Both Arbitrum Foundation proposals to expand oversight and governance powers of ARB token holders have passed

Two new proposals by the Arbitrum Foundation to expand the oversight and governance powers of ARB token holders have both been voted on. The first of these proposals, AIP-1.1, proposes to place the Foundation's remaining 700 million ARB in a "smart contract-controlled lock," which will be unlocked over four years, and the Foundation will not be able to until community members approve the token allocation budget. Using tokens, a portion of the tokens will be used to fund the Arbitrum Foundation's operating budget for the first year; the second proposal, AIP-1.2, aims to modify several governance documents of the Arbitrum ecosystem, including those required to publish improvement proposals on the chain The threshold for the number of ARB tokens is lowered from 5 million ARB to 1 million ARB.