Recent sources claim that a resounding majority of people oppose Arbitrum’s (ARB) intention to repatriate 700 million ARB tokens.
According to sources, the AIP 1.05 plan suffered a serious defeat because it was rejected by a significant number of ARB voters. 118 million, or 84.01%, of the Abitrum voters that cast ballots, did not support the idea.
Arbitrum’s Power Play
Only 21 million Abitrum voters, or around 14.57% of the overall vote, supported the proposition, on the other hand. Additionally, 2 million people didn’t vote at all. This suggests that many ARB voters opposed the idea and that it did not gain the requisite support.
The majority of ARB voters opposed the plan because they thought that doing so would have increased the value of their tokens, which is what tiny voters were most concerned with. Large voters, mostly delegates, on the other hand, were more concerned with long-term token distribution capacity than they were with near-term price fluctuations. They voted against the idea as well because they thought it may interfere with the foundation’s capacity to distribute tokens efficiently. Overall, the priorities and viewpoints of small and large voters varied, which may have contributed to the proposal’s failure.
Another important factor that contributed to the proposal’s rejection was that it did not recognize that the financing problem had already been handled in AIP-1.1. The DAO may make any required adjustments to the vesting smart contract that the Arbitrum Foundation had previously intended to transfer the tokens. The introduction of AIP-1.05 could have made things even more difficult. The price of the ARB token has climbed by 6.91% over the past 24 hours, and it is presently trading in positive territory at $1.67 per token.
