Compound Finance has settled with crypto whale Humpy and his Golden Boys group over the contentious allocation of 499,000 COMP tokens worth approximately $24 million to a yield-bearing protocol.
On July 30, Humpy announced that Proposal 289, which had sparked the controversy, was “now canceled,” pointing out that his actions brought the project to the limelight and that its native COMP token will now be turned into a “yield-bearing asset.”
Following the news, COMP value bucked the broader market downturn to increase by around 7% to $51 as of press time, according to CryptoSlate’s data.
Compound Finance is one of the largest DeFi lending protocols in the industry, with over $3 billion worth of assets locked.
Compound’s new staking product
Bryan Colligan, a representative from Compound Finance, disclosed that the platform’s settlement with Humpy centers on creating a new staking product. This product will allocate 30% of existing and new market reserves annually to staked C
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