Hello everyone,
olimpio.eth voted against AIP-1.05.
Reasons below:
-
Please read the Transparency Report published by Arbitrum regarding questions about the token allocation. I also believe the Foundation should have funding available to deploy to grants and to continue to advance the ecosystem. We have seen a huge success in Optimism thanks to similar initiatives.
-
With the new AIP-1.1 being proposed into Snapshot soon, there is a lockup schedule for the 700M ARB transferred to the foundation. There is also control over this vesting by the Arbitrum DAO, which can modify or pause any allocations in the future if it deems it necessary.
-
Buyback: I see no point on conducting a buyback. The 10,000,000 USD of ARB that was already sold was used to cover past expenses (3,500,000 USD used to setup the foundation). There is also an estimated budget needed for the next 12 months of 36,000,000 USD (as per reported by the Foundation buget estimate), which will probably require more selling, so brace yourselves.
-
There is a balance that we need to try to accomplish between advocating for decentralization and preventing progress in the ecosystem. I believe that decentralization on its ideal form is nowhere to be seen in this industry yet. There are still [many] aspects that are centralized, for better or for worse, in almost all protocols and blockchains. This could be due to regulatory reasons, to maturity of the DAO, to single multi-sigs points of failure… and many others. Arbitrum took a big step when they announced that on-chain votes have a direct effect and they do not have to be executed by a third party. One of my main values when analyzing proposals in all protocols and chains I am a part of is decentralization. I will strive to help all teams accomplish this. In this case, I believe the proposal is counter-productive for the ecosystem in general and in the long term.
-
There was a 100% consensus in community members who delegated to myself and reached out. All of them suggested an “Against” vote. Although not statistically significant, I still listen to all suggestions.
The Arbitrum Team had setbacks in their communications surrounding AIP-1. They have taken steps to address the community feedback received with AIP-1.1 and AIP-1.2, including adding vesting for the Foundation tokens, recurring transparecy reports, and DAO control over future vesting. I agree with these steps and believe that AIP-1.05 proposition does not add value long term.