# Arbitrum Approves 225m ARB Proposal

By [ETH Daily](https://paragraph.com/@eth-daily) · 2024-06-07

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Quick Take
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*   Arbitrum approves 225m ARB proposal.
    
*   The EF opens Devcon Scholar applications.
    
*   Crypto market sees over $300m in liquidations.
    
*   zkSync completes its v24 upgrade.
    

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**Arbitrum Approves 225M ARB Proposal**
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Arbitrum governance [approved](https://www.tally.xyz/gov/arbitrum/proposal/53472400873981607449547539050199074000442490831067826984987297151333310022877) an onchain vote to allocate 225 million ARB, currently valued at approximately $225 million, to fund gaming development on Arbitrum. The initiative aims to establish Arbitrum as the leading blockchain for gaming. A future vote will be held to elect a council to oversee the program. The proposal, known as the Gaming Catalyst Program (GCP), passed with 76% approval from over 15,000 participating addresses. It allocated 160 million ARB for attracting game developers and 40 million ARB for infrastructure. The remaining 25 million ARB will be used for marketing, legal compliance, and operational costs. The funds will be distributed across a three-year period.

**EF Devcon Scholars Program**
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The Ethereum Foundation is now accepting [applications](https://blog.ethereum.org/2024/06/07/devcon7-scholars) for the Devcon Scholars Program, designed to support individuals from underrepresented communities looking to attend Devcon VII. The program offers financial aid and requires participants to commit to three months of engagement starting in August. Participants must also submit a Learning Artifact by the end of Devcon VII. Ethereum community organizers, law students, legal professionals, builders, artists, and sci-fi writers are encouraged to apply. A total of 100 participants will be selected. Devcon VII is scheduled for November 12-15, 2024, in Bangkok, Thailand, with Devcon week spanning November 9-17. Devcon is the largest annual gathering of Ethereum developers.

**Over $300 Million In Liquidations**
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According to [data](https://www.coinglass.com/pro/dashboard/ethereum) from Coinglass, more than $300 million in cryptocurrency was liquidated over the past 24 hours, following a sudden sell-off earlier today. Approximately $280 million of these liquidations were long positions. Ethereum's price has decreased by 3% in the last 24 hours, with ETH currently trading at $3,689. The total cryptocurrency market cap has dropped to $2.68 trillion.

**Other News**
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*   zkSync [completes](https://x.com/zkSyncDevs/status/1799079190454837628) v24 upgrade
    
*   Conduit [supports](https://x.com/conduitxyz/status/1799107799575900161) Orbit x Celestia
    
*   Nethermind v1.27.0-rc [release](https://github.com/NethermindEth/nethermind/releases/tag/1.27.0-rc)
    
*   Lens [releases](https://x.com/LensProtocol/status/1799109303040934083) new dev docs
    
*   Chain abstraction [overview](https://blog.particle.network/what-is-chain-abstraction-a-formal-definition/)
    
*   [Potential](https://www.theblock.co/post/299048/hong-kong-ethereum-etf-staking-animoca) HK ETH Staking ETF
    
*   BUILD [announces](https://paragraph.xyz/@macedo/build-announcement-3) airdrop 1
    

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*Originally published on [ETH Daily](https://paragraph.com/@eth-daily/arbitrum-approves-225m-arb-proposal)*