The Arbitrum Foundation has announced the launch of DAO governance for its Arbitrum One and Arbitrum Nova networks. This marks a significant milestone in the decentralization of the two networks, as they become the first EVM rollup technology to achieve the second stage of decentralization.
According to their recent blog post, The goal of the Arbitrum Foundation has always been to securely scale Ethereum. The foundation has maintained a security-first mindset, which is the guiding force behind decentralizing the chain as security and decentralization is closely intertwined. The first prerequisite for removing centralized control is to build the core technology that allows the chain to operate without any centralized actors, and key to this are the fraud proofs that empower Ethereum to enforce the chain’s correctness.
Upgradeability and the Role of the DAO
While a fully built-out rollup can operate without any centralized intervention, upgrading the rollup is important to introduce improved technology as it becomes available. And indeed, last summer, Arbitrum was upgraded to the Nitro stack which included improved compression, lower fees, and massively increased throughput. Upgradeability is also critical to patch the software in the event of a discovered vulnerability.
Today The Arbitrum Foundation is extremely excited to announce the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, alongside the launch of $ARB. https://t.co/TB3wG0QK0v
— Arbitrum (????,????) (@arbitrum) March 16, 2023
The Arbitrum DAO will control the upgradeability of the rollup, and the $ARB token is essential for distributing this power to the community. Today’s launch gives the Arbitrum Foundation and DAO ownership of the chain and the responsibility to foster and grow the Arbitrum ecosystem.
Arbitrum Becomes First EVM Rollup to Achieve Second Stage of Decentralization
The Ethereum community has been working for years towards building a secure and decentralized L2, and late last year, Vitalik Buterin proposed a three-stage schema for classifying the maturity of rollups. With today’s announcement, Arbitrum has become the first EVM rollup ever to achieve the second of the three stages.
The launch of DAO governance for the Arbitrum One and Arbitrum Nova networks is a historic day for Ethereum scaling more broadly. The Arbitrum Constitution specifies the governance process and how proposals are presented and voted on. Arbitrum’s DAO governance is self-executing, meaning that the DAO’s votes about on-chain actions will directly have the power to effect and execute its on-chain decisions, without relying on an intermediary to carry out those decisions. Self-executing governance is a critical milestone for decentralization, and Arbitrum is leading the way as the first L2 to launch self-executing governance.
$ARB Token Airdrop Information and Cautionary Note
The $ARB token will put governance power in the hands of the DAO. 12.75% of the $ARB token supply will be airdropped on March 23. It is important to be cautious and only follow trusted links, as the airdrop has not yet begun.
Arbitrum Orbit and the Future of Customized Layer 3 Chains
In addition to the launch of DAO governance, today also marks the launch of Arbitrum Orbit, making it permissionless and easier than ever for developers to launch their own customized Layer 3 chains using Arbitrum’s best-in-class technology stack.
This News Article is equivalent to a Fact-check Article because we fact-checked the statements and details of this news using Primary Source/s (Arbitrum Foundation’s Blog – Web3 Archive). Fact-check Equivalency is an initiative launched by Fact Protocol, a decentralized web3 fact-checking system, to provide users with trustworthy and straightforward news on an “as is” basis.