Hey everyone, Johann here, I’d like to weigh in here and provide my insights. I work as the head of integrations over at Chainlink Labs and I’m quite happy to see this discussion shaping up.
I see Compound as one of the leading protocols within the DeFi space so I’m excited to work with the community and figure out the ways Chainlink oracles can be used to solve some of the oracle related issues the protocol is currently running into.
We want to support this proposal however we can and will begin by taking steps towards what could lead to a vote for a mainnet implementation in the coming weeks. Our price feeds currently cover all the live Compound markets on the Kovan testnet (Ethereum Price Feeds). In the coming days, we will launch a version of the Comptroller which utilises Chainlink price feeds deployed on testnet and get some testing going on there. The community can observe and monitor this process and provide any feedback you have.
Once this is live and operational on testnet, I think we should see the conversation going on by discussing the kind of format the Compound specific feeds we’ll be launching should take. For example, should the Compound community have control over the feed’s Multisig (ability to add and remove oracle nodes), should the multisig be a combination of Compound community members and Chainlink node operators, should it be set to the Compound governance module for COMP holders to vote on, or should we just avoid any Multisig and set it to a burn address (which in my view would be a more risky approach long term as it’s always useful to be able to do changes in the set of node operators such as adding more nodes when more value is at stake etc…).
This is entirely a decision to be determined by the Compound community though and we will follow whatever the community thinks is best and we’ll work at your rhythm. Our main motivation here is to solve problems for you guys, letting you focus on managing Compound markets, as well as put the experience our node operators and network has had providing price feeds for the DeFi ecosystem in the last 2 years at the service of the Compound community and protocol. Lastly, I want to say thank you to Getty for creating this proposal and the Compound community for your support. I will provide an update in this thread as we move closer to something we can showcase on testnet!