As the $40 million Arbitrum grant program comes to an end, the perpetual trading platform GMX secured the largest payout. However, liquid staking platform Lido walked away empty-handed.

The grants are awarded to projects to push them toward better development, and to improve users’ or developers’ onboarding efforts. 

Perpetual Trading Platform Wins Big

Over 29 projects collectively won the 49.6 million Arbitrum grant (worth nearly $40 million). Among these projects, GMX secured the highest funding of 12 million ARB tokens (around $10 million).

While the price of the GMX token is in a downtrend in the daily time frame, it increased by 2.63% after the announcement.

Read more: A Guide to GMX: The Decentralized Perpetual Exchange and Crypto

The screenshot below shows that the leveraged trading platform MUX protocol will get the second-highest grant of 6 million ARB (about $5 million). Whereas the decentralized exchange (DEX) Camelot will get 3.09 million (around $2.5 million) ARB tokens.

The projects that won the Arbitrum grant are supposed to use the funds to bring more users to the Layer 2 blockchain.

Read more:

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Author: Harsh Notariya

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