Monday, June 17, 2024

COMP Governance & Distribution Replace | by Robert Leshner | Compound Labs

Ever since COMP token-holders changed our staff as administrator of the Compound protocol in April, we’ve been thrilled to look at neighborhood governance in motion. Whereas we’ve watched from the sidelines, you’ve developed, proposed, authorised, and applied modifications to the protocol.

For the reason that distribution of COMP started in June:

  • 15 governance proposals had been created; 12 had been applied
  • A brand new rate of interest mannequin was developed by Dharma, and deployed for the DAI and USDT markets
  • The Augur staff spearheaded threat administration modifications for REP, in the course of the improve to REPv2
  • COMP token-holders voted to alter the protocol’s worth oracle to the Open Value Feed, an open-source challenge the place a set of reporters signal worth knowledge which may be posted on-chain by any Ethereum deal with — and which doesn’t depend on our staff
  • The neighborhood constructed a completely new characteristic, market-level Borrowing Caps, to restrict threat to the protocol
  • Autonomous Proposals had been created, which permit anyone with 100 COMP to collect assist for a Governance proposal

When neighborhood governance first went stay, we defined how the whole provide of COMP tokens can be allotted. Out of 10,000,000 whole COMP, we reserved 775,000 tokens “for the neighborhood to advance governance via different means — which can be introduced at a future date.”

Right here’s how these tokens are being distributed to the neighborhood:

  • In June, we designated as much as 500,000 COMP for distribution via Coinbase Earn. COMP tokens can be accessible via Coinbase Earn till November 2021, at which level Coinbase will switch all remaining tokens to the Compound neighborhood
  • Immediately, we despatched the remaining 275,000 COMP on to the Reservoir contract. We imagine one of the best ways to advertise decentralization is to permit the neighborhood to allocate these tokens via the Governance course of

In whole, 5,004,949 COMP can be distributed to the neighborhood — simply over half of the whole provide.

For those who’d prefer to become involved in protocol governance, you may be a part of the dialogue locally discussion board at comp.xyz or within the Discord #governance channel.

From all of us at Compound, 📈.

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