Arbitrum: A vote to return “unfairly allocated” TRPs

Following the failure of AIP-1, the DAO Arbitrum has opened a vote for a proposal to return $700 million in TRPs to the treasury of the project.

Earlier this month, the Arbitrum community rebelled as the layer2 foundation recovered $700 million in tokens ARB even before the vote for the AIP-1 proposal was completed. The proposal, including many measures, had finally received a unfavorable opinion (more than 75% against).

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This weekend, the project made its mea culpa and opened a vote for the proposal AIP-1.05 which thus seeks to return TRPs “unjustly allocated to the foundation.”

What happened with AIP-1 was a clear overreach of DAO’s power over cash resources. It was a symbolic gesture to demonstrate that the governance holders really do control DAO, not the service provider Arbitrum or the foundation. Only then can we move forward with the budget proposals,” AIP-1.05 states.

At the time of publishing this article, AIP-1.05 is not approved by the community. Only 37% (22 million ARB) are in favor of the proposal while 61% (35 million ARB) are against. The vote ends on April 15, 2023.

AIP-1.05

Following the problems around AIP-1, the Arbitrum Foundation indicated that the proposal may be too large. It now plans to hold votes for several separate proposals (AIP-1.1 and AIP-1.2).

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