Ever since COMP token-holders changed our group 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, permitted, and applied adjustments to the protocol.
For the reason that distribution of COMP started in June:
- 15 governance proposals have been created; 12 have been applied
- A brand new rate of interest mannequin was developed by Dharma, and deployed for the DAI and USDT markets
- The Augur group spearheaded danger administration adjustments for REP, through the improve to REPv2
- COMP token-holders voted to vary the protocol’s value oracle to the Open Worth Feed, an open-source undertaking the place a set of reporters signal value knowledge which could be posted on-chain by any Ethereum handle — and which doesn’t depend on our group
- The neighborhood constructed a completely new characteristic, market-level Borrowing Caps, to restrict danger to the protocol
- Autonomous Proposals have been created, which permit anyone with 100 COMP to assemble help for a Governance proposal
When neighborhood governance first went dwell, we defined how the overall provide of COMP tokens could be allotted. Out of 10,000,000 complete COMP, we reserved 775,000 tokens “for the neighborhood to advance governance by different means — which shall 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 by Coinbase Earn. COMP tokens shall be obtainable by 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 by the Governance course of
In complete, 5,004,949 COMP shall be distributed to the neighborhood — simply over half of the overall provide.
From all of us at Compound, 📈.