Compound Proposal 63: Temporary Patch for COMP Distribution Bug (9/29/21)

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@hayesgm just posted an analysis of prop 64 from Compound Labs

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@dvf Any more info on the severity of the issue if 63 and 64 BOTH pass would be VERY helpful right now. This means that claimComp() would revert for a little more than 2 days before the functionality was restored. Obviously no one wants to go this route if it’s possible to avoid it, but if token holders can better understand the severity on your side, they can make the decision that best balances the risks to the Compound community with the impact on your protocol

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In our case, Idle Finance, deposits for all idleTokens with Compound integrated would revert for basically 2 days, while redeems will be possible but only by giving up COMP tokens. The issue on Idle will also spread to other integrators that use our protocol under the hood, with unknown impact, like Yearn, Harvest Finance, Enzyme Finance, Gro and some others too (and most of them usually don’t have the ability to skip the redeem of specific gov tokens)

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OUSD itself will be fine, we can disabled rewards collection and our users will be unaffected.

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When billions are blocked on the platform and it can be trillions, code is the main problem now. The end justifies the means.

Appreciate this clarification.

Speaking individually, I supported Prop 63 so that the community would have an additional tool at its disposal – the ability to suspend COMP claims earlier than 64, should the need arise and only if the benefit to the protocol is greater than the risk to integrations / partners like Idle.

There are 2 days to get comfortable with Prop 64, pass it, and cancel Prop 63.

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OUSD has completed its governance action and will be unaffected by the possible upcoming reverts from prop 63.

What is the process for cancelling proposals when a substitute proposal comes into action within the 2-day window (ex. Proposal 64 resulting in the cancellation of Proposal 63 earlier today)? Do members of the community need to remove votes or is that a decision made by the multisig?

Generally, to cancel a proposal, either the proposer has to cancel it, or the proposer needs to fall below the proposal threshold. However, in this case, the proposer (me) was a whitelisted proposer. For whitelisted proposers, either the proposer can cancel, or the multisig can cancel.

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Heads up that Proposal 63 - revert when collecting COMP - was canceled by the community multisig several hours ago, and so the reverts will not be happening.

Proposal 64 (no revert) has now passed, and is waiting in timelock.

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