Today, via a blog post, Arbitrum unveiled its new phase of decentralization as the project rolled out new initiatives. According to the blog post, the project launched the Arbitrum Decentralized Autonomous Organization Governance for the Arbitrum One and Arbitrum Nova networks. Also, the announcement pointed to the inauguration of the Arbitrum foundation.
With the latest development, the project said it becomes the first Ethereum Virtual Machine roll up technology to attain the second stage of decentralization. As part of the new height, the firm will launch its Arbitrum Orbit. Therefore, making the project permissionless, allowing developers to initiate their customized Layer 3 blockchain. Working on such a project, developers will see support from the firm’s leading technology stack.
Furthermore, the firm announced its intention to airdrop 12.75% of the $ARB token on March 23, 2023. More so, the token will serve as the utility coin of the Arbitrum ecosystem. The token will commit the governance of the project to the newly launched DAO. The firm urged interested participants of the airdrop program to ignore malicious information, as the airdrop will not commence until the aforementioned day.
Accordingly, the firm highlighted how the project underwent many year of development, including how it ran on mainnet for about 18 months. More so, Arbitrum stressed the relevance of the DAO to the future of the project. More projections in the blog post established how the project rated its community members highly.
Insight into Arbitrum’s DAO
While stressing the importance of the DAO, the blog post provided insightful detail on how it’ll operate. The Arbitrum Constitution according to the announcement has specified how the governance process and proposals will run through its DAO. Through its self-executing feature, the DAO will not rely on a third party to carry out on-chain resolutions.
Instead, the DAO votes will be equipped with backing to directly execute on-chain decisions. However, every voting process will require 21-37 days to be completed. As stated, the timeframe will provide members of the Arbitrum DAO enough time to reflect on proposals before their execution.
The announcement established how the DAO won’t have the power to quickly adopt changes to the protocol. Arbitrum stated that the DAO can swiftly implement an upgrade to the network. Likewise, the Arbitrum Foundation has established a 12-member Security Council that’ll champion the security of the chain. The council is empowered with the capacity to swing into action against security vulnerability. Nevertheless, the council can only act with the participation of 9 of its members.