#ARB

Arbitrum to break up $1 billion proposal after backlash

The proposal — which looked set to send nearly $1 billion of ARB tokens to a foundation — will be broken up and voted on again.

The backtracking comes after Arbitrum drew sharp criticism from its community this weekend due to an apparent lack of decentralization.

Arbitrum backtracked on a key governance proposal after a weekend that called into question exactly how much sway token holders have over the direction of the project.

The proposal — a package of actions named "Arbitrum Improvement Proposal-1," or AIP-1 — controversially planned to send 750 million ARB tokens, worth around $1 billion, to the Arbitrum Foundation. The purpose of the transfer was to give the foundation capital to invest in initiatives built using Arbitrum's technology.

The proposal appeared set to go ahead without the approval of token holders — who make up the decentralized autonomous organization or DAO that in theory governs Arbitrum — who had voted overwhelmingly against the move. Arbitrum initially tried to style the vote as a “ratification.”

But the project has seemingly now bowed to the pressure, after Arbitrum community lead named eli_defi conceded in a Discord post late on Sunday that AIP-1 “likely will not pass” and committing to addressing the concerns of its community.

Arbitrum, an Ethereum Layer 2 scaling project, is the hot ticket in DeFi circles at present, having airdropped its prized tokens to nearly 300,000 users a few weeks ago — a transfer of value worth close to $1.5 billion at current market prices. The airdrop helped create the Arbitrum DAO, a decentralized autonomous organization that in theory gives holders a say, as well as a stake, in the development of the project. The events of this weekend cast some doubt on that, as well as on just how decentralized the outfit is.

Blockchain sleuths first raised concerns over the transfer of the 750 million ARB tokens, as well as the sale of 50 million tokens without DAO approval, in mid-March. It is not clear exactly what Arbitrum’s promise of a separate proposal on that transfer means, given that the tokens have seemingly already been sent to the foundation.

The community lead conceded that the so-called “special grants program” — which the 750 million ARB transfer was originally part of — is vague and “lacks DAO involvement.” It will be renamed the Ecosystem Development Fund, providing more information on use of funds, they added.

• The Block

——
🪆Перевод

#Binance

Binance Has Completed the Cocos-BCX (COCOS) Token Swap & Rebranding Plan to COMBO (#COMBO)

——
#ARB #OP

Binance Completes Integration of Tether (#USDT) on Arbitrum One and Optimism Networks, Opens Deposits

• Binance | USDT

——
🪆Перевод

#PBC

Another one…

Palm Beach Confidential’s vision:

Action to Take: Buy Arbitrum (#ARB).
Buy-up-to Price: $1.50
Stop Loss: None

——
🪆Перевод

#ARB

Arbitrum Day tomorrow 👀💙🧡

||

👨‍⚖️Motion to declare August 31 to be Arbitrum Day

August 31, 2021: Arbitrum One public launch

August 31, 2022: Arbitrum Nitro launch

• ARB - Day

——
🪆Перевод

#ARB

Coming soon 🚗

To be the first to hear the news, follow @fiatpass 🔔

#fiatpass

• ARB

——
🪆Перевод

#ARB

Arbitrum DAO approves proposal to activate token staking

Arbitrum DAO has approved a proposal for ARB token holders to stake tokens in return for a yield.

The yield will be funded by the treasury and distributed over 12 months via smart contract.

The proposal, which was finalized today, originally presented a tiered system for token allocation, with options to allocate 1% (100 million tokens), 1.5% (150 million tokens), or 1.75% (175 million tokens) of the total 10 billion ARB supply as staking rewards.

• TB

——
🪆Перевод