Arbitrum LTIPP Grant - 1.8M ARB
Compound Growth Program Awarded 1.8M ARB Grant from Arbitrum DAO
The Compound Growth Program has been awarded a significant 1.8M ARB grant from Arbitrum DAO, marking the largest grant of this funding cycle and nearly double the amount awarded to the next highest recipient. This grant, part of Arbitrum DAO’s 45M ARB fund for ecosystem growth, will be used to enhance Compound’s markets on Arbitrum. The entire grant will be distributed to Compound users within three months, with funds disbursed in tranches contingent on bi-weekly reporting to Arbitrum DAO.
Background:
Arbitrum DAO initiated a pilot program to strengthen its ecosystem, inviting grant applications in February. Following a comprehensive review process and a Snapshot vote, Compound’s adjusted proposal for 1.8M ARB received 151 million supportive votes. Initially, Compound had requested 5M ARB but revised the amount due to the fund being oversubscribed by 200%.
Grant Conditions and Process:
- Initial Disbursement: 300K ARB for the first tranche.
- Utilization: Funds are exclusively for user incentives; ARB sale is prohibited.
- Reporting: Bi-weekly updates to the Arbitrum community.
- Security: Funds held in a multi-sig wallet.
Technical Updates and Future Steps:
Currently, Compound’s rewards contract only distributes COMP tokens. To distribute ARB rewards, the contract is being updated to handle both ARB and COMP. If the updated contract is not ready in time, third-party solutions like Layer3 will be used for distribution.
Because the contract is not ready we are experimenting with third-party solutions outlined here. [AlphaGrowth] ARB LTIPP incentives distribution mechanism experiments
Looking Ahead:
This grant highlights the powerful synergy between Compound and the Arbitrum ecosystem. We’re excited to announce the upcoming launch of USDT and ETH markets on Arbitrum, poised to thrive with the aid of these grant distributions. Compound is committed to setting a new standard for future initiatives, enhancing its integration within this dynamic ecosystem. We urge the community to stay engaged, keep up with updates, and actively participate in forums and discussions. Together, we can maximize the grant’s impact and propel DeFi innovation forward.