Arbitrum Foundation plans to allocate $14 million to ARB to subsidize security audits of network projects

PANews reported on July 28 that according to The Block, the Arbitrum Foundation plans to allocate $14 million worth of ARB tokens to subsidize security audits of blockchain projects on its network. The plan will distribute 30 million ARB tokens within 12 months, and the relevant proposal has been approved by Arbitrum DAO.

The project is called the Arbitrum Audit Program, which aims to fund early projects or mature teams planning major upgrades to reduce their smart contract audit costs. The Supervisory Committee is composed of representatives from the Arbitrum Foundation, the core development team Offchain Labs, and technical experts elected by the DAO. Approved projects must select service providers from a list of pre-selected audit institutions, which is expected to be announced this week.