Compound Shines a Light on DeFi Governance and DAOs

For truly decentralized DeFi protocols, community members and holders of the platform's native token can vote on proposals.

DeFi protocol Compound Finance (COMP) was nearly hijacked by a group of whales after they banded together to pass a proposal that would have allocated $24 million in COMP from the Treasury to a yield-bearing protocol controlled by the whales, known as the “Golden Boys.”

The proposal passed after several whales, led by one known as “Humpy,” voted in favor of the suggestion at the last minute. However, the Golden Boys’ victory was short-lived.

After the voting ended over the weekend, ordinary COMP holders realized what had happened and were outraged. They took to social media and forums to voice their anger, calling the vote a “scam” and accusing the Golden Boys of manipulating the vote by artificially inflating their voting power after accumulating COMP.

In response to the backlash, Compound intervened and had a new proposal drafted to scrap the controversial allocation.

According to the new proposal, instead of the Golden Boys taking charge of the funds, there would be a staking product that would benefit all COMP holders, not just Humpy.

「この提案は、Compound Treasury から新しいステーキング製品に 100,000 ETH を割り当てます。この製品は、この製品の作成に時間と労力を費やしたボランティアのコミュニティ メンバーのグループである「ゴールデン ボーイズ」によって展開および運用されます。」述べました。

「この製品は完全に監査可能で、許可が不要で、分散化されます。すべての COMP 保有者が利用できるようになり、市場によって決定される利回りと引き換えに COMP を賭けることができるようになります。」

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