Compound CGO Withdraws Controversial Proposal, Presents Staked COMP Rewards Alternative

IconCryptoNewsTerminal Staff29 Jul, 2024

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Compound CGO Withdraws Controversial Proposal, Presents Staked COMP Rewards Alternative

Compound’s Chief Growth Officer (CGO), Bryan Colligan, has withdrawn governance proposal 289 in favor of an alternative that would implement a staked COMP rewards program. The withdrawn proposal, which was passed by the Compound community, allocated 499,000 COMP to a yield-generating protocol designed by the group known as "Goldfinch." However, concerns arose over potential governance attacks, prompting the CGO to withdraw the proposal. The alternative proposal, which seeks to allocate 30% of the protocol's revenue to staked COMP holders, aims to address the governance attack concerns while still providing incentives for COMP holders to stake their tokens. The proposal seeks to align incentives between the protocol and its stakeholders, fostering a more robust and decentralized governance system.

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