The decentralized autonomous organization (DAO) Arbitrum blocked 700 million ARB (~$783 million at the time of writing) to fund the project’s foundation.
The Arbitrum Foundation will gradually receive assets over four years. The funds will be directed to the development of second-layer network.
The initiative was implemented after the approval of AIP-1.1, which proposes introducing a vesting period, clearly defined budgeting principles, and mandatory transparency reporting.
The initial proposal drew a wave of complaints from users, who mainly concerned the transfer of control of 750 million ARB tokens to the Arbitrum Foundation. It was envisaged that the fund would independently use these funds to grant awards for the project’s development.
According to data from CoinGecko, the price of ARB rose by 3.1% over the past 24 hours — to $1.12.
Earlier, the Arbitrum community proposed distributing a portion of accumulated proceeds to the DAO among governance token holders. By mid-May, the organization had accrued about 3,352 ETH from base and extra fees.
In April, the network team initiated token distributions among the DAOs. The protocol moved 113 million ARB — 1.13% of the total supply — to the addresses of 125 decentralized autonomous organizations.
In June, Arbitrum developers rolled out a tool for launching third-layer blockchains using the Orbit software stack.