Decentralized Autonomous Organization (DAO) Arbitrum has blocked 700M ARB (~$783M at the time of writing) to fund the project fund.
The Arbitrum Foundation will gradually receive assets over four years. The funds will be used to develop the second level network.
The initiative was implemented after approval AIP-1.1, which proposes the introduction of a vesting period, well-defined budgeting principles and mandatory transparency reports.
The first proposal caused a number of complaints from users, which mainly concerned the transfer of control over 750 million ARB tokens to the Arbitrum Foundation. It was assumed that the foundation would use these funds on its own to allocate grants for the development of the project.
According to CoinGecko data, the price of ARB increased by 3.1% over the past day to $1.12.
Earlier, the Arbitrum community proposed to distribute a part of the accumulated income of the DAO among the holders of governance tokens. By mid-May, the organization had accumulated about 3,352 ETH from base and excess fees.
Recall that in April, the network team initiated the distribution of tokens among the DAO. The protocol transferred 113 million ARB — 1.13% of the total supply of the coin — to the addresses of 125 decentralized autonomous organizations.
In June, Arbitrum developers released a tool for launching layer 3 blockchains using the Orbit software stack.
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!