Monday, February 26, 2024

Decentraland DAO votes to give Decentral Games $1M grant

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As the crypto market ructions continue, cryptos with metaverse backup like Decentraland (MANA) have stood tall as others nosedive. MANA, for example, registered some gains today after Decentraland DAO voted in favor of giving Decentral Games (DG) a $1 million grant.

At the time of writing, MANA was trading at $0.8399, up 1.98%.

Decentraland approves DG request for grant

Decentraland metaverse platform DAO approved the proposal made by the DG last month to give them a $1 million grant to support its liquidity pool. However, this grant is more than four times higher as compared to the $240,000 community grant that is paid out in MANA. The DAO uses these grants to support projects that steer the growth of their platform.

According to the DG’s proposal, the grant will offer rewards to its ICE-USDC liquidity pool on QuickSwap. DG play-to-earn ICE Poker game, launched in October 2021, uses ICE token. For those staking USDC-ICE LP tokens, the MANA from the DAO will be distributed to the users for over three months.

Decentral Games CEO and Co-founder, Miles Anthony said:

“This MANA allocation is a stepping stone to assist in boosting our in-game economy as we prepare to launch ICE Poker Sit-n-Go tournaments, along with other key initiatives that drive organic demand and utility for ICE and solidify our ecosystem’s long-term sustainability.” 

DG impact on the Decentraland ecosystem

According to Decentraland, DG has been a key player in its ecosystem with the ICE Poker game accounting for about 60% of its active users weekly and over 8000 active players daily in 12 different decentral venues, besides it has bought thousands of Decentraland land packages.

DAO members voted in favor of the proposal

For the proposal to be approved, a total of 191 DAO members with more than 11 million Voting Power (VP) voted, with 151 members voting in favor of the proposal against the 40 who opposed it. Voting Power determines the winners however it has to be with over 6 million VP threshold and in this case, there was a 6,162,990 VP against 4,952,747 VP.

The VP is calculated based on the total of LAND, MANA, and NAMES that are linked with the Voter’s wallet. In this case, big holders can sway a vote where only 10 voters accounted for 81% VP. But the DG team also played a big role by casting 2 million to reach the VP threshold.


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