Humpy, a member of the “Golden Boys” voting division, appears to have endorsed a new staking proposal and consented to the revocation of the contentious Proposal289.
The individuals responsible for a recent “governance assault” on the lending and borrowing protocol, Compound Finance, have consented to withdraw their controversial proposal in favor of an alternative.
Despite the opposition of the community, the proposal from the Compound governance voting faction “Golden Boys” narrowly passed on July 28, resulting in accusations of a governance attack.
The purpose of Proposal 289 was to establish a sealed “goldCOMP” token and treasury using 499,000 COMP tokens, which were valued at approximately $25 million at the time. This token was intended to generate passive income for COMP holders, but it could be invested at the Golden Boys’ discretion.
Nevertheless, it seems that a member of the “Golden Boys,” who goes by the pseudonym “Humpy,” has consented to rescind the controversial proposal in favor of a new one as of July 30.
Bryan Colligan, the CEO of AlphaGrowth’s Compound growth team, posted a proposition on July 30. The two have reached an agreement at the behest of Humpy.
Colligan stated that the new proposal is for a new staking product that addresses the interests of the Golden Boys without compromising the governance of the Compound DAO.
The new proposal suggests that COMP stakeholders receive 30% of both extant and forthcoming market reserves, contingent upon their stake.
It declared, “The Compound Growth Program will fulfill its obligations in light of the immediate cancellation of Proposal 289, with the support of significant delegates in the Compound community.”
In the remarks section, “Humpy” responded to the proposal by stating, “I wholeheartedly endorse this message.”
Other significant Compound stakeholders, including blockchain service provider Gauntlet and WintermuteGovernance, also responded, indicating that they “support the exploration of a Compound staking product.”
According to CoinGecko, the native token of the DeFi protocol, COMP, has surged by 6% in the past 12 hours and is currently trading at $51.55, following the development.
Nevertheless, it has been severely impacted in recent years, and it is currently down 94% from its all-time high of $910 in May 2021, as is the case with the majority of DeFi tokens.
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