Arbitrum Offers Fresh Recommendations for Governance
Following the controversy surrounding its initial attempt, The Arbitrum Foundation has proposed a handful of fresh governance recommendations.
Following the squabble that resulted from its initial unsuccessful attempt at governance, the Arbitrum Foundation has offered a number of fresh reform suggestions.
Provider of layer-2 Ethereum solutions Arbitrum published fresh Arbitrum Improvement Proposals (AIPs) for network governance on April 5.
AIP-1.1, which addresses a smart contract lockup timeline, expenditure, budget, and transparency, is one of the new suggestions. In order to “make governance more accessible,” AIP-1.2 lowers the proposal threshold from 5 million Arbitrum (ARB) tokens to 1 million ARB. It deals with revisions to the current foundation documents.
The Arbitrum Foundation predicted AIP-1 “likely won’t pass” on April 2 owing to negative public opinion. Owners of ARB tokens protested the idea, saying it covered too many subjects, and regretted giving the foundation ARB tokens worth almost $1 billion.
After that, the foundation changed its mind, tweeting on April 5 that it will not seize possession of the tokens: “The Foundation will not move any of the remaining 700M tokens in the Administrative Budget Wallet until an acceptable budget and smart contract lockup schedule have been approved by the DAO.”
A transparency report that describes actions taken to get the DAO up and operating was also released by the foundation.
“We have heard the feedback,” it stated, before adding that it has “worked diligently to address it and make sure the Foundation can represent, and serve the DAO’s best interests with their support.”
The two new AIPs were published on the community forum for Arbitrum and will be open for comments for at least 72 hours before to a scheduled week-long snapshot vote.
Over the past 24 hours, ARB prices have decreased 4%, down to $1.22. The layer-2 token was heavily dumped after its airdrop on March 23 and is now down 86% from the day it reached its peak price of almost $8.50.