The Arbitrum Foundation’s community protested the decision to give itself 750 million ARB tokens ($1 billion). On 2 April, ARB’s price fell as low as $1.15, reflecting a fall of 11.5%. ARB was trading at $1.22 at press time. The Arbitrum [ARB] Foundation has backtracked on its initial decision after the community erupted in protest […]
The Arbitrum Foundation’s community protested the decision to give itself 750 million ARB tokens .
On 2 April, ARB’s price fell as low as $1.15, reflecting a fall of 11.5%. ARB was trading at $1.22 at press time.Foundation has backtracked on its initial decision after the community erupted in protest over giving the Foundation control of 750 million ARB tokens, worth nearly $1 billion. We look forward to proposing the new AIPs early this week and participating in an open discussion with the DAO. Arbitrum is the only L2 to seek DAO ratification of the initial Foundation funding and that transparency sparked this important discussion.The Foundation has decided to split its governance package into multiple votes.
Those tokens were supposed to fund a “special grants” program designed to foster growth on Arbitrum, which recently AirDropped its governance token, ARB. The Arbitrum Foundation previously stated that as per the AIP-1 proposal, ARB holders would have no say in deciding who or how the nearly $1 billion sum is allocated.
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