The Archetrum Foundation, a company being formed to grow the newly formed decentralized autonomous organization (DAO), is set to receive over $1 billion in ARB token if the recently proposed AIP-1 passes the voting. A representative of the Arbitrum Foundation told Blockworks that Lemma is a service provider to the Arbitrum Foundation and is primarily focused on governance components of operations.

Arbitrum's ARB token airdrop, along with the proposal calling for a governing body for the DAO, has caused a stir in the DeFi space. If passed, the proposal will introduce what is called The Arbitrum Foundation, based in the Cayman Islands. The proposal outlined steps to go about setting up the foundation, claiming a fee of $3.5 million for legal fees, as well as administrative and registration expenses. The proposal got huge support from the ARB token holders, who transferred about 3.5 billion ARB tokens - worth close to $4.8 billion - to an address named “Arbitrum DAO Treasury 1".

Lemma, the entity behind the proposal, asked for an additional 750 million in $ARB tokens (roughly over $1 billion). This would be put into a secondary Administrative Budget Wallet, which The Arbitrum Foundation would control. Meanwhile, the proposal stated that there would be three initial directors - Campbell Law, Edward Noyons and Ani Banerjee - as well as a 12-member Security Council Committee. These names were received with varying reception, as Law is the co-founder of digital assets compliance firm Provenance, while Noyons is a director at Marfire, a consultancy firm that works with DAOs.

The voting of the proposal began on Monday, and it has got a majority support from the ARB token holders. As at the time of writing, almost 90% of the votes cast were in favor of the proposal. Many were quick to note the near 700 million tokens sent to a multi-signature wallet with an address named “Arbitrum DAO Treasury2". A representative for the Arbitrum Foundation confirmed to Blockworks this address is the Administrative Budget Wallet. The voting is set to end on the April 3rd after which it will be finalized on-chain.



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