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Arbitrum Community Proposes to Return 700 Million ARBs to DAO

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On April 15th, the Arbitrum community proposed to \”return the remaining 700 million ARBs of the foundation to the DAO\”, with 84.01% of the opposing votes. It is reported that the p

Arbitrum Community Proposes to Return 700 Million ARBs to DAO

On April 15th, the Arbitrum community proposed to “return the remaining 700 million ARBs of the foundation to the DAO”, with 84.01% of the opposing votes. It is reported that the proposal aims to return the $700 million ARB unfairly allocated by the DAO to the foundation. A total of 118 million ARBs were voted against, accounting for 84.01% of the total number of votes cast.

The proposal by Arbitrum to return 700 million ARBs to the DAO was not approved

The Arbitrum community recently made a proposal to return the remaining 700 million ARBs of the foundation to the DAO. This proposal received 84.01% opposing votes. It is said that the proposed action is aimed at returning the $700 million ARB which was unfairly allocated by the DAO to the foundation. The vote resulted in a total of 118 million ARBs being voted against, accounting for 84.01% of the total number of votes cast.

What is Arbitrum?

Arbitrum is a layer two scaling solution for Ethereum. It is designed to reduce congestion and high transaction costs on the Ethereum network. With Arbitrum, developers can create smart contracts and decentralized applications (dApps) that are faster, cheaper, and more efficient than on the Ethereum network alone. Arbitrum aims to make Ethereum scale to meet the needs of mainstream adoption.

The Proposal

The proposal for returning the remaining 700 million ARBs of the foundation to the DAO is significant in several ways. The DAO (decentralized autonomous organization) is a decentralized system where decisions are made by community consensus. In most cases, people who hold DAO tokens have voting power. The DAO’s primary goal is to make decisions on behalf of the community, ensure accountability, and ensure the distribution of funds fairly.
According to a report by The Block, the proposal to return the 700 million ARBs of the foundation to the DAO was made because the funds were not distributed fairly. The foundation played a significant role in Arbitrum’s early development and was instrumental in securing funds for the project. However, when it came to the allocation of funds, the foundation was given more than it deserved, and the community felt that the DAO was not given a fair share.

The Voting

The proposal was subjected to a vote by Arbitrum’s community members, and the result revealed an overwhelming opposition to the proposal. A total of 118 million ARBs were voted against, accounting for 84.01% of the total number of votes cast. This seems to suggest that the decision of the community is not to have the remaining 700 million ARBs of the foundation return to the DAO.
The community’s decision may have been influenced by the role played by the foundation in Arbitrum’s early development. Some community members might have felt that the foundation deserved the amount that they were given based on their contribution to the project. It could also be that some members of the community were unaware of the unfair distribution of funds in the project’s early stages.

Conclusion

The proposal to return the remaining 700 million ARBs of the foundation to the DAO is an important development in Arbitrum’s community. The vote, which overwhelmingly opposed the proposal, suggests that the community is divided on the issue. It is understandable that the role of the foundation in developing the project has generated mixed feelings amongst the community. It remains to be seen how this decision will impact the development of the project in the future.

FAQs

1. What is a decentralized autonomous organization (DAO)?
A DAO is a decentralized system where decisions are made by community consensus. It is an organization that is run through rules encoded in smart contracts.
2. What is Arbitrum?
Arbitrum is a layer two scaling solution for Ethereum. It is designed to reduce congestion and high transaction costs on the Ethereum network.
3. What was the result of the vote on the proposal?
The proposal to return the remaining 700 million ARBs of the foundation to the DAO was overwhelmingly opposed, with 84.01% of the votes against it, accounting for a total of 118 million ARBs.

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