✨ $24 Million Transfer to goldCOMP Protocol Canceled
posted 30 Jul 2024
Compound Finance and the Golden Boys resolved the dispute concerning the controversial Proposal 228, which sought to allocate 500,000 COMP to the goldCOMP protocol.
Critics of the canceled proposal raised concerns about potential vote manipulation, as a small number of delegates seemed to exert a disproportionate influence on the outcome through bulk purchases of COMP tokens. Humpy, a crypto whale acting on behalf of the Golden Boys, has been noted for repeatedly using his wealth to forward proposals that primarily benefit his own interests, rather than those of the wider ecosystems.
The tokens will be returned to the treasury, and a new staking product, Staked COMP, will be introduced to balance the interests of all stakeholders.
This new offering will distribute 30% of the new annual COMP reserves to existing stakers proportionate to their stakes.
The distribution rate of tokens can be adjusted via Compound’s governance mechanisms to suit the ecosystem's needs.The proposal for Staked COMP is slated for a vote after undergoing a security audit by the Compound Security Partner and a risk evaluation by the Compound Market Risk Manager.
The initiative has already garnered preliminary support from key Compound delegates, including Humpy, who had previously advocated for the Golden Boys, as well as security specialists from OpenZeppelin and Gauntlet.
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