Arbitrum Foundation Says 700 Million ARB Won’t Be Moved To New Wallet
- The concession comes after a week of uproar from the community over controversial policies.
- The Foundation has also published a transparency report which laid out the actions behind setting up the DAO.
The Arbitrum Foundation has announced a new set of changes that will address the concerns raised by its community over the past week. The announcement comes following a week of uproar over Arbitrum Improvement Protocol-1 (AIP-1) which laid out several controversial changes and policies to the structure of its constitution.
According to a Twitter thread posted by the Arbitrum Foundation earlier today, new changes and documentation were agreed upon after the decentralized autonomous organization (DAO) rallied against AIP-1. The foundation assured its community that it will not move any of the remaining 700 million ARB tokens into the Administrative Budget Wallet.
These tokens were arguably the biggest concern for the community when AIP-1 was revealed last month. The foundation had proposed to move a whopping 750 million tokens to a newly created Administrative Budget Wallet in the interest of administrative efficiency. The community was quick to take issue with this proposal and heavily criticized the same.
The foundation posted three new documents on Arbitrum’s governance forum earlier today. These included a Transparency report regarding the foundation’s initial setup, along with revisions to the controversial improvement protocol, namely AIP-1.1, and AIP-1.2.
AIP-1.1 proposes important restrictions on the Arbitrum Foundation’s spending and will include a lockup schedule enforced by a smart contract which will release linearly over 4 years. AIP-1.2 will amend the constitution of the DAO and bring down the proposal threshold to 1,000,000 from 5,000,000, thereby making governance more accessible. It will also address the foundation’s bylaws to remove all references to the original AIP.