Tokeneconomics firm, Gauntlet Network, has just passed a new proposal on the popular DeFi platform, Compound. The protocol is now allowed to pay independent contributors to the protocol in native COMP tokens for their work.
Empowering Freelance Compound Contributors
Gauntlet’s latest Compound proposal passed with little resistance.
It earned 1.18 Million votes for the proposal and a mere 135 votes against it. Noteworthy names include the likes of Andreessen Horowitz, Polychain Capital, and CEO of Compound Robert Leshner. All three of these entities are large COMP holders.
Currently, the CompoundComptroller smart contract has a reserve of more than 133,000 COMP tokens, amounting to ~$21 million at press time. This fund will be used to reward contributors, who will be selected by a community vote. Contributors will receive their COMP tokens either as a one-time payment or to stream the amount in real-time.
Gauntlet will receive a one-time payment of 1,000 COMP, which amounts to ~$159,000.
John Morrow, Gauntlet’s COO,stated that this sum would cover the team’s development expenses, as well as their audit costs. He said that they plan to see the remaining Compound proposals through, but they do not plan to request additional grants.
The proposal will go live on Thursday.
This news was brought to you by ANKR, our preferred DeFi Partner.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
It’s the first time since 2018 that Ethereum has passed the $600 mark thanks to the upcoming Ethereum 2.0 launch and Bitcoin’s success. ETH Follows Bitcoin and Upgrade One of...
Happy New Year from all of us at Crypto.com Research! 2020 was an unprecedented year for the world and for crypto. Before we fully plunge into 2021 predictions, we will...
Compound User Liquidated for $49 Million, Price Oracle Blamed
Compound has seen over $100 million in liquidations in the last 24 hours, according to LoanScan. More than half of the collateral liquidated was in the form of DAI, a...
Deposit Contract Fulfilled, Ethereum 2.0 Ready for Launch
The deposit contract for the network’s long-awaited ETH 2.0 upgrade passed its minimum threshold of 524,288 ETH yesterday, meaning that Ethereum’s Beacon chain will be deployed as planned at 12...
