1/ There's a very lively discussion on the Arbitrum governance forums regarding AIP-1. Decentralized governance is working as intended. We are all one community and fierce public discourse will yield the best outcomes.
🧵👇
— Arbitrum (💙,🧡) (@arbitrum) April 2, 2023
1) 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.
— Arbitrum (💙,🧡) (@arbitrum) April 2, 2023
Arbitrum foundation made a proposal (AIP-1) to allocate 750M ARB tokens for admin and op costs, but $ARB holders voted against it
Now they said the vote was just a formality, and they have already spent 50.5M (6.7%) of the proposed 750M $ARB
Your vote is not vote pic.twitter.com/lvhBbBesum
— Eden Au (@0xedenau) April 2, 2023
6/ Regarding the on-chain transfers of 50M $ARB tokens, 40M $ARB tokens have been allocated as a loan to a sophisticated actor in the financial markets space. The remaining 10 million has been converted to fiat and dedicated towards operational costs.
— Arbitrum (💙,🧡) (@arbitrum) April 2, 2023
The Foundation does not exist to sell tokens, only sold enough to fund its current operating expenses and has no near-term plans to sell more tokens.
— Arbitrum (💙,🧡) (@arbitrum) April 2, 2023
3) AIP-1 does not discuss transparency over how the funds will be spent. As part of the budgeting AIP, we will propose transparency reports to make the community aware on how the funds are spent over time.
— Arbitrum (💙,🧡) (@arbitrum) April 2, 2023
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