Posting here on behalf of the Treasure DAO ARC.
First of all, thank you to Mysterymen for providing additional information, not only regarding the contributions made by the Arbiters but also in answering questions from various community members on this second version of the proposal.
After reviewing the updated version of this proposal, collecting additional information and much discussion amongst the ARC members, we want to offer insights into why we are voting against this proposal.
- The Arbiters were given a one-time award by the Arbitrum Foundation of 6500-7000 USDC on average. Per Mysterymen, the exact amount per Arbiter isnât available because of privacy reasons. If we take the lowest possible number, this comes out to 6500 * 25 = 162,500 USDC that the Foundation paid out to the Arbiters on the 16th of September 2023. The price of Arbitrum was 83 cents or less. So in ARB terms this amount, when the payment was paid equates to, at least 162500 / 0.83 = 195,783 ARB.
- If each member converted that USDC into ARB they would have about 7831 ARB per Arbiter in terms of voting power on DAO proposals.
- The argument regarding obtaining voting rights therefore does not make a lot of sense. There was nothing preventing the Arbiters from participating in the airdrop activities and so comparing against the airdrop amounts is not very relevant. It is a completely separate event with a different criteria. As with all airdrops in Web3, there are community members who maximize for airdrops across wallets vs. those who may have much more activity from a single wallet. The rewards are often not comparable. We do not see this being relevant to this proposal
In conclusion we believe that the Foundationâs one time reward addresses the WHY of this proposal which was
However, Arbiters did not receive airdrop retroactive rewards after the establishment of the Arbitrum DAO. Arbiters, as an important early contributor to the Arbitrum ecosystem, have not been given any right to speak and vote in the development of the Arbitrum DAO.
The payment allows the Arbiters to have the ability to vote in the matters of the Arbitrum DAO. It is also unrelated to any airdrop they may or may not have received as part of the community wide Arbitrum airdrop.
Thank you,
Treasure DAO ARC