Return the Remaining 700 Million ARBs of the Foundation to the DAO: An Analysis of the Proposal

04/15/2023 09:21 • Digital Disruptors • 74 views

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 proposed to return the remaining 700 million ARBs of the foundation to the DAO, with 84.01% of the opposing votes. The proposal aims to return the $700 million ARB that was allocated by the DAO to the foundation, which is believed to be unfairly.
In this article, we will analyze the proposal and discuss its potential impact on the blockchain community as a whole.

What is the Arbitrum Community?

The Arbitrum community is a group of developers and blockchain enthusiasts who work on the Arbitrum project, which is an Ethereum scaling solution. The project is designed to provide users with faster and cheaper transactions, with the aim of making decentralized applications more accessible to the masses.

The Background of the Proposal

The Arbitrum project was launched in September 2020 and has since been successful in attracting a significant amount of funds. The DAO allocated a total of 1 billion ARBs to the foundation, with 300 million ARBs paid upfront and the remaining 700 million to be allocated in the future.
However, the community believes that this allocation was unfair and that the 700 million ARBs should be returned to the DAO. In response to this, the community proposed the return of the remaining 700 million ARBs of the foundation to the DAO.

The Opposing Votes

The proposal gained a lot of traction in the community, with more than 118 million ARBs being voted against the proposal, accounting for 84.01% of the total number of votes cast.

The Impact of the Proposal

The proposal to return the remaining 700 million ARBs of the foundation to the DAO could have a significant impact on the blockchain community as a whole. The decision to return the funds could set a precedent for other blockchain projects to act more fairly when allocating funds.
Furthermore, returning the funds could also improve the trust and transparency of the blockchain community, which has been a major issue in the past.

Conclusion

In conclusion, the proposal put forward by the Arbitrum community to return the remaining 700 million ARBs of the foundation to the DAO is a positive step towards a fairer and more transparent blockchain community. The proposal gained a lot of support from the community and could set an example for other blockchain projects to follow.

FAQs

Q1. What is a DAO?

A Decentralized Autonomous Organization (DAO) is an organization that is run through rules encoded as computer programs called smart contracts.

Q2. What is the purpose of Arbitrum?

Arbitrum is a scalability solution for Ethereum designed to provide users with faster and cheaper transactions.

Q3. What is the importance of trust and transparency in the blockchain community?

Trust and transparency are vital in the blockchain community as they ensure that everyone is held accountable for their actions, leading to a more fair and trustworthy system.

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