Their new proposals represent a major departure from the path that Arbitrum was initially towing.
The Arbitrum Foundation has responded to last week’s protests from its community of ARB token holders by proposing two new motions. This follows the major backlash that erupted over the foundation’s previous plans to move 750 million ARB tokens into one of its own wallets, albeit quietly.
The Arbitrum Foundation presents two new proposals
Per a proposal on Wednesday, which was revealed in a Discord post, the Arbitrum Foundation would no longer make this move. Rather, it proposes that the ARB tokens in question remain in the “Administrative Budget Wallet” until the community assents in approval of what they consider “an acceptable budget.” And secondly, the organization also proposes new actions aimed at making governance “more accessible”.
The new proposals represent a significant departure from the path that Arbitrum was initially towing. Previously, Arbitrum was asking token holders to “uphold” decisions it had already made. Now, however, it has chosen to shed more light on the matter by issuing a “transparency report” on the organization as a whole.
By all means, the new proposals seek to ensure that Arbitrum’s powers are limited. While, on the contrary, he expects the powers of the community members to increase significantly.
The proposals
The first movement, called AIP-1.1, proposes that the remaining 700 million ARB of the foundation be locked up. According to the proposal, the lock will be “smart contract controlled” and even the foundation will not have access to the tokens until it gets approval from community members for the token allocation. But there is a clause. Part of the proposal allows the organization to claim a portion of the tokens for itself. He claims this will help finance his operations for the first year of the 4-year blockade.
He second proposal, AIP-1.2, aims to review some policies and adjust various governance documents. For example, the proposal seeks to drastically reduce the number of ARB tokens required to publish an Arbitrum improvement proposal on-chain. The proposals hope to set the requirement at a threshold of 1 million ARBs instead of the five million it used to be.
On the new proposals, Arbitrum Foundation community leader eli_defi says the organization expects feedback from community members in three days. After the comments, an instant vote will take place, which is expected to last a week, eli_defi commented. Discord.
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Mayowa is a crypto enthusiast/writer whose conversational nature is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate it. He is a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from cryptocurrency, however, Mayowa’s imagined distractions include soccer or discussions of world politics.
