Week of September 19, 2022
Summary
Welcome to the latest governance recap from Boardroom, covering all of last week’s important governance related content. We hope it proves useful to the community.
Proposals
Compound III Supply Caps (127). Noting that WBTC, ETH, and COMP are utilizing most of their supply caps in Compound III — which has been operating for more than a month ”without bugs, losses, or disruptions” — @rleshner writes that “Now is a prudent time to begin carefully raising collateral supply caps, so that the protocol can continue expanding past its trial phase.” The specific increases suggested are outlined in the proposal.
OpenZeppelin Security Partnership - 2022 Q4 Adjustment (126). Last December OpenZeppelin was selected to provide “continuous audit, security advisory, and auditing services” to Compound. Each quarter they submit a proposal to update their service fee, which this round as in the last is a $1m lump-sum payment in COMP.
The Gauntlet <> Compound Renewal (125), summarized in last week’s recap, was passed, and was executed on September 25.
Vote here!
In the Forums
OpenZeppelin security updates for August & September are detailed here by @cylon. It includes a link to their Q4 compensation proposal, which follows the structure of their Q3 proposal.
Update cComp parameters? @monet-supply suggests that “it may be safe to increase borrowing caps to allow for more utilization and greater cCOMP yields.”
Dune dashboard and educational materials for Compound III. @andrewhong5297 proposes a Dune dashboard “to build out more user-level analysis, as well as a writeup and youtube video explaining the technicals of the protocol (making it more accessible for developers and analysts to understand).” Here’s the poll.
Normalizing ETH market post merge. The discussion continues; Gauntlet “Gauntlet supports >0% borrow rate at 0% utilization.”
Deprecate FEI market. The first part of this proposal was executed on September 10; @OneTrueKirk wonders if it’s time to submit a proposal to execute the second part, which sets the “FEI reserve factor to 100% (which allows for liquidation of outstanding borrows).”
TUSD market update proposal. This was noted in last week’s recap — and discussion continues, with an update from a16z, and a presentation during the community call.
1independence, which aims to “distribute life-changing opportunities to people,” hopes to discuss a partnership with Compound.
Initialize Compound III (USDC on Polygon PoS). @hamzahkhan proposes initializing Compound III on Polygon, an EVM compatible chain, “with USDC as the borrowable asset…[and seeding] the market with 500k USDC.” While there is support expressed in the comments, a few concerns are noted, and a suggestion made to split the proposal into smaller parts so that governance can address each portion adequately.
Investigate market manipulation risk in ZRK and other tokens? Volt Protocol wonders whether we should return to the topic, given the GMX oracle attack.
Developer Community Calls
The last call took place on September 21, and included discussions led by Gauntlet, OpenZeppelin, and the TUSD team. The recording can be found here.
Join the next call on October 5 (4:30PM GMT), in Discord.
Quick Gov Links: Governance Overview | Governance Docs | Compound on Boardroom