Compound Governance Upgrade Proposal
Summary
After extensive testing, security review, and feedback, we’re excited to share that the proposal to upgrade the DAO’s Governor contract, developed by ScopeLift and funded by Compound Grants, will go onchain on Jan. 27th.
As we move forward with the upgrade, it’s important to be aware that a moratorium period will commence on January 27th and will remain in effect through the proposal process: a 2-day proposal delay, a 3-day voting period and a 2-day timelock delay. Any new proposals should be submitted on the new governor contract after the upgrade concludes on Feb. 4th.
Upgrade Overview
This proposal upgrades Compound’s GovernorBravo (GovernorBravoDelegator
and GovernorBravoDelegate
) contracts to OpenZeppelin’s modern Governor implementation, customized to preserve existing features while adding key improvements outlined in a previous post here.
The new governor contracts are deployed and verified at the following addresses:
GovernorAddress: TransparentUpgradeableProxy | Address 0x309a862bbc1a00e45506cb8a802d1ff10004c8c0 | Etherscan
GovernorImplementation: CompoundGovernor | Address 0x501eb63a2120418c581b3bd31cf190b0a0616752 | Etherscan
ProxyAdmin: ProxyAdmin | Address 0x725ed7f44f0888aec1b7630ab1acdced91e0591a | Etherscan
The contract code can be found here.
One more point to note is that the current governor Proposal Guardian is set to 0xbbf3f1421D886E9b2c5D716B5192aC998af2012c, with the role scheduled to expire around February 17th, 2025 (Unix time 1739768400
).
The new governor will be initialized with the same Proposal Guardian address and expiry and will not modify these parameters. Any changes to the Proposal Guardian would need to be addressed through a separate proposal after the completion of the upgrade.
We’re also requesting the current whitelist guardian to temporarily whitelist our deployer address, 0x447Abe6a1Fb43a8958ba1A179A50eb16c768baD1, with enough expiration time to allow us to validate all proposal details and submit it onchain.
Implementation Steps
Once passed, the new Governor contract will:
- Set its next proposal ID according to the current governor’s proposal count to ensure consistent and enumerable proposal IDs for future proposals.
- Be assigned as the
pendingAdmin
of the Timelock contract. - Accept the admin role, finalizing the transition to the upgraded system.
Timeline
- On-Chain Submission: The proposal will be submitted on January 27th.
- Moratorium Period: Starting from January 27th, no new proposals should be submitted on the current governor.
- Execution: The upgrade will be executed on February 4th, after community approval and a timelock delay of 2 days.
- Moratorium End: Once the upgrade proposal is executed, on February 4th, community members can begin proposing on the new governor contract.
Next Steps
This upgrade lays the groundwork for future governance improvements, and we’re excited to have been the ones to help bring these advancements to the Compound DAO.
We welcome the community to review, provide feedback, and participate in voting to ensure a smooth transition. Thank you!