Ever since COMP token-holders changed our workforce as administrator of the Compound protocol in April, we’ve been thrilled to observe group governance in motion. Whereas we’ve watched from the sidelines, you’ve developed, proposed, authorized, and applied adjustments 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 workforce spearheaded danger administration adjustments for REP, throughout the improve to REPv2
- COMP token-holders voted to vary the protocol’s value oracle to the Open Value Feed, an open-source challenge the place a set of reporters signal value information which may be posted on-chain by any Ethereum tackle — and which doesn’t depend on our workforce
- The group constructed a completely new characteristic, market-level Borrowing Caps, to restrict danger to the protocol
- Autonomous Proposals had been created, which permit anyone with 100 COMP to collect help for a Governance proposal
When group governance first went stay, we defined how the whole provide of COMP tokens could be allotted. Out of 10,000,000 complete COMP, we reserved 775,000 tokens “for the group to advance governance by different means — which might be introduced at a future date.”
Right here’s how these tokens are being distributed to the group:
- In June, we designated as much as 500,000 COMP for distribution by Coinbase Earn. COMP tokens might be obtainable by Coinbase Earn till November 2021, at which level Coinbase will switch all remaining tokens to the Compound group
- Right now, we despatched the remaining 275,000 COMP on to the Reservoir contract. We imagine one of the simplest ways to advertise decentralization is to permit the group to allocate these tokens by the Governance course of
In complete, 5,004,949 COMP might be distributed to the group — simply over half of the whole provide.
For those who’d wish to get entangled in protocol governance, you may be a part of the dialogue in the neighborhood discussion board at comp.xyz or within the Discord #governance channel.
From all of us at Compound, 📈.