Ever since COMP token-holders changed our workforce as administrator of the Compound protocol in April, we’ve been thrilled to observe neighborhood governance in motion. Whereas we’ve watched from the sidelines, you’ve developed, proposed, authorized, and applied adjustments to the protocol.

Because the distribution of COMP started in June:

• 15 governance proposals have been created; 12 have been applied
• A brand new rate of interest mannequin was developed by Dharma, and deployed for the DAI and USDT markets
• The Augur workforce spearheaded threat administration adjustments for REP, in the course of the improve to REPv2
• COMP token-holders voted to alter the protocol’s worth oracle to the Open Value Feed, an open-source venture the place a set of reporters signal worth information which may be posted on-chain by any Ethereum handle — and which doesn’t depend on our workforce
• The neighborhood constructed a wholly new function, market-level Borrowing Caps, to restrict threat to the protocol
• Autonomous Proposals have been created, which permit anyone with 100 COMP to collect help for a Governance proposal

When neighborhood governance first went stay, we defined how the entire provide of COMP tokens could be allotted. Out of 10,000,000 whole COMP, we reserved 775,000 tokens “for the neighborhood to advance governance by means of different means — which shall be introduced at a future date.”

Right here’s how these tokens are being distributed to the neighborhood:

• In June, we designated as much as 500,000 COMP for distribution by means of Coinbase Earn. COMP tokens shall be obtainable by means of Coinbase Earn till November 2021, at which level Coinbase will switch all remaining tokens to the Compound neighborhood
• At the moment, we despatched the remaining 275,000 COMP on to the Reservoir contract. We imagine one of the simplest ways to advertise decentralization is to permit the neighborhood to allocate these tokens by means of the Governance course of

In whole, 5,004,949 COMP shall be distributed to the neighborhood — simply over half of the entire provide.

In case you’d prefer to get entangled in protocol governance, you may be part of the dialogue locally discussion board at comp.xyz or within the Discord #governance channel.

From all of us at Compound, 📈.