Arbitrum Proposes Returning 700M ARB Left To DAO After Rage

Key Points:

• The Arbitrum Community has initiated a new proposal, which proposes that the Foundation return 700 million ARBs to the DAO.
• Voting will close at 8:52 am on April 15; the current approval rating is 66.57%.
• Before that, the Foundation also submitted two new proposals on expanding the custody and governance of ARB token holders following the community uprising.

The Arbitrum community initiated the AIP1.05 proposal, which proposes that the Arbitrum Foundation return 700 million ARBs to the DAO Treasury following this week’s community uprising.

The Arbitrum Community initiated the AIP1.05 proposal, which proposes that this Foundation return 700 million ARBs to the DAO Treasury. Voting will end at 8:52 am on April 15, 2023; the current approval rating is 66.57%.

Per previous news, the Arbitrum Foundation submitted two new proposals on expanding the custody and governance of ARB token holders to address the collapse of crypto governance this week.

The first proposal, AIP-1.1, proposes to place the Foundation’s remaining 700 million ARBs in a “smart contract-controlled lock” that will be unlocked over four years. The second proposal, AIP-1.2, seeks to amend several governance documents of this ecosystem, including reducing the threshold for the number of ARB tokens required to issue on-chain improvement proposals from 5 million down to 1 million.

Initially, the Arbitrum Foundation controversially proposed to improve AIP-1, to give control of 750 million ARBs to the organization, to support development grants, and to cover network operating costs. There is even information that the project has passed through the eyes of the community, arbitrarily transferred, and sold the amount mentioned above of tokens.

And the inevitable thing that happened, the proposal was only intended as a notification to receive a series of criticisms and outrages from the community. To appease public opinion, Arbitrum decided to split this proposal into several small voting sections and hold the vote again.

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