Arbitrum Foundation pledges not to move ARB 700 million until DAO passes budget

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On Wednesday, the Arbitrum Foundation proposed expanding ARB token holders’ budget governance and regulatory powers. In a Discord post, the Arbitrum Foundation confirmed that it “will not move” 700 million tokens. ARB that is still in “Administrative Budget Wallet” until community approves It also proposes actions that would make the oversight “more accessible”

These two acts constituted surrendering to angry and disgruntled token holders who were asked to “certify” the Arbitrum Foundation’s decisions, including the fate of nearly $1 billion worth of tokens.

The new offering comes after community-wide protests erupted over last weekend where the Arbitrum Foundation quietly transferred 750 million ARB tokens to its own wallet, where Arbitrum was Ethereum scaling solution and is the 4th largest blockchain with a total locked value of $2.24 billion, according to Cointelegraph. Defi Llama

In response to backlash against the Arbitrum Foundation, the organization responsible for developing Arbitrum, on Wednesday presented two new proposals that would limit its own powers and increase community members’ proposals.

  • ClauseFirst proposed AIP-1.1 It recommends placing the Foundation’s remaining 700 million ARBs in a “smart contract-controlled lockup” that will be unlocked in four years. The Foundation will not be able to use the tokens until community members approve a budget for the token allocation. A portion of the tokens will support the Arbitrum Foundation’s operating budget for the first year.
  • ClauseSecond proposed AIP-1.2 It aims to revise several regulatory documents for the ecosystem. One of the proposed amendments is to reduce the threshold for the number of ARB tokens required to post Arbitrum improvement proposals on the network from 5 million ARB to 1 million ARB.

Members of the DAO will have three days to comment on the proposal, after which both proposals will be voted on, taking a week to vote. by Arbitrum Foundation Community Leader, operated by eli_defi on Discord

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