In the Arbitrum (ARB), the proposal to reassign the management of 700 million ARB tokens to the DAO treasury was rejected by a large majority.
Proposal to Take 700 Million ARB Tokens from the Foundation in Arbitrum Rejected
In the voting that ended today, ARB holders used 84.01% of their tokens to reject the offer. However, 14.57% supported the proposal, while 1.42% abstained.
Notable token holders who voted against AIP-1.05 included "0x0eB5," olimpio.eth, 0xBbE9, galxe.arb, chainlinkgod.eth, and blockworksres.eth, all of whom voted with millions of ARB tokens.
In the proposal, it is thought that small token holders are primarily interested in increasing the value of Arbitrum's management token and therefore want the coins to be returned to the DAO, while large token holders are opposed to the proposal due to the perception that it prioritizes the long-term viability of the platform and the Arbitrum Foundation's token issuance capacity.
Also, some people may have viewed the proposed forced buyback as a radical measure designed as an attention-grabbing tactic rather than a practical solution.
The events related to the Arbitrum Foundation were mainly related to the token distribution process and the management voting system.
The foundation offered to allocate 750 million ARB tokens to itself in AIP-1, which was rejected by the community. However, before the proposal was officially approved, the Foundation sold 10 million ARB tokens for fiat money and lent 40 million ARB tokens to a financial institution.
This caused a lot of backlash and criticism from the cryptocurrency community, who felt their voices and opinions were ignored.
*Not investment advice.
