Tomorrow is the Last Day for the $1 Billion Offer at Arbitrum! What’s the Latest Situation in Voting?

EthereumOne of ‘s popular tier 2 scaling solutions Arbitrum developers, ARB It received backlash from the community for its proposal to allocate a large portion of its tokens to the Arbitrum Foundation, a Cayman Islands-registered organization that oversees Arbitrum’s development.

The proposal, known as AIP-1, was launched at the end of March on March 8. Arbitrum DAO’or was presented.

Proposal, 750 million ARB involved the transfer of the token (approximately worth more than $1 billion) to the Arbitrum Foundation.

Afterwards, it was stated that this proposal was only a validation proposal and that the ARBs in question were transferred to the Arbitrum Foundation.

Upon the backlash, the developers took a step back and revised their proposals, saying that the ARB tokens in question would not be moved until they were voted on by the DAO.

The ARB community then voted on the AIP 1.05 proposal, which suggested that the Foundation return 700 million ARBs to the DAO.

Voting will end on April 15 and at the time of writing, 113 million Arbitrum governance tokens have voted against the proposal, representing more than 83% of the total votes.

In other words, the proposal is not expected to pass in the face of these results. Major wallets that voted against believe the proposal is aimed at short-term rise in ARB price, but DAO needs a more sustainable and long-term token distribution system.

Taking advantage of the general cryptocurrency rise, ARB has recorded a 17% increase in the last 24 hours and is trading at $1.56 at the time of writing.

*Not investment advice.

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