Very insightful points mentioned by @allthecolors here. Although its probably too late to discuss these points from a voting perspective, we would like to bring everyone’s attention to a few interesting details on DAO voting.
First off, yes as per the comment by allthecolors below, Gauntlet is now at a much higher negotiating position for renewing their risk management services proposal with the DAO. The tables have not turned, it is as if none of us are sitting on the table anymore.
This again justifies and points out the pressing need of a secondary risk manager to the DAO as we have mentioned here yesterday.
While on one end Gauntlet handles the existing comets on V3 and the Morpho <> Compound Vaults, Chainrisk is here to support on new comet deployments and the development of Sandbox. This will solve for 3 things -
- No Conflict of Interest within the DAO moving forward.
- Faster recommendations and Faster deployment cycles to foster healthy relationships with partner protocols and Chains.
- A bit more aggressive parameters ( while not compromising on the Risks ) to bring more retail and institutional eyeballs which are right now either going to AAVE or our recent DAO partner - Morpho.
That being said, here’s an additional major concern to be addressed regarding Gauntlet’s voting power in the DAO. Let me breakdown a series of events.
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Gauntlet was allotted an extra delegation of 216455.81 Votes by Robert Leshner on December 30th giving them a total voting power of 306519.98 Votes which is almost 90% of the Quorum.
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Weirdly, Gauntlet has not voted on most of the proposals that have gone up since then. Why ?
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Suddenly when there was no fee to be accrued by Gauntlet (atleast for now) in the Compound <> Morpho collaboration, they voted all in on the proposal despite of conflict of interest.
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Also whilst they prefer to abstain from simple proposals like updating supply caps, why did they chose the vote on such an important proposal for compound which was brought in by themselves ? Anything here that the DAO doesn’t know yet or is happening backdoors ?
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Does all of this also have chances to indicate that Gauntlet could also possibly vote on their next renewal proposal to make it pass ? That would be one of a kind sight to experience lmao.
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Also, bringing attention again to the Delegate Compensation Program Proposal that got defeated due to sudden surge of rejection from Humpy Wallets. Shouldn’t Gauntlet, being the second largest delegate, have voted to counteract the Humpy attack ? This is not for showing support but for counteracting Bad Actors in the DAO.
There are several other questions to be answered which brings us back to the point of accountability and transparency in the DAO. These two are the most pressing issues if we want to foster growth for Compound.
Regards
Team Chainrisk