Learning about democracy – After the turmoil caused by the decision of the Fondation Arbitrum to attribute the equivalent of one billion dollars in $ARB tokensthe DAO was called upon to vote to settle the dispute. And no offense to the opponents of the project, it is with a large majority that theAIP-1.05 been rejected by token holders who participated in the vote. Beyond the specific case of this decision, it is thebalance of power between foundation and DAO which raises questions in these new forms of democracy 2.0. Back to the last days in the galaxy Decision.
Members of the DAO attempt to oppose the Arbitrum Foundation…
At the start of the challenge to part of the DAO d’Arbitrumit was about the foundation’s decision to award itself 700,000 $ARB tokens to create a administrative budget (AIP-1). Faced with the rather negative reaction of the token holders, the foundation therefore decided to organize several votes to settle the dispute.
But it’s a proposal coming from members of the DAO that got people talking this weekend, with theAIP-1.05. It was a question of proposing to the community the return of the funds. But above all to position oneself on a excess of authority of the foundation Decision if we are to believe the text submitted to the vote:
“The proposal is for the return of ARB$700,000 wrongfully allocated to the Foundation. What happened with AIP-1 was a clear overreach of the DAO’s power over treasury resources. [le vote d’aujourd’hui] is a symbolic gesture to demonstrate that it is the governance holders who ultimately control the DAO and not the Arbitrum service provider or the Foundation. »
>> Want to be your own bank? Buy a Nano wallet, Ledger offers you up to $30 in BTC as a welcome (commercial link) <<
…but they are not followed by the majority who prefer the status quo
But the results did not live up to the expectations of these slingers! Indeed, the text is ultimately rejected par 84% voters, or 118 million votes against. The “for” represent 14,5% with 21 million votes and are therefore swept away by a large majority. Finally, note that 1.5% of the DAO abstained. The reactions of opponents of the project were quick to flourish on social networks. And in particular some whales in $ARB who justified their position by explaining that this vote served “a power game and that it was useless”.
This other project token millionaire Decision wanted to calm things down they philosophize on the episode:
“There is a balance we have to try to achieve between advocating for decentralization and preventing progress in the ecosystem. I believe that decentralization in its ideal form is still elusive in this industry. »
It will be very interesting to follow the evolution of these embryos of participatory democracies to see what dynamics will be at work. Will DAOs be a form of dictatorship from majority without restriction ? Will certain decisions that are essential to the survival of the project be taken despite the disagreement apparent from part of the community? This debate inevitably returns to the questions posed in our modern democracies where even legally elected governments sometimes struggle to convince of their legitimacy in the face of protests in the streets. In the meantime, the DAO continue to be talked about and remain an innovative form of decentralized expression.
Need a secure wallet to explore the multiple applications of DeFi? The best solution is still a personal hardware wallet? Equip yourself with a secure hardware wallet. Ledger, offers you up to $30 in BTC for the purchase of a Nano key. Your security is priceless (commercial link).
