Arbitrum has made two new proposals to address the community’s concerns and backlash over their first proposal.
These new proposals include a commitment to obtain DAO approval before moving the remaining 700 million ARB tokens.
The two initiatives undertaken by the Arbitrum Foundation constitute a significant concession to token holders who expressed their dissatisfaction at being requested to “ratify” choices that had already been made, including the destiny of almost $1 billion in tokens.
UPDATE: 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 has been approved by the DAO.
Three new documents have been posted:
– Transparency report about the Foundation’s initial setup
– AIP-1.1: Lockup, Budget and Transparency
– AIP-1.2: Amendments to current founding documents
The transparency report describes actions taken to get the DAO up and running. As these have already occurred, the DAO will not be asked to vote on them. However, the DAO can change these parameters and roles via future AIPs.
AIP-1.1 proposes important restrictions on the Foundation’s spending, including a smart contract-enforced lockup schedule that releases linearly over 4 years, further adjustable by the DAO.
AIP-1.1 also proposes well-defined budgetary principles and categories, and mandated transparency reports.
AIP-1.2 proposes to amend the core governing documents of the DAO, lowering the proposal threshold from 5,000,000 to 1,000,000 tokens to make governance more accessible. It also adjusts the Foundation’s bylaws to remove references to AIP-1.
Rather than asking the DAO to vote on actions that have already been taken, AIP-1.2 proposes to use the DAO’s ability to make changes to those initial parameters to incorporate community feedback.
“We have heard the feedback, and have worked diligently to address it and make sure the Foundation can represent, and serve the DAO’s best interests with their support,” the company stated on Twitter.
AIP-1.1 and AIP-1.2 has been posted on the community forum and will be available for feedback for at least 72 hours before a planned week-long snapshot vote.
Transparency Report https://docs.arbitrum.foundation/foundational-documents/transparency-report-initial-foundation-setup…