Did Arbitrum just commit the first DAO seppuku?
Arbitrum DAO botched its first proposal (AIP-1) by already taking - and starting to spend - the $750M out of the $4.27B previously allocated to the DAO treasury.
Understandably, a number of $ARB holders and delegates became outraged at this spending of funds yet to be approved by the DAO, and the proposal ultimately failed to pass.
Here is the detailed reasoning of Arbitrum’s 2nd biggest delegate.
The team then backtracked and explained that only $3.52B was meant for the treasury and the $750M was always meant for the Foundation.
What upset people so much is the convoluted way in which Arbitrum’s foundation declared this post factum and tried to pass it off as a genuine proposal up to the DAO’s members to decide.
So what’s next? Read the full article for details
here
