In just two months, Arbitrum has distributed several hundred million ARBs to users, builders and investors. The goal is to decentralize control of the network. Thus, its control, which was once in the hands of Offchain Labs, should pass to the DAO Abritrum, composed of new holders of ARB tokens. Except that this “theater” coup did not fail to fuel conversations within the crypto community.
The CEO of Offchain Labs explains himself
In March, Arbitrum announced 2 major innovations in its ecosystem: the launch of the ARB token and the transition to DAO governance. While the ARB has already experienced two rounds of airdrops, the last one dated April 25, the transfer of Arbitrum’s governance into the hands of the decentralized autonomous organization has somewhat failed.
Indeed, the Arbitrum Foundation has decided to take control of 750 million ARB without any consultation from the ArbitrumDAO newly established. Hence the controversy around the decentralization of this layer 2 protocol supposed to extend the scalability of Ethereum.
In an article dated April 27, Coindesk reported some snippets of a conversation with Stephen Goldfeder. According to the CEO of Offchain Labs and co-founder of Arbitrum, it’s just a ” unfortunate miscommunication “.
” I can’t speak to what the Foundation did, but at least that’s what we thought before we created it. “, he said of this story of transferring funds of about 1 billion dollars without the approval of the DAO.
The Foundation’s promises
This kind of situation should bother the victims (Arbitrum DAO) and the perpetrators of the blunder (Abritrum Foundation). To repair the wrong, the latter had to commit to regularly issue transparency reports on the operations and cash flow of the network.
” As a member of the community, I think where it ended is even better. The community seems happy and I also think, you know, transparency and accountability are great things “Blows Mr. Goldfeder.
However, observers seem far from sharing this opinion. The fact that 44% of ARBs failed at the hands of Offchain Labs investors and employeesduring the initial distribution of tokens, worries more than one.
” Who controls the Arbitrum Foundation? It’s actually the DAO and the token holders. […] principle number one was that there should always be a majority in the hands of the community [ici 56 %]“, reassures the CEO of Offchain Labs.
Provided that the crooks who lined their pockets during the two airdrops cannot easily integrate the ArbitrumDAO.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
