Arbitrum’s decentralized autonomous organization (DAO) has locked up 700 million ARB tokens, valued at $770 million, in a vesting contract. This move is a significant step toward accountability and transparent governance for the DAO. The decision to lock up the funds came after the approval of the AIP 1.1 proposal, which aimed to address concerns raised during a controversial governance period. Initially, the plan was to allocate over 700 million ARB tokens directly to the Arbitrum Foundation, but this sparked concerns over transparency. Despite a rejected proposal to return the funds to the DAO, the decision was made to lock up the tokens.
Key points:
– 700 million ARB tokens worth $770 million have been locked up in a vesting contract by Arbitrum’s DAO.
– The AIP 1.1 proposal was approved in response to concerns over transparency.
– The initial plan to allocate the tokens to the Arbitrum Foundation sparked controversy.
– The decision to lock up the tokens is a major step toward accountability and transparent governance.
– The DAO now has the power to modify the vesting period.
Hot Take:
Arbitrum’s decision to lock up 700 million ARB tokens in a vesting contract demonstrates its commitment to transparency and accountability. This move comes after facing backlash over a controversial allocation plan. By giving the DAO the power to modify the vesting period, the project aims to address community concerns and ensure responsible governance.
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