July 21, 2024
Arbitrum's $40M ARB token incentives
Latest Cryptocurrency News

GMX Leads the Way with 12 Million ARB Tokens in Arbitrum’s STIP Round

Numerous initiatives constructed on the Arbitrum blockchain have collectively acquired $40 million in ARB tokens through a recent round of short-term incentives (STIP) that concluded late Thursday.

According to the data, 29 Arbitrum projects presented their products and services to token holders over the past week, vying for a share of the 50 million ARB tokens, currently valued at nearly $40 million. It’s important to note that the STIP represents a one-time allocation, and recipients are not allowed to convert their ARB rewards into other tokens or participate in any governance activities. The proposal for this grant was introduced and approved back in September.

Notably, the perpetual trading protocol GMX secured the highest number of rewards, receiving 12 million ARB, which is equivalent to just over $10 million, followed closely by Gains Network, which obtained 7 million ARB.

On the other hand, Lido Finance, a significant player in Ether staking, faced an unexpected setback as it failed to obtain approval. Concerns were raised that Lido Finance could potentially control a third of all staked Ethereum tokens. These projects are now anticipated to leverage the acquired tokens to enhance rewards for users who support their respective protocols, for example, by providing liquidity or utilizing their services. This strategic move is expected to attract more funds to the blockchain as traders explore new investment opportunities.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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