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Compound puts historical government-led government proposals into practice

May 4, 2020

Connection, the decentralized financial protocolor DeFi, has implemented its first two governance proposals Community driven in the last week.

The proposals are expected to start at Compound Governance Token (COMP)Which is used to facilitate the update and development of the community-driven protocol.

Compound implements community improvements

In the first proposal, the community was asked whether the compound protocol should introduce support for Tether (USDT), inspired by a survey conducted in September 2019 in which Tether and Maker (MKR) were ranked as the two most requested crypto assets for compound.

Compound puts historical government-led government proposals into practiceCompound puts historical government-led government proposals into practice

The poll showed that over 90% of the compound community voted to support USDT and it was implemented on May 1st. The proposal portrayed USDT as “an asset that can lend at its own interest rate”. However, Tether will not receive assistance as security.

To support USDT, the compound team developed a modified cToken contract by introducing support token transfer rates for underlying tokens.

Community drives are changing to Dais interest

On April 27, Dharma, the DeFi app, was launched Compound’s second governance proposal to adjust the interest rate mode for DAI on the platform.

The proposal was intended to create a constant upward trend for cDAI interest rates. Replace the current system where minimum interest is earned until more than 90% of the cDAI is lent on the platform.

Dharma’s proposal was accepted on April 30th with a whopping 97% approval rate.

The application of the proposals has been described as that First update of an important DeFi protocol that was designed and developed exclusively by platform usersinstead of a central base.

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