cryptocoin.com As we mentioned, the Arbitrum (ARB) community has been dealing with new proposals and voting for a while. Finally, the popular altcoin Arbitrum (ARB) community has brought forward the AIP 1.05 proposal, which proposes that the Arbitrum Foundation return 700 million ARB coins to the DAO treasury! Here are the details…
New offer from the community of popular altcoin project Arbitrum: AIP 1.05!
The Arbitrum community voted on a new proposal, AIP1.05, which proposes that 700 million ARBs be returned to the DAO Treasury. The proposal came after the community felt that the previous AIP-1 decision had overstepped the DAO’s authority over treasury resources. Voting on the new proposal will end on April 15 and the current support rate stands at 57.74 percent.
The motivation behind the proposal is to restore faith and trust in the governance process and demonstrate that the governance community has ultimate power and authority over the resources given to the DAO. The DAO has full control over the resources of the ARB DAO treasury and decisions made unilaterally by the foundation or service provider can be reversed by the DAO.
As you may recall, $750 million worth of altcoin ARB was allocated to the Arbitrum Foundation from the DAO, which was not approved by ARB investors. The community considers that any funds should be returned until properly allocated by the DAO and only the DAO. The proposal also proposes the buyback of ARBs through Wintermute with the fiat remaining from the $10 million OTC sale and the disclosure of the terms of the market-making agreement with Wintermute.
The community is coming up with new suggestions to make the ecosystem successful!
Things may change with the new proposal from the community, which has been struggling for a long time. The Community believes the health of the Foundation is crucial to the ecosystem’s success and ability to compete with its competitors. However, it would be prudent to restore full faith and trust in the governance process before doing anything else. Therefore, the proposal proposes that AIP 1.1 and 1.2 be discontinued until the return of 700 million ARBs is completed.
Ultimately, the AIP1.05 proposal aims to restore faith and trust in the governance process and demonstrate that governance coin investors have ultimate power and authority over the resources allocated to the DAO. The community believes the proposal will be approved and the return of 700 million ARBs will be a symbolic gesture of control over the DAO’s treasury resources.
ARB price status
Altcoin project Arbitrum (ARB), which prominent crypto whales buy in abundance, has seen a drop of over 2 percent in the last 24 hours. In addition, the market value of the project, which lost 2.51 percent, is instantly valued at $ 1,478,377,494. In the last week, ARB has lost 10 percent of its value. It is currently worth $1.16.
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