Arbitrum initiates a new proposal to introduce ArbitrumDAO and apply for a $1 billion grant

2023-04-01 09:08:25

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ChainCatcher news, the Arbitrum community has initiated the Arbitrum Improvement Proposal 1 (AIP-1), which aims to introduce a decentralized autonomous organization structure called ArbitrumDAO. This organization will be managed by ARB holders, and the Arbitrum Foundation, located in the Cayman Islands, will serve and be governed by the ArbitrumDAO community, with the goal of promoting the growth and development of the Arbitrum ecosystem. The entity behind this proposal, Lemma, will also apply for a funding grant of 750 million ARB tokens (worth approximately 1 billion USD).

Although the proposal has not yet been approved, a multi-signature wallet named "Arbitrum DAO Treasury2" has been created and has received nearly 700 million ARB tokens. A representative from the Arbitrum Foundation stated that this address is the Administrative Budget Wallet.

It is reported that the proposal is open for voting on Snapshot and will end on April 3. As of now, the approval rate is 87.12%, with 12.2% against and 0.69% abstaining. (source link)

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Arbitrum proposal DAO

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