Friday, aiming to return 220 million ARB from the GCP's multi-signature wallet back to the Arbitrum DAO treasury.
Schiarizzi noted that the board has not fulfilled its commitments.
"It is disappointing that the board has yet to fulfill its duties and is delayed in meeting the commitments for audits and transparency approved in the original proposal," said Schiarizzi.
Delays in the Program.
Current data shows that 1.35 million
ARB tokens have been withdrawn
from the multi-signature wallet, while
223.65 million ARB tokens remain in
the GCP. This proposal anticipates
leaving approximately 2 million dollars
in funding for GCP to continue its
operations. Despite a designated
timeline for the completion of the
second phase of GCP, some activities
have not yet been finalized.
A.J. Warner, Strategy Director at Offchain Labs, indicated that the program is still in the setup phase and a transparency report has not been released yet. Warner remarked, "There is no transparency report yet because the program is being established... Clearly, there is no transparency report on GCP performance data. They are not performing yet."
"The board's lack of progress is not meeting the program's requirements," said Warner.
Some consultants associated with GCP have resigned. Schiarizzi expressed that this situation is an unfavorable sign for Arbitrum.