There is currently a vote up in Compound to choose a new governance provider and get the project back on track. Or stick with its existing solution.
After watching Compound stagnate and digress since 2021 it seems, imo, that it's time to move to a new provider that can easily allow Compound to alter its governance to be more compatible with rapid growth and its new reality.
By moving to @AragonProject for less than half of the cost of other providers, Compound can immediately create new optimistic proposal types to allow service providers to move more quickly with the right checks and balances, including using BORG's.
It's time for a change. The status quo isn't working.
$AAVE vs $COMP since 2021:
- $AAVE +447%
- $COMP -61%
AAVE is now 10x the market cap of $COMP
Surprisingly, both trade at same FDV-to-TVL ratio as Compound TVL stands at $2.6b vs Aave's $26B
But Compound's growth has stagnated: Aave's TVL reaching ATL while Compound hasn't grown for 2 years straight.
This is despite a controversial decision to launch Polygon vaults using rival Morpho's tech after a Gauntlet-proposed deal.
Goal was to capture Aave’s marketshare after it left Polygon market.
The deal included paying $3M in $COMP/$MATIC incentives to bootstrap liquidity.
Personally, Compound was one of the first DeFi apps I've ever used.
When Compound launched liquidity mining, it was my one of the top "WTF" memorable moments in DeFi.
Now, Compound's mindshare on X is basically nonexistent.
I guess this is what 'exiting to the community' looks like.
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