ArbitrumDAO has approved a total of 80 million ARB tokens for an incentive program to drive DeFi growth

On September 3rd, ArbitrumDAO made an announcement regarding the first season of its $40 million DeFi Revival Incentive Program (DRIP). This program allocates up to 24 million ARB with the aim of accelerating the growth of decentralized finance on the Arbitrum network. The first season of DRIP focuses on a leverage loop strategy involving yield-bearing ETH and stablecoins. Incentives will be directed towards leading lending protocols such as Aave, Morpho, Fluid, Euler, Dolomite, and Silo. Users can obtain ARB rewards by borrowing selected ETH and stablecoin collateral, including weETH, wstETH, sUSDC, and syrupUSDC. The first season of DRIP emphasizes a leverage loop strategy for yield-bearing ETH and stablecoins and channels the incentive mechanism towards leading lending protocols. Users will receive ARB rewards through borrowing selected ETH and stablecoin collateral. DRIP is divided into four seasons, with a total budget of 80 million ARB tokens.