Arbitrum DAO has approved a "backfund" worth $23.54 million to support projects that missed the first round of funding.

ChainCatcher news, the Arbitrum DAO has approved a one-time "backfund" of 21.1 million ARB tokens (approximately 23.54 million USD) to support 26 projects that missed the first round of funding, which are projects that have received funding from the Short-Term Incentive Program (STIP) but failed to receive funding due to the initial budget of 50 million tokens for the program.

The 26 projects receiving this grant include Gains Network (4.5 million ARB), Stargate Finance (2 million), Synapse (2 million), PancakeSwap (2 million), Wormhole (1.8 million), Magpie (1.25 million), RabbitHole (1 million), dForce (1 million), Vela (1 million), and others. According to the proposal, this grant will be distributed after a three-day waiting period.