The Arbitrum Community Submits a Request to Refund 700 Million ARB to the DAO Treasury

The Arbitrum Community Submits a Request to Refund 700 Million ARB to the DAO Treasury

Defi news, News

A new request from the Arbitrum community asks the Arbitrum Foundation to put the 700 million $ARB tokens back in its DAO Treasury.

According to the proposal, “This is a symbolic gesture to demonstrate that the governance holders, and not the Foundation or the Arbitrum service provider, ultimately control the DAO.”

The ARB community made this decision in accordance with the contentious AIP-1 proposal put forth by the Arbitrum Foundation, which favored funding its operations with 750 million ARB tokens.

The proposal continues, “What happened with AIP-1 was a clear overreach of the DAO’s power of treasury resources.”

Later, in response to criticism from the community, Arbitrum unveiled new governance proposals. Arbitrum Foundation split the AIP-1 proposal into AIP-1.1 and AIP-1.2, but the community declared that it should be put on hold until their new proposal is approved because only then can they move forward with new budget proposals.

“The Foundation has been given 750 million tokens from the DAO unilaterally, without the consent of the holders of the governance tokens. The Arbirtum community noted that any money must be returned until it has been properly allocated by the DAO and the DAO alone.

Additionally, it demands that any remaining fiat from the $10M OTC sale be used to purchase $ARB via Wintermute. Even more information about the terms of the market-making agreement with Wintermute was requested by the community.

On April 15, 2023, at 7:22 AM, the voting for the proposal will come to an end. As of this writing, the proposal has received 50.28% of the vote, 48.18% of the vote is against it, and 1.54% of the vote is abstained.

You can follow the voting here

Compiled by Coinbold