Arbitrum Foundation proposal controversy: sell tokens without governance process

23-04-03 11:14

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原文标题：《未经治理流程出售代币？解析 Arbitrum 基金会争议操作始末》

原文来源： Loopy Lu, ODAILY星球日报

Today, a story about Arbitrum The star was community controversial news of the project, and still in the continuous fermentation.

According to a blog post by an employee earlier Sunday, the Arbitrum Foundation "approved" the organization in its token holder governance community. 10 Before the $100 million budget, it began selling ARB tokens in the form of stablecoins.

The act sparked an outcry from the community. The price of the token also fell to as low as $1.15, at one point dropping more than 10 percent in the day. , now rebounding to near $1.18.

What is the controversial proposal?

4 Month 1 (1) A month ago The community has been initiated. Arbitrum Improvement Proposal 1 (AIP-1) to introduce an arbitrum improvement proposal named ArbitrumDAO The decentralized autonomous organization structure, which is composed of ARB Holder Management, Cayman Islands Arbitrum The Foundation will be dedicated to ArbitrumDAO To serve and be administered by the community for the purpose of promoting. Arbitrum Ecosystem growth and development, the entity behind the proposal. Lemma Will also apply. 7.5 & have spent A hundred million; ARB Token (worth approximately over 10 $100 million) funding appropriation.

Although the proposal is not currently approved, an address called "Arbitrum DAO Treasury 2 " has been created. The multiple signature wallet, and receive near 7 A hundred million; ARB Tokens, Arbitrum A representative for the foundation said the address was Administrative Budget Wallet.

However, Arbitrum DAO After a bad start, the first proposal caused great controversy.

According to the token economic model published by the project side at the time of airdrop, the total amount 42.78% & have spent (42.78 Hundreds of millions) tokens were supposed to be allocated to the Arbitrum DAO's community vault. And according to AIP-1 Originally belonged to the community. 7.5 & have spent A hundred million; ARB Or it will be diverted to a foundation to set up an ecological fund. According to the official line, the move is intended to "support the Arbitrum ecological growth of the special donation program."

At the polls, it was noted that AIP-1. The progress of the promotion is smooth. But as community members criticized and participated enthusiastically, more and more people voted against the proposal. By the time of publication, the number of "no" votes had reached a high. 75% .

未经治理流程出售代币？解析 Arbitrum 基金会争议操作始末

In the governance forum, more than one area of community discontent arose around the proposal. Investor feedback holds ARB Airdropped but unable to vote; On-chain data shows what was assigned in the proposal. 7.5 & have spent A hundred million; ARB Was transferred before the bill was passed; 7.5 & have spent A hundred million; ARB There are security risks and so on.

Even more maligned is that on-chain data shows that The foundation moved on. 5000 Ten thousand nbsp; ARB Token, people have suspected that the foundation too early large cash.

(1) This evening The foundation took to its official Twitter account to clarify: The foundation is not for sale. 5000 Ten thousand nbsp; ARB The token. Where 4000 Ten thousand were allocated as loans to a savvy player in the financial markets,The rest. 1000 Wan is converted into legal tender and used for operating costs.

"Request" or "approve"? "Chicken" and "egg"?

And about the attention of the AIP-1 "The foundation uses an interesting metaphor," Which came first, the chicken or the egg?

Although the community is concerned about AIP-1 Many of the details are questionable, but they are, at least in the eyes of the foundation, essential. Arbitrum The foundation believes that considering the Arbitrum chain's core technology handover and upgradability, the need in DAO Determine many parameters before setting up. Specifically, this includes handing over code to DAO, Create Safety committee, set time delay for code upgrade, establish initial rules, establish AIP Proposal mechanism, Nova The initial validator, DAC And so on.

Therefore, the community members' argument that "these bylaws should be formulated by DAO " is technically impossible. You can't turn a node into a node without a series of initial Settings. The chain was handed over to the Arbitrum DAO. So, it's a chicken-and-egg problem -- you can't create something without a foundation doing the initial running. DAO.

Regarding token transfers that have taken place, And gave an official response. According to the foundation,AIP-1 Instead of a grant "request," the community is asked to "approve."

The Foundation believes that the community has confused the concepts of request and approval. The foundation believes that what is happening is a decision that the foundation has already made, and that the proposal is not a request for an action from the community, "the aim of AIP-1 is to inform the community of all decisions that have been made in advance."

The foundation attributed the "misunderstanding" to "unclear classification". They believe that the community may have misinterpreted the distribution pie chart of token allocation because of the unclear classification of the pie chart in the governance document. In the original pie chart, DAO Treasury The address and foundation assignments are placed on the same board and are described as "DAO Treasury." If this part is divided into two parts, it will be more "clear".

未经治理流程出售代币？解析 Arbitrum 基金会争议操作始末

Sparking community skepticism, token prices fell.

After a number of actions that disappointed the community, The foundation has been criticized by the community for its actions. The price of tokens fell in response.

OKX Ouyi market shows, ARB Token present $1.18, 24 Fall within hours. 9 %.

Some community members believe that It's not really a vote. What is the point of voting on a proposal that has already been implemented without community consent?

At present, the question about this event has been extended horizontally to the industry, Blockworks Research The motion was voted against. Blockworks Said it was committed to improvements. DAO Governance and transparency, and lambasting. AIP-1 It means a reversal of the current state of community governance. Blockworks It is believed that up to 7.5 A hundred million; ARB Tokens or by Campbell Law, Edward Noyons And Ani Banerjee Run by three initial directors. Arbitrum Foundation control. They see the foundation's moves as increasing centralization and distracting from the upcoming Arbitrum DAO Some of his power was taken away from him.

It is worth mentioning that, eg. At the time of airdrop, the total is nbsp; 137 D DAO obtained ARB Air drop. This is the first time it's been targeted. DAO Mass airdrop. It is not hard to imagine that in the coming days, as this event continues to ferment, many hold a large number of. ARB nbsp; DAO Organizations will be forced to take a stand, either for or against. By saying so, they can gain or lose the trust of community members.

With AIP-1 As the deadline for a vote approaches, if the measure is not approved, How will the foundation react? The Odaily Planet will be following this story.