The self-titled Arbitrum foundation has retracted its proposal AIP-1 after voting reflected that it was unlikely to pass. The foundation now plans to divide the AIP into smaller segments. The drama caused the price of Arbitrum's governance token, ARB, to experience a significant decline. Despite the drop, on-chain analysis shows that some large ARB holders are reluctant to sell. However, some have sold, including whale 0x1dd9, which realised a loss of approximately $141,000 after selling 2.03 million tokens for ether at an average price of $1.15. The Arbitrum Foundation has gained criticism, but it has promised to propose transparency reports to better illustrate how funds will be spent and rename its special grants programme to "Ecosystem Development Fund." (TheBlock)