PANews reported on September 18th that the DeFi lending protocol Compound community rejected a proposal to recover $13 million in tokens with nearly 70% of votes against. These tokens were distributed to DAO representatives in August 2024 through the "Delegate Race" program, which aims to increase governance participation. The proponents accused the distribution plan of misusing treasury funds and solely benefiting insiders. The whale "Humpy" pledged $3 million worth of COMP tokens to support the recovery. However, representatives of the beneficiaries, including PGov and Arana Digital, jointly vetoed the proposal. An anonymous representative revealed that the current distribution plan effectively prevents whales like "Humpy" from exercising "DAO control"—manipulating voting results by accumulating governance power.PANews reported on September 18th that the DeFi lending protocol Compound community rejected a proposal to recover $13 million in tokens with nearly 70% of votes against. These tokens were distributed to DAO representatives in August 2024 through the "Delegate Race" program, which aims to increase governance participation. The proponents accused the distribution plan of misusing treasury funds and solely benefiting insiders. The whale "Humpy" pledged $3 million worth of COMP tokens to support the recovery. However, representatives of the beneficiaries, including PGov and Arana Digital, jointly vetoed the proposal. An anonymous representative revealed that the current distribution plan effectively prevents whales like "Humpy" from exercising "DAO control"—manipulating voting results by accumulating governance power.
Compound DAO rejects proposal to recover $13 million in tokens from Special Representative
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PANews reported on September 18th that the DeFi lending protocol Compound community rejected a proposal to recover $13 million in tokens with nearly 70% of votes against. These tokens were distributed to DAO representatives in August 2024 through the "Delegate Race" program, which aims to increase governance participation.
The proponents accused the distribution plan of misusing treasury funds and solely benefiting insiders. The whale "Humpy" pledged $3 million worth of COMP tokens to support the recovery. However, representatives of the beneficiaries, including PGov and Arana Digital, jointly vetoed the proposal. An anonymous representative revealed that the current distribution plan effectively prevents whales like "Humpy" from exercising "DAO control"—manipulating voting results by accumulating governance power.
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