The Currency Analytics
By Maheen Hernandez
Compound (COMP) Activities since June 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.
Compound Labs recently tweeted: “When community governance first went live we reserved 775,000 COMP for the community to advance governance through other means.
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.
A lot of things have happened since April, when the COMP token-holders have become the administrators of the Compound 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.
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.
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.
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.