Quotes of the Arbitrum token (ARB) have increased by 8.5% over the past 24 hours amid successful voting on two proposals to improve the project.

• The community overwhelmingly supported AIP-1.1 and AIP-1.2 - 98.13% and 99.15% were in favor, respectively.

  The accepted updates became an alternative to AIP-1, which raised many questions and was withdrawn by the team. The main part of the claims concerned the allocation of 750 million ARB to the Arbitrum Foundation. It was assumed that the foundation would independently use these funds to allocate grants for the purpose of developing the ecosystem.

  According to the proposals approved by the community, the Arbitrum Foundation will receive 700 million ARB (7% of the total issue), but with a vesting period. The project will allocate funds over four years in equal shares of 135 million tokens.

  The coins will be stored in a multi-signature wallet controlled by the foundation. However, Arbitrum DAO will be able to make changes to the smart contract to regulate the allocated amounts or to the unlocking schedule. The community will control the expenses of the Arbitrum Foundation.

  The updates also lowered the threshold for submitting AIP from 5 million ARB to 1 million ARB in order to democratize governance.

  Previously, users did not support the proposal to return the allocated 700 million tokens to the Arbitrum Foundation treasury.