.arbitrum pledges not to move remaining 700 million ARB tokens without DAO approval in two new proposals aimed at addressing concerns that caused community backlash over ArbitrumDAO’s first proposal. LizKNapolitano & report
The Arbitrum Foundation on Wednesday proposed to expand ARB token holders' budget oversight and governance powers with two motions aimed at turning the page on last weekend's crypto governance meltdown.
In a Discord post, the Arbitrum Foundation said it"will not move" the 700 million ARB tokens that remain in its"Administrative Budget Wallet" until the community approved"an acceptable budget" for the sum. It also proposed actions that would make governance"more accessible." The twin actions represented a major concession to token holders angry over being asked to"ratify" decisions the Arbitrum Foundation had already made – including the fate of nearly $1 billion in tokens. In a nod to the fracas, Arbitrum Foundation also issued a"transparency report" into how the organization came to be.erupted over the Arbitrum Foundation’s move to quietly transfer 750 million ARB tokens to one of its own wallets last weekend.
The DAO’s members will have three days to provide feedback on the proposals. Afterward, the two proposals will be put up to a week-long snapshot vote, according to Arbitrum Foundation community lead, who goes by eli_defi onWhile the Arbitrum Foundation has conceded to grant its token holders more control over its remaining 700 million ARB tokens, the organization already
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