Arbitrum Foundation Will Obtain $1 Billion Once The AIP-1 Proposal Is Approval 

Key Points:

• Despite the fact that the plan has yet to be authorized, a multi-signature wallet with the address “Arbitrum DAO Treasury2” has been established and has received nearly 700 million ARB coins.
• Snapshot has started voting on the plan, and the present support percentage is close to 90%. The voting period will conclude on April 3.

Arbitrum has announced to launch the AIP-1 plan to launch ArbitrumDAO.

The voting on a plan to establish a governing body for the newly created decentralized autonomous organization (DAO) has started days after Arbitrum‘s ARB governance token airdrop.

The plan, dubbed Improvement plan 1 (AIP-1), details steps to establish The Arbitrum Foundation, a corporation tasked with expanding the ecosystem. The foundation would be located in the Cayman Islands and would cost $3.5 million, which would cover legal fees, management costs, and licensing fees. 

So far, approximately 3.5 billion $ARB tokens worth approximately $4.8 billion have been moved to an account known as “Arbitrum DAO Treasury1,” making it the biggest $ARB token holder.

According to Lemma, the organization behind the plan, “the ArbitrumDAO will have direct on-chain governance powers over the DAO Treasury in accordance with the AIP process as delineated in the ArbitrumDAO Constitution.” Lemma is a service supplier to the Foundation, mainly concentrated on governance components of operations. 

So far, three initial trustees for the proposed charity have been named: Campbell Law, Edward Noyons, and Ani Banerjee. A 12-member Security Council Committee would also be established. Law looks to be a co-founder of digital asset compliance company Provenance, while Noyons is a director at Marfire, a DAO consulting firm. The origin of Banerjee is unknown.

Despite the fact that the plan has not yet been authorized, a multi-signature wallet with the address “Arbitrum DAO Treasury2” has been established and has received nearly 700 million $ARB coins. Voting will close on April 3rd before being completed on-chain. As of this writing, nearly 90% of votes were in support of the plan, with 10% opposed.

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