ArbitrumDAO Turns 2 With a New Vision for the Future
ArbitrumDAO, the decentralized governance system for the Ethereum Layer 2 solution Arbitrum, is celebrating its 2nd anniversary.
On this page
To mark its second birthday, Arbitrum reflected on its role and progress, thanking community members for their engagement and support. The project also launched a free “Land of Liquidity” NFT collection on Magic Eden, allowing users to add collectibles to their wallets.
Regarding the DAO’s activity, Arbitrum reports an average of about four proposals per week, with nearly 70% of delegated voting power being active.
ArbitrumDAO’s treasury holds approximately 2.8 billion ARB, the native token of the ecosystem, used for voting, capital allocation, and community incentives.
Although ArbitrumDAO was officially established on March 23, 2023, active community participation began in April. Arbitrum, developed by Offchain Labs, officially launched its mainnet in August 2021 with the goal of enhancing Ethereum’s transaction speed and reducing costs through optimistic rollups.
Related: Offchain Labs Launches Onchain Labs Program to Support Arbitrum Devs
Arbitrum Suggests a New DAO Operating Model
On April 9, Arbitrum Governance introduced a new DAO structure outlined in the “A Vision for the Future of Arbitrum” paper.
This change aims to reduce governance fatigue by delegating execution to Arbitrum Aligned Entities, while delegates will focus on high-level decisions, potentially increasing stakeholder participation.
Arbitrum community member Patrick McCorry, who shared the news, believes it’s the right time for the DAO to implement these changes.
“Many of the current processes made sense while the DAO was still an infant, but the same processes are now holding the DAO back from realizing its true potential,” McCorry said on X.
Recently, Arbitrum faced controversy over decentralization and community autonomy after the address hitmonlee.eth paid 5 ETH (roughly $10,000) to acquire 19.3 million ARB tokens’ worth of voting power through Lobby Finance.
DeFi researcher @DefiIgnas pointed out that this was more voting power than experienced DAO delegates had.
The newly announced shift is expected to bring more clarity and balance to the system.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
