The Importance of Trust in Web3

TL;DR

When a DAO votes in opposition to a proposal, after which the DAO organizers say that the vote was moot and go forward with the proposal anyway, it’s not splendid, however that’s precisely what’s occurred with the current ArbitrumDAO vote.

ARB holders have been voting; and as of this writing the numbers are 78.28% in opposition to.

Now the ArbitrumDAO organizers  are saying  this wasn’t actually a vote, it was extra of a manner “to tell the neighborhood of the entire choices that have been made upfront [of the DAO being formed].”

Full Story

Belief is without doubt one of the basic elements of Web3.

Which is why, when a DAO votes in opposition to a proposal, after which the DAO organizers say that the vote was moot and go forward with the proposal anyway, it’s not splendid.

However that’s precisely what’s occurred with the current ArbitrumDAO vote.

To set some context:

Arbitrum is a scaling answer for Ethereum (it makes Ethereum transactions cheaper and sooner).

In March, Arbitrum launched their very own governance token – ARB – and shaped a DAO.

ARB holders can vote on proposals (normal DAO stuff).

One such proposal – the primary proposal – was the “Arbitrum Enchancment Proposal Framework,” also referred to as ‘AIP-1.’

ARB holders have been voting; and as of this writing the numbers are 78.28% in opposition to.

Drawback is, now the ArbitrumDAO organizers  are saying  this wasn’t actually a vote, it was extra of a manner “to tell the neighborhood of the entire choices that have been made upfront [of the DAO being formed].”

(Not a very good look).

Because the weblog explaining why the ArbitrumDAO votes are moot was launched, the ARB token has dropped by round 20%.

The actual difficulty right here although is nothing to do with the value of ARB, and all the pieces to do with belief.

As we mentioned at first, belief is vital all over the place – however given the variety of scams, rug pulls, alternate collapses, and different common bullsh*t, it’s particularly basic to Web3.

Right here’s hoping the ArbitrumDAO group learns from this, and the following DAO vote is adhered to.