Weekly Governance Update

Governance Process
3

Week of June 5, 2023

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:hourglass: Key Points

This week, Compound Proposal 163 passed, with 18 voters casting 917,588 votes For and 0 Against.

In the forum, discussions continue about adding two different Polygon staking tokens - MaticX from Stader and stMatic from Lido - as collateral assets. Proposals related to these discussions are likely to be introduced soon.

Finally, the Compound Developer Community Call took place on Wednesday, May 31st.

:ballot_box: Recent Proposals

  • Gauntlet <> Compound Incentive Optimization (Compound 163)
    • Summary: A proposal to formalize and expand Gauntlet’s existing work with Compound on continuous incentive optimization for Compound’s rewards.As part of the engagement scope, Gauntlet will provide Compound with a quantitative framework to evaluate the success or failure of incentive optimization. Gauntlet will leverage its Incentive Optimization Platform to provide recommendations adjusting incentives across Compound V2 and Comet markets to drive sustainable, efficient growth.The service fee structure is a $300K fixed fee, paid in $COMP tokens, as well as a variable performance fee. This proposal only implements the $300K fixed fee portion, which will be paid via a year long Sablier stream of 7,989 $COMP tokens. Full proposal and forum discussion.
    • Proposer: gauntletgov.eth
    • Status: Passed

:writing_hand: Forum Highlights

  • Gauntlet shared the 30-day $COMP Volume-Weighted Asset Price (VWAP) that will be used to determine the amount of tokens streamed to them as compensation for their incentive optimization service per Compound Proposal 163. The 30-day $COMP VWAP is $37.55, which translates to 7,989 $COMP tokens for the $300k fixed fee Sablier stream.
  • On the thread regarding Stader Labs’ proposal on comp.xyz to add MaticX as a collateral asset on Compound, user @dcota noted that MaticX “is currently maxed out as a collateral in the other money market in where MaticX is currently accepted.”
  • Fuji Finance, which received a grant from the Compound Grants Program to build a cross-chain migration tool, introduced themselves in the forum, outlined the problem they’re solving, and explained how their solution works.

:newspaper: Stakeholder News

  • FranklinDAO (aka Penn Blockchain) announced that they are switching their franklindao.eth delegate profile to a hard wallet: 0xCc878369b26127BD4bC1B0B465bC8bE9b92a4c62. If you are currently delegating to FranklinDAO at 0x070341aA5Ed571f0FB2c4a5641409B1A46b4961b, you have until June 15th to re-delegate your tokens.

Click here to re-delegate your tokens on Boardroom.

:telephone_receiver: Developer Community Call Summary

Compound’s most recent Developer Community Call was May 31, 2023. Click here to listen to the recording. Here’s what was discussed:

  • Adam from Compound Labs shared details about Compound Grants’ $5,000 prize at the ETH Waterloo hackathon, which will take place June 23rd through June 25th.
  • Paul from Gauntlet discussed Compound Proposal 163 (which passed on June 2nd, two days after the call) and Compound’s work on incentive optimization more broadly. He also discussed Gauntlet’s adjustment to the v2 to v3 migration plan, which paused the migration of rewards to v3 in favor of changing the USDC interest rate curve to increase utilization.
  • Tyler from Boardroom (that’s us!) shared details about the content we’re producing related to Compound governance and asked for feedback on our proposal with Compound Grants.
  • The Lido team joined to discuss their proposal on comp.xyz to add stMatic as a collateral asset on Compound’s Polygon deployment. Adam and Kevin from Compound Labs asked follow up questions about use cases for stMatic and suggested that Compound start with a USDC market before adding additional markets.
  • Next, the Stader Labs team called attention to their proposal to add MaticX as a collateral asset. Kevin from Compound Labs asked about Stader’s structure and their plans for decentralization. Stader is in the process of transitioning to a DAO, which will take place over the next one to two quarters.
  • Other topics of conversation related to both Lido and Stader’s presentations included a discussion about the difference between stMatic and MaticX as well as technical requirements for eventually implementing their proposals (e.g. Chainlink price feeds).

:date: Upcoming Events

The next Compound Developer Community Call will be on June 14, 2023 at 12pm ET in the Compound Discord.

:crystal_ball: Upcoming Votes

There are no upcoming votes.

Quick Gov Links: Governance Overview | Governance Docs | Compound on Boardroom

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