Clearly there is enough interest to move forward for a proposal. Is there anyone who would like to take the lead (who has 100 COMP) to submit a proposal?
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I donāt think interest in this proposal has waned. But you can easily understand that this is not only somewhat controversial but furthermore deciding the terms of the same is somewhat complicated. If, as we have to do, we have to enclose the options in a yes or no, we have to make sure that the terms of the same are as much detailed as possible. In my opinion, a distribution diluted over time, as already proposed by someone, could be the best solution, for EVERYBODY.
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Yes. The devil is in the details.
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This exactly why we are here. Everyone should know now, there is almost no way to participate in active governance as normal/regular user (that makes 80% of the users of compound). This is also for other early defi products like makerdao. We want more of less governance?
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Yes, we need to start writing a clear and fair proposal, with difference choices,
I think it should be proposed to divide the reward between the two types as said in my previous post, and mentionned by @Blck and the voters will choose : - the socialized, and - the capital weighted, meaning an early user of compound who would allocate a million dollar in compound would get the same social reward as any other early user, the capital weighted reward would then be distributed depending on the total amount of fees paid/received since the inception of the protocol with a linear decreasing Y time-factor (from Y x to 1x), pick Y=2-3-4ā¦
the proposal would need to decide what % would be allocated to the social part to which % would go to the capital weighted part. 50/50 ? and so on
The idea is to come with a more constructiv dialog and soon a ready built proposal which will give the opportunity for someone who own 100 comp to simply submit it as well as the choice for people to vote on the different aspects of this distribution
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Just my thoughts, but I still feel like the current idea of airdropping a fixed amount seems too arbitrary. I think it should be thought out first what is the goal of airdropping the tokens. Supposing there are 5000 addresses which should receive an airdrop, should it be instead tied into some threshold that a quorum is able to be reached if X% of the early users agree? Say, if currently 400K COMP is required to achieve quorum, we could say that if, e.g., 75% of early users agree on the proposal, then the proposal should pass. Choosing a proper X is of course a problem in itself. Yet, I think this achieves the central idea of more decentralization better than a static reward of 100 COMP. So, in this scenario and by assuming even distribution, 107 COMP tokens should be distributed per user to achieve an effectual action. Further, I think some sort of boost function should tried to be achieved. Iād imagine should need to factor in a) how early the user was to use the protocol, and b) how much were they invested monetarily into the protocol. Youād end up with uneven token distribution for early users, but if such early users are able to coordinate (which is hard) then such coordination will eventually be rewarded with the ability to reach quorum even if VCs decide to refrain from voting.
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What we have for better or worse, now that @alive has seen the community on comp.xyz demonstrate an obvious appetite for rewarding early users who muddled gleefully through a Beetlejuice interface at compounds birth, is an opportunity to solidify the appropriate acknowledgement for early user impact OR continue to keep the opacity of the early user annals effectively at zero. Lets support the blocks that were placed at the start of the chain for they bear significant weight. My gawd @borovan on 11/24 wrote perhaps the most humble account of real responsibility for fueling the COMP rocket ship payload that escaped him.
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If the fears about the distribution of the token concern a possible dump of the same (which, in my opinion, itās highly unlikely), why not simply introduce a gradual release system, mixed for example, to a system that discourages dump, with the introduction of a commission (That would benefit ALL holders) ?
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Having said that I must admit that the uncertainty about the feasibility of the proposal certainly does not help my mental health, time passes and I see movements in this direction by all the other platforms. There seems to be an interest in the idea being transformed into a proposal. And if this has not happened already I start thinking that early-users donāt even own enough resources to be able to make the proposal, as has already been pointed out by others
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I think it would be cool if the accounts immediately received delegation ability of the 100 comp while the trickle out distribution occurred over 4 years.
That would accomplish allowing early adopters a voice while also minimalizing any flood to market of comp
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The early users took the most risk, what if Compound had a severe bug? Thereās no Comp at that time to even think about compensation for the lost fund.
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Regarding this official proposal not being created yet, feel free to correct me if Iām wrong, but my understanding is that several proposals will need to pass first. For example, I think https://github.com/compound-finance/compound-protocol/pull/71 will be necessaryā¦?
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This is true, but maybe you could use another mechanism, like the one it is used to reward gradually the lenders and borrowers.
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I have heard that the proposal has been created but that the necessary quorum has not been reached to get it approved, is it true?
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There was no proposal created. You can check which proposals are being voted on and which passed and failed by going to https://compound.finance/governance/proposals.
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technical noob hereā¦can you ELI5 this? is the protocol not established such that if a proposal were to be submitted, proposed, and passed it could not be executed?
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giving voting power to the community is a far better solution than the present situation where we have an oligo-governance, cartel structure (VC funds). VC funds donāt care about protocol, users, and community in general, they are interesting only in token price pumping to take profits
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So are we doing this or what? Whatās the holdup?
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No one has submitted an official proposal.
Anyone familiar with solidity could.
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- If you have over
1%of total votes (100,000.00000001) you will see a āCreate Proposalā Button that leads to a simple interface to create governance proposals.
ā-Unless the VCās are feeling generous.Not likely going to happen and the original creators of COMP now work for them, so with no financial interest to create such proposal, this idea will never get proposed let alone passed.
Uniswap kept true to its roots and gave back.
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