ARB Governance Proposal AIP 1.05 | "Return of Seven Hundred Million ARB" Rejected! Over 80% of Arbitrum DAO Opposes

The Layer 2 solution Arbitrum's first governance proposal AIP-1, which allocated 750 million ARB tokens worth nearly 1 billion USD to the Arbitrum Foundation, sparked discontent within the community as some ARB tokens had already been sold and converted to stablecoins, leading to accusations of Arbitrum acting without proper consultation. Several subsequent proposals have been put forth to address the situation, with AIP 1.05 suggesting the return of 700 million ARB tokens to the Arbitrum DAO, but ultimately failed to pass, with over 80% of voters opposing the proposal.

ARB Governance Shareholders Meeting, Four Major Voting Addresses

In a total of 118 million votes, the top four dissenting voters collectively held 65 million votes, exceeding fifty percent of the total dissenting votes, and the holdings of these four addresses were even higher than all the approving votes. The fifth largest approving voter is the well-known ChainLink advocate, ChainLinkGod.

Learn about other proposals AIP-1.1, AIP-1.2

Review of Arbitrum airdrop

Review of AIP 1.05 Demands: Return and Repurchase

• Return 7 billion ARB from the foundation to the DAO as a symbolic gesture, indicating that governance token holders have ultimate power and authority over the resources granted to the DAO
• Use fiat currency remaining from 10 million OTC sales to repurchase ARB through Wintermute
• Disclose market-making agreement terms reached with Wintermute
• Suspend AIP 1.1 and 1.2

Podcast Content Review: Review of Arbitrum: Operation Mechanism, Governance Disputes, and Innovative Protocols feat. Mr. Xie

Significant Growth in ARB Price

Despite the governance disputes affecting the coin price, ARB has seen significant growth after the upgrade in Shanghai.