A recent proposal has stirred controversy within the Arbitrum DAO, calling for the recall of nearly $120 million in funding allocated to its Gaming Catalyst Program (GCP). The recall is proposed after several key deadlines were missed in the program's early stages, leading to concerns about transparency and progress.
The GCP, designed to spur the development of gaming on the Arbitrum Layer 2 network, was launched in June 2024. It aimed to boost awareness and adoption among developers and gamers by allocating 225 million ARB tokens (then valued at $215 million) over three years. However, as of now, the fund's value has dropped to $122 million due to ARB's decline in market price.
Missed Deadlines
Arbitrum DAO member Joseph Schiarizzi raised concerns that the GCP has failed to meet key goals, including the establishment of permanent council members, issuing requests for proposals (RFPs), and considering grant applications. Schiarizzi argues that the GCP has also fallen short in providing biweekly updates, as mandated.
In response, Steven Goldfeder, CEO of Offchain Labs, the developer of Arbitrum, acknowledged the delays but emphasized that setting up such a program takes time, citing complexities in legal structure and hiring.
The Call for Transparency
Schiarizzi’s proposal does not necessarily aim to end the program but seeks to hold it accountable to its original commitments. He insists on more transparency and regular updates to ensure the initiative fulfills its potential, hoping to bring attention to the lack of communication rather than pulling back the funds entirely.
This proposal reflects the ongoing challenges of managing large-scale, decentralized projects and highlights the importance of accountability in DAOs as they grow more complex.
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