Its new proposals represent a major deviation from the path that Arbitrum was initially charting.
The Arbitrum Foundation has responded to last week’s protests from its community of ARB token holders by proposing two new proposals. This followed a massive backlash over previous plans by the foundation to move 750 million ARB tokens to a wallet of its own, albeit in a quieter manner.
Arbitrum Foundation introduces two new proposals
According to a Wednesday resolution that surfaced in a Discord post, the Arbitrum Foundation will no longer take this step. Instead, it proposes that the ARB tokens in question remain in an “administrative budget wallet” until the community gives its approval for an “acceptable budget”. And secondly, the organization also proposes new actions aimed at making governance “more accessible”.
The new proposals represent a major deviation from the path that Arbitrum was initially charting. Prior to this, Arbitrum was asking token holders to “confirm” the decisions already made. Now, however, it has “opted to shed more light on the matter by issuingtransparency reportOn the organization as a whole.
By all means, the new proposals seek to ensure that the powers of arbitrums are limited. Whereas, on the contrary, it hopes that the powers of the members of the community will increase significantly.
Proposal
first speed, designated AIP-1.1, proposes that the remaining 700 million ARBs of the Foundation be liquidated. According to the proposal, the lock-up will be “smart contract-controlled” and even the foundation will not have access to the tokens until it has been approved by community members for token allocation. But there is a clause. Part of the offer allows organizations to claim a portion of the tokens for themselves. It claims this will help fund its operations for the first year of the 4-year lockup.
second proposal, AIP-1.2, aims to review some policies and adjust several governance documents. For example, the proposal seeks to significantly reduce the number of ARB tokens required to post an Arbitrum Improvement Proposal on-chain. The offer is expected to be at a limit of 1 million ARB instead of the limit of 5 million ARB.
Regarding the new proposals, eli_defi, the Arbitrum Foundation community lead, says that the organization is awaiting feedback from community members in three days. Following feedback, a snapshot voting, which is expected to last a week, will take place, commented eli_defi discord,
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