Last Updated on April 4, 2023 by Bitfinsider
Following a loud uprising by holders of its ARB token, the Arbitrum Foundation announced late Sunday that it will split a contentious governance package into a number of distinct votes in response to community pressure.
The Community Lead, identified in Discord as Eli_Defi, said, “AIP-1 is too large and covers too many subjects. We will take the DAO’s advice and split the AIP into parts.”
The Foundation, a centralized business tasked with promoting Arbitrum’s purportedly decentralized ecosystem, held a “ratification” vote over decisions it had already implemented, including sending almost $1 billion in tokens to itself, which sparked a day of rage in the Arbitrum community.
Arbutrim admitted that vote “will likely not pass” and promised to hold redos over each part of its omnibus bill “early this week” as it was heading toward an overwhelming failure on Snapshot.
That was sufficient to persuade some powerful advocates. One of Arbitrum DAO’s largest delegates and the pseudonymous ChainLinkGod said that the foundation was “listening to the community and incorporating our feedback,” and he thinks it’s a good step in the correct direction.
Eli_DeFi stated in the Discord message that a standalone vote will now be required for the allocation of 750 million ARB tokens. He noted that Foundation tokens would not be used in voting and added, “We’re working on options to add more accountability.” The Foundation began spending and sending tokens even before the current vote took place, so it is assumed that it will have control over that amount (the current vote considers this as a given).
Arbitrum Foundation promised to “provide context on how the funds will be used,” as well as a “transparency report” on the Foundation’s budget. The “special grants” program, which is at the center of the controversy, will be renamed the “Ecosystem Development Fund.”
The post stated: “The objective in setting up the Arbitrum DAO was to lead by example to create the most decentralized rollup, and despite this blunder of communication, we will continue to aggressively pursue this goal.”
How to Buy or Trade ARB on Scallop Exchange
You can buy or trade ARB on Scallop. As Scallop frequently holds campaigns and events, you should check out its official Telegram group here to see if you can participate and win rewards as you trade.
On Scallop, you can trade ARB as a spot pair (ARB/USDT) in 3 simple steps:
- Sign up and register an account on Scallop
- Buy USDT via Scallop One-click Buy (Follow the step-by-step guide from step 1 to 6)
- Trade ARB/USDT at Scallop Spot
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