[Pyth Network] Arbitrum LTIPP Extension Request
AI summary
This proposal asks to extend Pyth Network's grant from the Arbitrum DAO's Long-Term Incentive Pilot Program (LTIPP) for an additional 12 weeks, until November 30. Pyth Network, an oracle service that provides real-time market data, initially received 1,000,000 ARB tokens. They have spent about 75,042 ARB so far and are requesting to retain an additional 174,958 ARB, bringing their total expenditure to 250,000 ARB, to continue their work while new grant programs are being established. The extension aims to support the growth of decentralized finance (DeFi) applications on Arbitrum by providing reliable oracle services.
If this proposal passes, Pyth Network will receive an additional 174,958 ARB tokens (worth approximately $150,000 at current market prices) to continue providing oracle services to Arbitrum's DeFi ecosystem for another 12 weeks. This benefits DeFi projects on Arbitrum by ensuring continued access to Pyth's data feeds, potentially attracting new projects and increasing activity. The Arbitrum DAO's treasury will see a reduction of 174,958 ARB tokens.
Voting results
🐳 Whale votes
0 votes > 5% VPFull proposal
Abstract
This proposal seeks a 12 weeks extension (until November 30) of the Pyth Network’s previously approved LTIPP grant.
Initially, the Pyth Network was allocated 1,000,000 ARB through the LTIPP process. To date, we have utilized approximately 75,042 ARB over the 12-week duration of the program.
We are requesting to retain 174,958 ARB, bringing our total expenditure to 250,000 ARB out of the original 1,000,000, until the new grant programs are established.
Motivation
We want to highlight that incent…