ARB tokens worth a total of forty million have been amassed by a number of projects utilising the Arbitrum blockchain during a short-term incentives programme (STIP) round that concluded late on Thursday.
According to a count, over the previous week, 29 Arbitrum projects made pitches to token holders about their goods and services in an effort to secure votes for a portion of the 50 million ARB tokens, which are currently valued at about $40 million.
Grantees of the STIP are not eligible to engage in governance activities or exchange ARB awards for other tokens; this is a one-time payout. Earlier in September, the grant proposal was put up and accepted.
Trading protocol that never ends At twelve million ARB, or little more than ten million dollars, GMX received the largest incentives. Gains Network came in second with seven million ARB.
Powerhouse Lido Finance, which staking ether, was one of the unexpected failures; worries that it might hold one-third of all staked ether tokens prevented it from receiving permission.
Now that the tokens are expected to be used, these initiatives hope to draw money to the blockchain as traders look for profitable investment techniques by offering more benefits to users who support those protocols, including providing liquidity or using services.