As per reports, on April 15, 2023, the proposal for returning 700 million ARB governance tokens to Arbitrum’s DAO treasury was turned down by a large number of votes, stated Cointelegraph.It is believed that in March 2023, the amended proposal AIP-1.05 was established after the transfer of the Arbitrum Foundation funds without taking any consent from the community.
As reported by Cointelegraph, the proposal was cancelled by 118 million votes and the other 21 million ARB tokens supported the proposal. It is expected that around two million ARB tokens were withdrawn and the proposal for the return of the tokens for a “symbolic gesture to demonstrate that the governance holders ultimately control the DAO, not the Arbitrum service provider nor the Foundation,” added Cointelegraph.
Sources revealed that the AIP-1 proposal was the first attempt of Arbitrum for governance after its tokens were launched in March, Cointelegraph concluded.
(With insights from Cointelegraph)