GMX to Receive $9.6M As Part of Arbitrum Grant Program
Following the community vote on Arbitrum, a total of 29 projects have been selected to receive grants worth 49.6 million ARB (~$40 million) in order to develop and promote the use of applications on the L2 network.
The biggest beneficiary of the initial round of the Short-Term Incentives Program (STIP) was GMX, a derivatives platform, which received 12 million ARB (~$9.6 million).
The DEX Camelot received the highest number of votes, with holders of 250 million ARB participating in the decision. Over 98% of the voters supported allocating 3 million coins to Camelot.
Among the recipients, perpetual swaps trading protocols such as GMX, MUX Protocol, Vertex Protocol, and Perennial will receive the largest portion of grants, amounting to 44% of the total distribution of 21.75 million tokens.
The second largest segment in terms of support is DEXs, with Camelot, Kyber Network, Trader Joe, and Balancer receiving 15% or 14.5 million ARB.
