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What will be the focus of the next major governance proposal on Compound Finance post-Proposal 290 by December 31, 2024?
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Resolution / Starting Odds
Security Enhancements • 25%
Token Redistribution • 25%
Governance Structure Change • 25%
Other • 25%
Compound Finance governance records and announcements
Story
Compound Finance Faces Governance Attack as Proposal 289 Passes, Moving 499,000 COMP
Jul 28, 2024, 10:21 PM
Compound Finance recently experienced a governance attack where a proposal to transfer $25 million worth of COMP tokens was passed. The proposal, known as Proposal 289, was pushed through by a group called the 'Golden Boys' who accumulated 682,000 COMP tokens to secure the vote. The proposal moved 499,000 COMP to the goldCOMP treasury. This incident has raised concerns about the centralization of power within the DAO and the vulnerability of on-chain governance systems to such attacks. The community is now divided, with Proposal 290 seeking to transfer the Timelock Admin to CommunityMultiSig as a countermeasure. The attack was orchestrated by an individual known as Humpy, who has a history of similar attacks, including one on Balancer in 2022. Delegate tokens for the proposal came out of ByBit.
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Yes • 50%
No • 50%
Token Locking Period • 25%
Minimum Voting Quorum • 25%
Delegated Voting • 25%
Other • 25%
Yes • 50%
No • 50%
New governance rules implemented • 25%
Existing governance rules upheld • 25%
Compromise solution reached • 25%
No significant changes • 25%
Veto Committee • 25%
Dual/Multi-token Voting System • 25%
Check-and-Balance Mechanisms • 25%
Other • 25%
Proposal 289 revoked • 25%
New governance measures implemented • 25%
No significant changes • 25%
Other outcomes • 25%