Blockchain News- Arbitrum Foundation would be splitting AIP-1 into multiple smaller proposals.
- None of the 700M tokens now held in the Administrative Budget Wallet will be moved.
The community has spoken out against the chaos that was produced by the initial governance proposal for Arbitrum, hence the company leading the development of the layer-2 scaling network, the Arbitrum Foundation, has announced that it would be splitting AIP-1 into multiple smaller proposals.
The Arbitrum DAO voted unanimously on Wednesday to reject AIP-1, prompting the foundation to recommend taking into account community opinion and developing new AIPs to address major areas of concern.
1/10 With the ArbitrumDAO reaching consensus against AIP-1, it’s now time to incorporate community feedback, and move forward with new AIPs and documentation that address key areas of concern.
Details below🧵👇
— Arbitrum (💙,🧡) (@arbitrum) April 5, 2023
The most recent statement from the Foundation is that none of the 700M tokens now held in the Administrative Budget Wallet will be moved. The DAO’s approval of both the budget and the lockup schedule for the smart contract is required before it can be implemented.
Three further submissions have been made. One of them is an open report detailing the Foundation’s establishment. The other two are AIP-1.1 (on Lockup, Budget, and Transparency) and AIP-1.2 (on Changing Existing Governing Documents), respectively.
The AIP-1.2 suggests decreasing the proposal barrier from 5,000,000 to 1,000,000 tokens to make governance more accessible, whereas the AIP-1.1 provides well-defined budgeting rules and categories and compulsory transparency reports.
It also updates the Foundation’s rules to eliminate any references to AIP-1. Moreover, AIP-1.2 suggests using the DAO’s capacity to make adjustments to those basic settings to include community input, rather than allowing the DAO to vote on actions that have already been performed, as described further in the official statement.
According to CMC, the Arbitrum price today is $1.21 USD with a 24-hour trading volume of $569,273,432 USD. Arbitrum is down 4.17% in the last 24 hours.
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Source: https://thenewscrypto.com/arbitrum-makes-several-governance-changes-after-backlash-from-community/