Arbitrum’s “Arbitration Improvement” Proposal was rejected by the community with a serious majority.
Arbitrum, which has attracted a lot of attention since its first launch, continues its community voting. In the last community vote, the majority voted against.
Arbitrum’s Controversial Vote Rejected
Arbitrum’s proposal to return 700 million ARBs was overwhelmingly rejected. A controversial Arbitration Improvement Proposal, aimed at returning 700 million ARB governance tokens, was outright rejected. After the developments, ARB rose as much as 8 percent.
This vote began when the Arbitrum Foundation reversed course on AIP-1, a crucial governance proposal. This controversial proposal aimed to transfer 750 million ARB tokens to the foundation and claimed that these tokens would finance investment projects that leverage Arbitrum’s technology.
AIP 1.05, which aims to return 700 million ARB governance tokens, was rejected by the community. 118 million ARBs, accounting for 84.01 percent of the total votes, voted against the proposal.
The Arbitrum governance proposal, titled “AIP 1.05: Return 700M ARBs to DAO Treasury,” argued that the unauthorized and premature allocation of 700 million ARB tokens valued at more than $1 billion constituted a significant overage.
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