Arbitrum’s Redemption: New AIPs Launched After Governance Chaos

Arbitrum’s Redemption: New AIPs Launched After Governance Chaos

Time Stamp: April 6, 2023 2:02 AM
  1. Arbitrum Foundation unveils new AIPs
  2. AIP-1.1 & AIP-1.2 target transparency
  3. Feedback & voting to shape future governance

Following the uproar caused by the Arbitrum Foundation’s initial failed governance attempt, a series of new improvement proposals have been introduced to address the issues.

On April 5th, the Ethereum layer-2 solutions provider, Arbitrum, announced the release of two new Arbitrum Improvement Proposals (AIPs) to better govern the network. These proposals were launched in response to the recent backlash against the foundation’s first governance proposal, AIP-1.

AIP-1.1 focuses on implementing a smart contract lockup schedule, budget allocation, and promoting transparency, while AIP-1.2 aims to amend the network’s founding documents and reduce the proposal threshold from 5 million to 1 million Arbitrum (ARB) tokens. This change will make governance more inclusive and accessible.

In a tweet on April 5th, the Arbitrum Foundation confirmed that the Arbitrum DAO had reached a consensus against the initial proposal, AIP-1. Additionally, the foundation pledged not to access any of the remaining 700 million tokens in the Administrative Budget Wallet until the DAO approves an acceptable budget and smart contract lockup schedule.

To demonstrate its commitment to transparency, the foundation also published a report detailing the steps taken to establish the DAO. The report acknowledged the feedback received and emphasized the foundation’s dedication to addressing concerns and working in the best interests of the DAO.

The two new AIPs have been shared on the Arbitrum community forum and will remain open for feedback for at least 72 hours. Following this period, a week-long snapshot vote is planned to finalize the proposals and pave the way for more effective governance.

In other news, according to an unnamed person with knowledge of the issue, Binance, the world’s largest cryptocurrency exchange by volume, recently rebuffed an offer from Tron blockchain pioneer Justin Sun to acquire his ownership position in competitor Huobi. According to speculations, Binance’s disinterest arises from Huobi’s purported ties to mainland China, which the exchange likes to avoid.

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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.

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