The Arbitrum DAO has published votes on funding 97 different projects that want to receive funding from Arbitrum’s short term incentives program (STIP).
This grants program is Arbitrum’s second attempt to encourage development on the network, as the first attempt faced criticism from the community. The large number of proposals up for vote is an experiment to see how engaged the Arbitrum community is.
Now, the community’s commitment to governance is being tested. DAO members had a week to review over 100 proposals before voting began last night.
Hunter Brea, a community strategist at Arbitrum development group Offchain Labs, explained that incentive programs usually kickstart growth in an ecosystem, citing similar programs at Polygon and Avalanche as examples. While the number of active users on Arbitrum has remained mostly stable this week, the DAO’s governance forum has been very active, with over a thousand replies posted on the various grant proposals.
“Will the incentives attract more builders to come? Yeah probably, I just hope they come, stick around, and participate for the long term,” Brea said in a direct message.
So far, 52 out of the 97 proposals have received a majority of votes in their favor, according to Inspex. Dopex and Silo Finance have received the most votes in the early returns, with both proposals receiving around 24 million ARB token votes.
Updated Oct. 6, 2023 at 12:33 pm ET: Modified headline for brevity.