Compound (COMP) Governance Seems to Gear up for lot of Autonomous ProposalsSeptember 18, 2020
Defi is expected to replace the legacy portfolio managers and advisors. DeFi is set to create the robo-advisory products that will allow retail to massively adopt Crypto.
Tyler Winklevoss tweeted: “DeFi provides new alternatives to the legacy system. Decentralized money market protocols like Compound Finance are a part of this new frontier. It’s token COMP is now available for trading on Gemini. You can now take your financial fate into your own hands.”
Compound Labs recently tweeted: “When community governance first went live we reserved 775,000 COMP for the community to advance governance through other means. Those tokens have been set aside for education and allocation through the Governance process.”
Sydney Ifergan, the crypto expert opined: “Compound (COMP) is seeing excellent advancement by the joint efforts of the community in the form of community governance. I like that everyone with stakes are able to participate in the governance.“
A lot of things have happened since April, when the COMP token-holders have become the administrators of the Compound protocol. The Compound community governance is in action. A lot of development is taking place, new proposals are happening, getting approved, and changes are getting implemented on the protocol.
Autonomous proposals are gaining traction in the Compound ecosystem. It takes about 100,000 COMP to create a Governance Proposal. And that is really a lot. However, Compound labs now makes it possible for community members with 100 COMP to deploy an Autonomous Proposal, which is a smart contract that is used to gather public support. When it gets enough votes, it becomes a formal proposal.
Compound (COMP) Activities since June 2020
Reportedly, ever since COMP distribution began in soon, many things have been accomplished.
About 15 governance proposals have been and 12 has been implemented. Dharma developed a new interest rate model and deployed it for DAI and the USDT markets. Further the, the Augur team have spearheaded risk management changes for REP inter alia upgrade to REPv2.
Also, the COMP token-holders voted to express their support for changing the protocol’s price oracle to the Open Price Feed.
The Open Price Feed is an open-source project with a set of reporters signing price data, which can be posted on-chain by any kind of Ethereum address. And, that which does not rely on their team.
The entire community has built an entirely new feature known as market-level Borrowing Caps which is meant to limit the risk to the protocol. Further, autonomous proposals were created to permit anybody with 100 COMP to gather support for their Governance proposal.