The Arbitrum Foundation has listened to its community and token holders and will break up a controversial governance package.
Ethereum layer 2 solutions provider Arbitrum has backtracked on its governance voting system following community backlash from token holders.that its first governance proposal, AIP-1, “likely will not pass” and added its “committed to addressing the feedback received from the community.”“AIP-1 is too large and covers too many topics. We will follow the DAO’s advice and split the AIP into parts. This will allow the community to discuss and vote on the different subsections.
Both can halt the chain, modify any code, censor any transaction, freeze any wallet, or steal from the DAO.The foundation stated that the 750 million tokens received would be voted on in its own AIP. “We’re working on options to add more accountability,” it stated, adding, “for example, a vesting period of 4 years. Furthermore, tokens held by the Foundation cannot be used to vote.”
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