Weekly Update - July 3, 2023
Welcome to the Compound Weekly Update, your guide to what's happening in Compound governance.
⌛ Key Points
OpenZeppelin's compensation proposal passed after barely reaching quorum. Gauntlet's proposal on Phase 4 of the v2 to v3 migration failed to reach quorum.
An interesting discussion on "real world assets" continues in the forum.
Summary: A proposal to implement Phase 4 of Compound v2 to v3 migration, led by Gauntlet, by decreasing v2 rewards and increasing v2 USDC reserve factor.
Proposer: 0x7B3c54e17d618CC94daDFe7671c1e2F50C4Ecc33 (Gauntlet)
Status: Closed after failing to meet quorum.
Summary: A proposal to approve OpenZeppelin's compensation for the third quarter of 2023. Based on last week's average price of $29.31 per COMP, the total quarterly payment will be 34,118 COMP, equal to $1M, per the original agreement dating back to December 21, 2021.
Status: Passed on June 29, 2023.
Summary: A proposal to replenish the supply of COMP used for rewards to users of Compound v3 on mainnet. The proposal would transfer 78,015 COMP from the Comptroller to the Rewards contract, corresponding to 150 days of rewards.
Status: Passed on June 27, 2023.
✍️ Forum Highlights
Community member kallolborah's thread in the forum about real world assets has yielded an interesting discussion about the potential of adding RWA's as collateral on Compound. Kallolborah and collaboraters plan to build a "Comet extension for RWA Markets."
📰 Stakeholder News
HKUST EPI Labs updated their delegate platform.
Tolga shared progress on their grant for Awesome Compound, including a demo.
📞 Developer Community Call Summary
Compound's most recent Developer Community Call was Wednesday, June 28, 2023. Click here to listen to the recording. Here's what was discussed:
Harsha from Compound Grants shared an update with the community. The deadline for grants to be included in CGP 2.0 was June 30th. He advised that there are a number applications currently under review given the recent hackathon and the approaching deadline; answers about outstanding applications may take up to two weeks. Harsha also announced that (1) there will be a demo day for all projects that have received grants, more information to come and (2) CGP will be returning all unallocated funds to the treasury.
AlltheColors from Compound Grants along with Adam from Compound Labs reported on the team’s experience participating at ETHGlobal Waterloo. The next event is in September in New York.
Michael and Jared OpenZeppelin provided a work review of their last quarter, which included three audits, two security assessments, and the security solution for pause guardian multisig, with three more audits planned in the backlog. They also drew attention to OZ’s then active proposal to approve their compensation, which has since passed.
Tyler from Boardroom gave an overview of the last two weeks in Compound governance including past, live, and upcoming proposals.
Delcan and Marco from Consensys joined the call to discuss Linea, Consensys’s zkEVM Layer 2, and engage with the community on plans to deploy Compound in the new ecosystem.
Adam from Compound Labs brought up a handful of strategic, general questions for the community; including issues with Compound’s Arbitrum deployment in light of Circle’s changes to USDC on the network as well as the ongoing thread in the forum about real world assets on Compound.
📅 Upcoming Events
The next Compound Developer Community Call will be on July __, 2023 at 12pm ET in the Compound Discord.
🔮 Upcoming Votes
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Thank you for reading the Compound Weekly Governance Update.
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