Arbitrum community to vote for AIP budget proposal as ARB hints 10% gains

The Arbitrum (ARB) community is on course with preparations for the AIP voting, an Administrative Budget Wallet to help promote the growth and development of the Arbitrum ecosystem.

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Arbitrum AIP voting to commence soon

Arbitrum (ARB) community has revealed plans to hold the Arbitrum Improvement Proposal (AIP) voting on June 9. The news comes after the network published the proposal draft on June 6.

The Administrative Budget Wallet will help cover ongoing administrative and operational costs of The Arbitrum Foundation, payment of service providers, and promoting the growth and development of the Arbitrum ecosystem.

The proposal unveiled two documents, presented as AIP 1.1 and AIP 1.2. The former, AIP 1.1, which is the subject of the published draft proposal, entails establishing additional insight and restrictions on the Foundation's initial funding. The release has three elements: a lockup, budget, and transparency reporting regarding the 7.5% of the ARB tokens distributed to the Foundation's "Administrative Budget Wallet." Put plainly, it provides a detailed set of controls and initiatives to achieve that goal.

Arbitrum Foundation's strategic needs to represent and service the DAO

The proposed budget aligns with the Foundation's tactful needs to represent and service the Decentralized Autonomous Organization (DAO). In turn, the DAO will be able to keep tracking expenditures and other activities of the Foundation periodically.

The Administrative Budget Wallet will serve the Foundation's mission statement as stipulated in bylaws 24, including financing technical improvements and operations of the Arbitrum network. Others include fostering ecosystem growth using grants to align with partner projects and educational initiatives with in-person and online events.

Arbitrum price readies for a 10% rally over AIP voting

Arbitrum (ARB) could rally 10% as the Foundation readies for the vote to determine the ARB ecosystem's growth and development. The Ethereum (ETH) Layer-2 (L2) token has been on an uptrend since May 9, steadily consolidating within an ascending parallel channel.

ARB would record more gains for as long as Arbitrum price continues moving within this technical formation. An increase in buyer momentum above this level could see the L2 token shatter the immediate resistance at $1.205 before confronting the channel's upper boundary at around $1.261.

Notably, this outlook would deliver the altcoin to the supply zone indicated by the red area in the daily chart below between the $1.321 and $1.372 area.  

This bullish outlook is supported by the rising Relative Strength Index (RSI), indicating a growing momentum. Similarly, the Awesome Oscillators (AO) had moved into the positive zone, suggesting bulls were leading the market.

ARB/USDT 1-Day Chart

On the flip side, once Arbitrum price tags the supply zone at around $1.321, selling pressure from this seller-infused zone could push ARB below the channel's lower boundary, potentially tagging the local support at $1.046.