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Perpetual Trading Protocol GMX Bags Biggest Chunk of $40M Arbitrum Grant
Arbitrum projects will receive token grants that may help attract new money to the popular blockchain.
Updated Oct 13, 2023, 8:43 a.m. Published Oct 13, 2023, 8:43 a.m.
Several projects built on the Arbitrum blockchain have bagged a cumulative stash of $40 million in ARB tokens as part of a short-term incentives program (STIP) round that ended late Thursday.
A tally shows 29 Arbitrum projects pitched their product and services to token holders over the past week, hoping to win votes for a chunk of the 50 million ARB tokens, worth nearly $40 million at current prices.
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The STIP is a one-time distribution and grantees cannot convert ARB rewards to other tokens or participate in any governance activities. The proposal for the grant was floated and approved earlier in September.
Perpetual trading protocol GMX bagged the most rewards at 12 million ARB, worth just over $10 million, followed by Gains Network at 7 million ARB.
Ether staking powerhouse Lido Finance was among the surprise duds, failing to win approval amid concerns that it could control a third of all staked ether tokens.
Delegates to @Arbitrum have sent a resounding message that Danny Ryan deserves to sleep at night
— Evan Van Ness 🧉 (@evan_van_ness) October 13, 2023
Arbitrum votes against providing incentives to Lido (76m _for_ to 87m _against_)
The Ethereum immune system is waking up https://t.co/LPpX8P3hfz pic.twitter.com/jb2ofdy0QZ
These projects are now expected to use the tokens to provide increased rewards for users that support those protocols, such as by supplying liquidity or using services, in a move that may attract funds to the blockchain as traders hunt for investment strategies.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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With v3, the team says that about 85% of market orders will fill in under half a second, and liquidity will deepen enough to bring slippage on larger trades down to around 0.02%.
What to know:
- Drift, one of the largest perpetuals trading platforms on Solana, has launched Drift v3, a major upgrade meant to make on-chain trading feel as fast and smooth as using a centralized exchange.
- The new version will deliver 10-times faster trade execution thanks to a rebuilt backend, marking the largest performance jump the project has made so far.
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