The first attempt at governance by arbitrum, resulted in a messy drama, with $1 billion of $ARB token at stake. Reports realDannyNelson
The Arbitrum blockchain’s first attempt at governance erupted Saturday over a proposal to give the Arbitrum Foundation control of 750 million ARB tokens, worth nearly $1 billion.
Arbitrum Foundation’s proposed backdoor stands in contrast to other elements of AIP-1 that underscore the claimed importance of token holders. “As Arbitrum is intended to be a public good, it is only right that governance over it should be governed by those for whom such public good is intended for,” read one section.
“We're talking about $1 billion to start,” said an Arbitrum community member who asked not to be named. “Having seen other governance examples where large treasuries got basically drained for community pet projects, this is pretty concerning.”
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