The Arbitrum Foundation submitted two new proposals aimed at expanding the oversight and governance powers of ARB token holders

ChainCatcher news, the Arbitrum Foundation has submitted two new proposals aimed at limiting its own power and expanding the budget oversight and governance power of ARB token holders. The first proposal AIP-1.1 suggests locking the remaining 700 million ARB of the foundation in a smart contract, which will unlock over four years. The foundation will not be able to use the tokens until the community members approve the token distribution budget, and a portion of the tokens will be used to fund the Arbitrum Foundation's operational budget for the first year.

The second proposal AIP-1.2 aims to modify several governance documents of the Arbitrum ecosystem, including lowering the threshold of ARB tokens required to submit improvement proposals on-chain from 5 million ARB to 1 million ARB. DAO members will have three days to provide feedback on the proposals, after which both proposals will undergo a week-long snapshot vote. (source link)