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Key Takeaways
- Arbitrum Foundation reverses the decision on contentious governance proposal and breaks it into smaller parts for community discussion and voting
- The Foundation will subject its received tokens to vote in its own AIP and explore options for increased accountability, such as a vesting period and transparency reports
- ARB token price falls sharply after the airdrop, but foundation's efforts to increase transparency and accountability are commendable for building trust and transparency in the blockchain industry
Arbitrum Foundation has recently reversed its decision on a contentious proposal and ratification vote that granted it authority over a significant portion of tokens.
Arbitrum, a provider of #Ethereum layer 2 solutions, faced criticism from token holders over its first governance proposal, AIP-1. In response, the company has decided to break up the controversial governance package into smaller segments to allow the community to discuss and vote on the different subsections.
The decision to backtrack on the governance voting system is a positive step towards building trust and transparency in the industry and shows that the company is willing to take feedback on board and make changes to ensure that its governance system is fair and democratic.
The foundation has announced that the 750 million tokens it received will be subject to a vote in its own AIP. In an effort to increase accountability, the foundation is exploring options such as a four-year vesting period and ensuring that tokens held by the foundation cannot be used for voting purposes. Additionally, the foundation plans to propose transparency reports to keep the community informed about how the funds are being spent over time.
Overall, the foundation's efforts to increase transparency and accountability are commendable. The decision to listen to the community and make changes to its governance voting system is a positive step towards building trust and transparency in the industry. The company's willingness to take feedback on board and make changes to ensure that its governance system is fair and democratic is a good sign for the future of the #blockchain industry.