Democracy died in a Discord channel at midnight. MakerDAO's emergency protocol changes passed while critics found themselves banned. Some saw defense against a hostile takeover, others a power grab. Are governance tokens just tickets to dinner theater?
Recently, Polygon tried to turn its $1.3B bridge into a yield farm. Users said hell no. Aave threatened to exit. Protocols fought, communities roared, and a billion-dollar drama exposed the raw nerves of DeFi governance.
A whale’s raid on Compound Finance. On July 28th, Compound Finance found itself in the crosshairs of a daring governance proposal, with critics crying foul play. Playing a high-stakes game of DeFi chess and this is not Humpy’s first dance and it won’t be his last.
Once seen as one of the darlings of Defi among Uniswap, Curve and Aave. SushiSwap showed a lot of promise, but that promise has been overshadowed by drama, which can be relentless at times. If we could have a leader board of Defi trainwrecks, surely Sushiswap would make the list.
Governance is a theater. Dramatic walkouts from liquidity experts and risk managers alike serve as stark reminders of the complexities and challenges of decentralized governance.
Cypherpunks strive to become ungovernable... but not like this. Tornado Cash's governance has been taken hostage via a trojan horse proposal. But now the hacker is proposing reversing the effects of their exploit. Hopefully this all turns out to be just a storm in a teacup.
Compound’s governance has backfired, and not for the first time. An oracle update has bricked the cEther market for a week. Compound say that “Funds are not immediately at risk, but this is a developing situation…”
A vote created by Dharma proposing “a threshold of 3m UNI for proposal submission, and 30m UNI as quorum.” has been rejected today after failing to meet quorum.