According to the Arbitrum Foundation’s nir blog post, the foundation will suffer severely without the power to issue a blank check.
Arbitrum Foundation held a vote on more than 1 billion tokens. A blog post was published in reference to the task of explaining the decision of this vote to the community.
Arbitrum Foundation Stated About the Voting
As Arbitrum continues on its way, it gives a voice to the community in governance. However, a statement was made on the foundation’s blog about the last voting that took place. Arbitrum Foundation employee Patrick McCorry announced the result of the vote in a forum post earlier today. He said the Arbitrum ecosystem’s initial community vote on everything from protocol governance to billions of dollars in funding meant “an approval, not a request.”
To that end, McCorry said many of the positions outlined in AIP-1 have already been exercised, including the allocation of 7.5 percent of all ARB tokens to the Foundation, a company headquartered in the Cayman Islands. He apologized for Arbitrum’s failure to convey this situation before the vote.
McCorry wrote about the Arbitrum Improvement Proposal Framework, the multi-purpose governance package that outlines the Arbitrum Foundation’s role in shaping the chain:
“The purpose of AIP-1 was to make the community aware of all the decisions taken beforehand.”
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