The Compound protocol is maintained and upgraded by way of a neighborhood governance system by which COMP token-holders and their delegates debate, suggest, and vote on all modifications to the protocol. At present, the governance system requires customers to have a minimal of 100,000 COMP delegated to their deal with, earlier than they’ll formally submit a governance proposal.
Whereas this requirement has not been prohibitive to the creation of considerate governance proposals over the previous a number of months (whole 22 submitted, 18 handed), there has not too long ago been vibrant dialogue on the opportunity of decreasing the 100,000 COMP-delegated requirement.
Whether or not or not a proper proposal is created to decrease the requirement is as much as the neighborhood. Nonetheless, at present we’re proud to announce a device that dramatically reduces the barrier to creating proposals, whereas nonetheless satisfying the encoded necessities of the present governance system: Autonomous Proposals.
Compound Autonomous Proposals (CAPs) permit anybody with a minimal of 100 COMP to create and deploy an Autonomous Proposal, which is a brilliant contract that features the identical parameters as a proper governance proposal (title, description, governance actions).
The following step is gathering public help. Anybody can help the Autonomous Proposal by visiting app.compound.finance/vote, and delegating their votes to the Ethereum deal with of the CAP.
When a CAP reaches the proposal threshold (at the moment 100,000 delegated votes), anybody can name the general public launchProposal perform, which creates a proper governance proposal — and begins the voting course of. Instantly after, anybody can then name the vote perform on the Autonomous Proposal, casting its delegated votes FOR the submitted proposal.
When a consumer creates an Autonomous Proposal, they lock COMP into the CAP; at any time, the writer can name the terminateProposal perform, which returns their COMP and completes the Autonomous Proposal.
Compound Labs constructed the Autonomous Proposals system, examined it end-to-end, deployed it to mainnet, and has created the primary ever CAP: Set Pause Guardian to Group Multi-Sig.
This CAP proposes to set the Pause Guardian deal with of the Compound protocol to a 4-of-6 multi-sig shaped by the Compound neighborhood. For extra background, please assessment the small print of the CAP.
If 100,000 votes are delegated to this CAP, it’s going to proceed into the formal governance proposal and voting course of.
Autonomous Proposals scale back the barrier to entry for creating governance proposals by a number of orders of magnitude (from 100,000 COMP to 100).
On the Vote web page of the Compound Interface, any consumer with 100 COMP of their pockets will see a Create Autonomous Proposal button. Clicking this button will launch a circulate for customers to title, describe, and configure the proposal they want to create, after which deploy their Autonomous Proposal.
Attempt it out, and share your Autonomous Proposal with the Compound neighborhood on Twitter (@compoundfinance), within the Compound Group Discussion board (comp.xyz), and within the Compound Discord.
As Autonomous Proposals begin to mixture massive numbers of delegated votes, you’ll additionally begin to see them on the Governance Leaderboard. Maybe your Autonomous Proposal shall be one of many first!