$24 million Compound Finance proposal passed by whale over DAO objections | Headlines | News | CoinMarketCap
07/29/2024 06:14A recent proposal passed by lending protocol Compound Finance has sparked claims of a governance attack from community members who allege that a …
A recent proposal passed by lending protocol Compound Finance has sparked claims of a governance attack from community members who allege that a small group was able to strong-arm the proposal through the approval process after acquiring large numbers of tokens on the open market.
Proposal 289, which allocates 5% of Compound's treasury, 499,000 COMP tokens worth about $24 million, to a yield-bearing protocol designed by the "Golden Boys" for one year, narrowly passed by a vote of 682,191 to 633,636 on Sunday. Voting for the proposal began on Thursday at 11:40 pm and lasted through the weekend.
However, there's more than meets the eye behind those vote totals, community members have alleged. Michael Lewellen, an OpenZeppelin security solutions architect who serves as a …