Compound Resolves Attack, Cardano's Big Upgrade Begins, MakerDAO's 'Endgame' Is Close

A version of this article appeared in our The Decentralised newsletter on July 30. Sign up here. GM, Tim here. Here's what caught my DeFi-eye recently:

Good morning. Here’s what’s buzzing in the world of decentralized finance this fine Monday morning.

Compound resolves attack

After a tense 48 hours, a group of buccaneering DeFi players have returned $25 million worth of COMP tokens they took control of on Sunday.

The group, calling themselves the Goldenboys, used a DAO vote to award themselves 499,000 COMP tokens from the Compound DAO’s treasury.

They claimed they were doing so to pressure Compound into sharing its protocol fees with COMP token holders.

After returning the tokens, Goldenboys member – and pseudonymous NFT collector – Humpy said they were “fully satisfied” with a proposal from Compound Head of Growth Bryan Colligan.

The proposal would see the protocol begin sharing fees with token holders.

“I fully approve this message,” Humpy said in response to Colligan's post on the Compound governance forum.

Many feared that had Compound not reached a deal with the Goldenboys, the group could use their governance power to push through changes that benefitted them at the expense of everyone else.

Compound is governed by holders of its COMP token, which can be used to vote on proposed changes to the protocol, as well as uses for the DAO's $96 million treasury.

Compound holds $2.3 billion worth of user deposits.

It's not the first time Humpy has ruffled feathers in DAO governance.

In 2022, Humpy agreed to a so-called peace treaty with decentralized exchange Balancer after attempting to gain control of the protocol.

Cardano’s big upgrade begins

Cardano’s Chang hard fork is now underway, with stake pool operators on the network upgrading their nodes to new software.

Once at least 70% of all operators have upgraded, the hard fork will occur.

At that point, Cardano will enter its so-called Voltaire era, which will pass some control of the blockchain to its community.

ADA token holders will receive governance rights and be able to propose and vote on changes to the blockchain.

Cardano's development since its 2017 inception has been under the purview of the Cardano Foundation, EMURGO, and Input Output Global.

EMURGO is Cardano’s official commercial arm and Input Output Global is Hoskinson’s blockchain development company.

So far, 38% of all operators are running the new software, according to data from Cardano staking dashboard PoolTool.

MakerDAO’s ‘Endgame’ is close

Maker co-founder Rune Christensen's ambitious and controversial Endgame plan is just weeks away from its multi-step rollout.

First proposed in 022, Endgame will feature a total rebrand, new tokens, new ways to earn yield, so-called subDAOs and artificial intelligence.

It's all designed to help take Maker and its stablecoin mainstream.

Christensen said the goal is to raise the DAI supply to “100 billion and beyond” — just shy of leading stablecoin Tether’s $114 billion.

Investors appear to like the plan. The MakerDAO governance token, MKR, has outperformed this year, rising more than 60%, while the value of the entire crypto ecosystem is up 34%.

Maker is a suite of protocols centered around the DAI stablecoin. Users can deposit volatile crypto assets like Ethereum into Maker and receive DAI in return.

Maker’s Spark protocol offers users 7% annually on DAI deposits.

Data of the week

Coinbase protocol specialist Viktor Bunin crunches the numbers for trading on Ethereum vs Solana.

He found that trading on Solana is more capital efficient, facilitating more trading volume per dollar locked in decentralised exchanges than on Ethereum.

But there’s a caveat: A lot of Solana trading volume involves scam tokens.

This week in DeFi governance

VOTE: Stargate will add Sei Network to its crypto bridge

PROPOSAL: Jupiter aggregator to vote on a 30% JUP token supply reduction

VOTE: CoW DAO to extend revenue model testing period

Post of the week

What we’re watching

Crypto bridge Wormhole will distribute over $170 million worth of its W token on August 3.

That’s equivalent to 33% of the circulating supply.

The above is the detailed content of Compound Resolves Attack, Cardano's Big Upgrade Begins, MakerDAO's 'Endgame' Is Close. For more information, please follow other related articles on the PHP Chinese website!