Arbitrum DAO proposes return of ARB tokens: All you need to know

ambcrypto.com:

The ongoing Arbitrum [ARB] saga shows no signs of slowing down, as a new proposal has recently surfaced. Upon examining the proposal, it becomes clear that tensions between the Arbitrum community and the team ran high at press time, particularly concerning the nearly 1 billion dollars in funds at stake.

Is your portfolio green? Check out the Arbitrum Profit Calculator

According to recent information from Snapshot, at press time, voting was underway for a proposal introduced on 8 April. The proposal sought to address the issue of the 700 million ARB tokens that have been at the center of the ongoing dispute. 

Specifically, the proposal called for returning these tokens from the Arbitrum Foundation to the DAO as a symbolic gesture of the governance token holders’ ultimate power and authority over the resources granted to the DAO. Additionally, the proposal requested a buyback of the ARB tokens from Wintermute, using any remaining fiat funds from the $10 million OTC sale.

The proposal further aims to emphasize that the power lies with the DAO rather than the team and that the team’s actions constituted an overreach that must be rectified. Over 55% of voters have cast their support for the proposal, although it appears it will face significant opposition.

Some weeks ago, the Arbitrum community was outraged when the Foundation conducted a “ratification” vote on already implemented decisions. These decisions involved transferring almost $1 billion in tokens to the Foundation, sparking widespread anger among community members.

The team has introduced two new proposals to address the community’s concerns and alleviate the tensions surrounding the ongoing Arbitrum controversy.

The initial proposal, AIP-1.1, recommends placing the