The Altcoin Arbitrum Foundation announced late Sunday that it will heed the community requests after ARB token holders riot, saying it will put the controversial governance package through a series of separate votes.
Altcoin Arbitrum Foundation Pledges There Will Be No "Near Term" ARB Sale Amid Community Revolt
Taking a step back will allow Arbitrum to hold an independent vote for the 750 million token allocation.
"AIP-1 is too big and covers so many topics. We will follow the advice of the DAO and break the AIP apart," he said.
The move comes after a day of anger in the Arbitrum community as the Foundation, a centralized company tasked with supporting Arbitrum's alleged decentralized ecosystem, held an "approval" vote on decisions it has already implemented, including sending it around $1 billion in tokens. .
As that vote headed towards a crushing failure at Snapshot, Arbitrum acknowledged it "probably won't pass" and promised to do replays on each section of the bag bill "earlier this week".
The Arbitrum Foundation's "special grant" program, which has been at the center of the controversy, will be renamed the "Ecosystem Development Fund". Arbitrum promised to provide a "transparency report" on the Foundation's budget, as well as "providing context on how the funds will be used".
"The purpose of establishing Arbitrum DAO was to set an example to create the most decentralized aggregation, and despite this communication failure, we will continue to pursue this goal aggressively," the article said.
*Not investment advice.