Compound is a decentralized finance (DeFi) lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several markets supported by the platform. It recently faced a series of challenges. Governed by a decentralized autonomous organization (DAO), the platform saw a possible
'governance attack' as a whale investor allegedly had undue influence over the approval of a controversial proposal. As part of the resolution, Compound considered a fee redistribution after reaching an understanding with the whale. This resulted in COMP, the utility token of Compound, surging by 7%, and a renewed confidence in the platform despite a further breach in the Compound Discord.Tally Protocol CEO refuted claims that the move of the 'Golden Boys' on CompoundDAO was a governance attack - the Golden Boys were among the influential parties during the DAO dispute. Further, Compound Finance successfully passed a $24M proposal amidst the controversy. The firm also announced a new staking product after the allocation of the controversial $24M tokens. Adding to the turmoil, Compound’s website was compromised in a phishing attack, redirecting users to a false site. The drama led some to question the governance model of DAOs, with Compound’s VC backers facing potential liability for COMP token holders’ losses. Amid these events, Compound CEO stepped down and announced an exciting new venture, which ultimately led to a surge in COMP prices. Also, OKX introduced Compound v3 (Arbitrum), offering an On-Chain Earn product for ETH holders.On the positive side, Compound founder’s new venture, Superstate, raised $14 million to modernize investing using crypto-style tools. Morpho outperformed Compound to become the second-largest DeFi lender on Ethereum.
Compound Token News Analytics from Mon, 15 Jun 2020 07:00:00 GMT to Sat, 28 Sep 2024 01:00:14 GMT -
Rating 4
- Innovation 5
- Information 6
- Rumor -2
