Coinspeaker
Compound Finance Faces Governance Attack from Community Whales
Lending protocol Compound Finance has recently passed a proposal sparking claims of governance attack from community members who stated that a small group was able to extend its influence over the proposal after acquiring a large number of the COMP tokens from the open market.
Last week on July 28, Compound Finance passed proposal 289 with many on social media stating that a voting bloc called the “Golden Boys” has conducted a governance attack recently. Proposal 289 allocates 5% of Compound’s Treasury i.e. 499,000 COMP tokens worth about $24 million to a yield-bearing protocol designed by the Golden Boys. On Sunday, the proposal won with a narrow margin and a vote of 682,191 to 633,636.
In the Compound governance message boards, several insiders had already warned that such an event would occur just days before discussions. Golden Boys have been trying to push their agenda to gain control ove
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