Humpy Accepts New Proposal On Behalf Of Golden Boys

The individuals behind a recent governance attack on the lending and borrowing protocol Compound Finance have agreed to retract their controversial proposal and replace it with an alternative. The proposal by the Compound governance voting bloc known as Golden Boys narrowly passed on July 28th despite opposition by the community, leading to accusations of a governance attack.

Aligning Interests

Proposal 289 aimed to create a wrapped goldCOMP token and a treasury utilizing 499,000 COMP tokens, valued at approximately $25 million at the time, to generate passive income for COMP holders, though the investment decisions would be made at the discretion of the Golden Boys.

As of July 30th, however, a member of the Golden Boys, using the pseudonym Humpy, has agreed to retract the controversial proposal in favor of a new one. Bryan Colligan, CEO of the growth team at AlphaGrowth, shared on July 30th that Humpy requested the agreement to pursue a different proposal.

The new proposal suggests implementing a staking product that aligns with the interests of the Golden Boys while safeguarding Compound DAO governance, according to Colligan. The revised proposal recommends allocating 30% of both existing and future market reserves to COMP stakers based on their stake amount.

Plenty Of Support

The proposal notes, The Compound Growth Program, supported by key delegates within the Compound community, will proceed with the commitments following the immediate cancellation of Proposal 289.

Humpy endorsed the new proposal in the comments, stating that he fully approves this message. Other significant Compound stakeholders, such as blockchain service provider Gauntlet and WintermuteGovernance, expressed support for exploring a Compound staking product.

Consensys expressed satisfaction with the resolution and appreciated the participation of all delegates in addressing the issue. Following this development, COMP saw a 6% increase over the past 12 hours, trading at $51.55 according to CoinGecko. Nevertheless, like many DeFi tokens, COMP has suffered a substantial decline, remaining 94% below its peak value of $910 in May 2021.