After community outcry, Arbitrum split governance votes

Almost 750 million Arbitrum (ARB) tokens with a combined value of nearly $1 billion would have been controlled by the centralized foundation.

After community outcry, Arbitrum split governance votes
After community outcry, Arbitrum split governance votes

Arbitrum, a supplier of Ethereum layer 2 solutions, has reversed course on its governance voting method in response to token holders’ anger.

The Arbitrum Foundation tweeted on April 2 that its first governance proposal, AIP-1, “is unlikely to succeed” and that it is “dedicated to resolving community criticism.” The team noted:

“AIP-1 is too large and covers too many topics. We will follow the DAO’s advice and split the AIP into parts. This will allow the community to discuss and vote on the different subsections.”

The action will divide the contentious governance package into smaller portions. The team emphasized that the U-turn came after a weekend of community outrage at the foundation’s “ratification” vote for choices it had previously made. The plan would have granted the foundation, a centralized organization, ownership of over 750 million Arbitrum (ARB) tokens with a market value of over $1 billion.

Chris Blec, an advocate for decentralized finance and decentralization, and others said that the idea was “decentralization theater.”

The organization announced that the 750 million tokens it acquired will be put to a vote within its own AIP. It claimed, “We’re looking for ways to add greater responsibility, such as a four-year vesting term.” Therefore, the Foundation’s tokens cannot be used to vote.”

A budgeting plan will also be included, in which the foundation will submit transparency reports “to make the community aware of how the money is utilized over time.”

The Special Grants program is ambiguous and lacks meaningful participation, according to the foundation. It will be dubbed the “Ecosystem Development Fund,” with an explanation of how the funding will improve the arbitrage ecology.

The foundation determined that the new arbitral enhancement proposals will be released “early this week.”

The price of ARB tokens took a major knock over the weekend, falling 18% from a peak of $1.40 on April 1 to a low of $1.15 in the Asian morning trading session on April 3.

The price of ARB has decreased by 86% since its airdrop on March 23.


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