In the aftermath of a recent crypto governance meltdown, the Arbitrum Foundation has proposed two motions to placate ARB token holders’ concerns.
The foundation pledged not to transfer the remaining 700 million ARB tokens in its “Administrative Budget Wallet” until the community approves an acceptable budget.
It also offered to enhance governance accessibility by increasing community members’ powers. The concession was a response to token holders’ protest over the foundation’s transfer of 750 million ARB tokens to one of its wallets last weekend, sparking community-wide outrage.
The proposals aim to curb the foundation’s powers and increase community participation in governance. Arbitrum is the fourth largest blockchain with $2.24 billion in total locked value.
