Compound Delegate Race

Proposals
4

Following the tense events over the last couple of days, it’s become increasingly evident that voter apathy and an overall indifference towards governance has put Compound into a precarious position. A handful of delegates have recently received large quantities of delegations. From a rough estimation, upwards of 257k COMP was delegated to at least 7 delegates over the last few days. Each of these delegates was previously active in the DAO–in analyzing the addresses, all of the addresses that voted for the latest “Trust Setup for DAO investment into GoldCOMP ‘’ proposal were excluded from this analysis.

Below are a couple nuances, clarifying details on the first post:

  • The points system proposed above will stay the same.
  • If you currently have 80k or more COMP of voting power, you are not eligible for this delegate race to prevent the overconcentration of voting power.
  • You must specify in your application if you are applying as an individual or an entity. A maximum of one person can apply from each entity.
  • For the “voting participation criteria”, applicants must report their voting % for the past three months (May - July) for all proposals that were posted onchain within this timeframe. Only onchain votes count. For context, the first vote in this period was ID 247, and the final proposal will be ID 295.
  • Some proposals were canceled, defeated, or didn’t reach quorum. Below is an outline of the proposals that will count in your participation rate, even though they were not executed. We believe this is most representative of good-faith participation.
  • The topic of accountability for these delegates has also come up. For this race, the GSWG will hear all complaints regarding any conflicts of interest or malicious actions taken by delegated parties. We will raise warranted issues to the community, and if needed, submit a vote to have the general community decide on withdrawing the voting power of the perpetrating delegate.
  • We anticipate revisiting the activity of the elected delegates by EOY 2024. For now, we are tentatively stating that elected delegates must maintain a minimum participation rate of 80% between being awarded delegation till EOY 2024. Delegates with under 80% participation will have their votes revoked.
  • Again, if you are interested in becoming a delegate, now is the best time to delegate yourself any amount of COMP and establish a voting record. We will run a second round of this delegate race in the future.

Over the weekend, the GSWG will be releasing another forum post where teams can formally apply. Interested parties will self-report their participation in Compound governance according to the provided template. The GSWG will verify the provided information and finalize a list of elected candidates. Each elected party will be delegated their respective amount of COMP via a vote that will be put onchain by the AlphaGrowth team utilizing a series of Franchiser contracts.

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