The Arbitrum Foundation has ignored the impending results of AIP-1’s "ratification" vote by pre-emptively selling ARB tokens.
Highlights
- Arbitrum Foundation pre-emptively sold ARB governance tokens before the conclusion of a key governance vote, rendering the democratic process essentially moot.
- The Arbitrum Improvement Proposal is slated to fail, with more than 77% of the total vote against its passing.
- The Foundation claims “decentralized governance is working as intended” following the sale of 750 million ARB tokens.
- The price of Arbitrum’s governance token declined by 8% over the past 24 hours.
- The debacle follows the high-profile airdrop of ARB token to users of the Ethereum Layer 2 scaling solution last week, creating a so-called decentralized autonomous organization, ArbitrumDAO.
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