Compound Governance Fails to Deploy Initial ENS Sub-domain for Comet Market

02/16/2023 03:57 • Digital Disruptors • 108 views

On February 16, according to the governance page, the proposal of the Compound community to deploy the initial ENS sub-domain for the Comet market has not been voted through recently. Although the support rate of the proposal reached 100%, there were only 273484 votes, which did not reach the required number of 400000 votes, so it was not adopted.

The proposal of the Compound community to initialize the ENS sub-domain for the Comet market deployment was not passed

Analysis based on this information:

The Compound community’s governance page recently showed that their proposal to deploy the initial Ethereum Name Service (ENS) sub-domain for the Comet market has not been adopted. Even though the proposal had achieved a 100% support rate, it failed to reach the required number of votes, which was 400000. There were only 273484 votes in total.

Compound is a decentralized finance (DeFi) platform based on the Ethereum blockchain. It allows users to lend and borrow cryptocurrency assets, as well as to earn interest on these assets. The protocol’s governance is based on the Compound Community Governance system. The system uses the principle of “one COMP token, one vote,” allowing COMP token holders to propose and vote on changes to the protocol.

The ENS is a decentralised domain name service that allows users to map human-readable domain names, instead of long and complex addresses, to their Ethereum wallets. ENS has been widely adopted across the Ethereum ecosystem, making it easier for users to interact with the blockchain.

The recent proposal by the Compound community to deploy the initial ENS sub-domain for the Comet market aimed to make it easier for users to access and interact with the market. The Comet market is a decentralized exchange (DEX) built on the Compound protocol. It allows users to trade Ethereum ERC20 tokens, earn interest, and receive liquidity rewards.

The fact that the proposal failed to reach the required number of votes raises concerns about the effectiveness of the Compound Community Governance system. Despite the 100% support rate, the low voter turnout suggests that many Compound users are not actively participating in the governance process. This may be due to several factors, such as lack of awareness or interest, or the complexity of the process.

In conclusion, the failure to deploy the initial ENS sub-domain for the Comet market highlights the importance of active participation in decentralized governance systems. It also underscores the need for more user-friendly and accessible governance processes that encourage broader participation.

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