Arbitrum On-Chain Vote Starts June 10: Locking 700M $ARB Tokens in Smart Contract

Arbitrum On-Chain Vote Starts June 10: Locking 700M $ARB Tokens in Smart Contract

The Ethereum Layer2 network, Arbitrum, announced on Twitter that the AIP-1.1 and 1.2 proposals will begin on-chain voting on the Tally platform on June 10th and end on June 24th. Both AIP-1.1 and 1.2 proposals previously passed the Snapshot temperature check vote in mid-April.

Proposal AIP-1.1 suggests placing the 700 million $ARB allocated to the Arbitrum Foundation in a "smart contract-controlled lockup" to be unlocked within four years. According to the proposal, the foundation will not be able to use the tokens before community members approve the token allocation budget.

Proposal AIP-1.2 aims to amend several governance documents of the Arbitrum ecosystem, including reducing the threshold of the required $ARB token amount for submitting improvement proposals on-chain from 5 million to 1 million.

The governance voting process for Arbitrum DAO consists of two steps. First is the Snapshot temperature check vote, in which the aforementioned proposals have received nearly 99% support rate. After that, the Tally on-chain vote will take place, followed by a 3-day waiting period after the on-chain vote is passed.

 

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Source

Arbitrum

Layer 2

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