Projects
![]()
No projects found
Investors
New
DAO Treasuries
DATs
Lend / Borrow APRs
Chains
Categories
Spaces
🟩 🐶 Compound Developer Community Call | New Compound Developments
Recorded: April 2, 2025 Duration: 1:00:39Space Recording
Short Summary
The Compound Developer Community Call discussed several key developments, including the growth of the USDS market on Base, the launch of new markets on Arbitrum and Ronin, and strategic partnerships with entities like the Event Horizon team. The introduction of a staked version of Comp and the development of a KAPA solution for enhanced security were highlighted as innovations. The Compound Foundation aims to bring leadership and cohesion, with funding from the protocol, while Legend XYZ is integrating Compound to improve the DeFi interface.
Full Transcription
GMGM, we are going to give a few minutes for everybody to join in, and I will see you then. Welcome, Dimitri.
Welcome, welcome. Howdy kyle let's get you up here speaking dimitri let's also get you up here
gmgm sharp and ross nazi great to see you as always.
Going to give a few more minutes,
let everybody come in. Great.
Welcome, Jared.
Abdullah, hello. I'm going to give one or two more minutes, ping a few more teams, and make sure we're
not missing anybody. Thank you. It seems we have one of every team besides Gauntlet.
So if I'm missing anybody, please let me know.
But I will give one more minute and then we'll get started. All right. I think we can just kick things off and we will have other members of the DAO join as they come in.
So this is the CDCC compound developer community call.
This is a biweekly call that we do to go through our developments.
Pasha is not able to host today, so I'll be stepping in for him.
So give me some grace as I don't normally host, but I'm very familiar. That being said, we have
proposals and project discussions across Compound Growth, who will start off, then we'll go to
Compound Governance Working Group, then Gauntlet, Woof, and OpenZeppelin. At the end, we'll finish with
an open discussion. So if you guys have any questions or side topics, definitely write them
down and make sure you bring them up. So let's get started. Alpha Growth, let's hear from you
guys. We'll start with either Shardul, Brian, or Ross, and then we'll go around the horn and share the campaigns we're all running.
Thank you, Savi.
I'll start with the basic updates,
then I'll pass the mic to Ross
for some of the key updates regarding the programs renewal.
So for the past two weeks, we've been hard at work
and have some interesting news to share.
So first of all, USDS incentives on base have been continuing for the past one month.
They have supplied us a total of 100,000 USDS tokens that we have injected into the market.
And thanks to that, the USDS market on base has grown to $17 million in VVL, which is the second largest market on base at the moment.
Beyond that, there's also a USDS market upcoming on Arbitrum, for which coding is going on in close collaboration with VVL.
There's also a Ronin market that has been executed, and a proposal for Ronin market that has been executed and a proposal for Ronin market that has been
executed so we should be able to see some good news regarding compounds deployment on Ronin
pretty soon and there's collaterals super oeb on base and treehouse deep on mainnet that have also been added so we're also progressing on the collateral front
beyond that there's some minor updates that work is still in progress but i will pass it on to
ross for further updates thanks sure to all uh so everyone's aware on the governance front for compound growth and alpha
growth renewal that's going on right now with a version four for about five months of feedback
from the community on alpha growth putting forward some expansions this year and what we're going to
do and taking on some additional responsibility. That has all kind of been pulled back and is now
reformatted as more of a continuation of the previous year instead of an expansion.
So we will be staying focused on what we did in 2024, new chains, assets, structured products, chain incentive distribution that we get from those chains, like we did through LTIP, like we're doing for Mantle and some others, which brought about 750 million in TVL to Compound last year.
So our goal again this year is to up that. I think our goal in the proposal is to get about
750 million TVL and then to have a performance-based incentive to get even further, get a couple
billion dollars on Compound. It's up right now on the forum. There's about 32 partners including OKEx,
Faultcraft, and a bunch of others that have responded positively and want to continue
working with Alpha Growth. It's also up on tally on the forum. Currently, there's about 160,000
votes in favor of it, and there's a lot more people behind the scenes that we have had
conversations with that we anticipate will support, but we shall see when the votes come to rest. So we highly encourage if anyone has read through that proposal or has any questions
that they'd like to bring up on this call, we are happy to chat through them as it is currently live.
That's all from me.
Thank you, Ross. To touch on some subjects that I'm handling, starting with Compound's marketing vision for 2025, I did make a post on the re-election, which goes into what were the winners and lessons from the previous growth program.
So there's going to be a lot of context in the forum, contrary to how we started the last growth program, so that we can all be on the same page and understand where the marketing and messaging is going to take this amazing protocol that we all contribute to.
So I'm very excited for that.
Part of that vision is making strong products for the DAO.
So that leads me to Bobby.
An update on Bobby is we're currently designing the Oracle
and developing the Oracle actively.
That being said, it has to be safe.
And with the bond mechanism, it's pretty dynamic.
So we just need to take our time and do things right
because we do have the market intelligence
to make a strong offering,
but we have to do this right and save
time on any audits and last thing would be for Ronin and any new chains there's always a constant
conversation about adding new structured products so one big conversation is with concrete to do
looping and deposit vaults for Ronin and then go to other chains that are on
compound from there. But they have a lot of TVL and it's exciting. So those are my items,
marketing, Bobby and new initiatives. Kyle, if you have anything to share.
Hi, I've also been working with Sebi on growth, sort of like a content strategy plan for next year.
We found out last year that a lot of the attention to detail, sort of in-depth focus on our partners, focus on ecosystems, focus on oracles, et cetera.
This in-depth exploratory content led to a lot of discovery and conversations that allowed us to understand what the needs were of these partners,
what we were missing as compound, and opportunities for us to solve problems together.
And so I'm going to be working on expanding that.
There's another writer that we've brought on, and we'll be working together to produce
regular exploratory threads that have this sort of in-depth care and focus because my opinion is that it's
very much like a customer acquisition cost or a partner acquisition cost. You're giving a gift
of attention in the form of marketing and then that translates into a conversation and a
relationship and then a collaboration. And I feel like if we invest more in that area, in Mantle, in Linea, you know, in Ronin,
then we can see basically like a large network of collaborative relationships that can
blossom, if you will, in those areas.
So that's a content strategy that I'm working on right now.
And then OEV, we also have
a framework for the game moving forward.
I've been in contact with Chainlink and Redstone and API3.
And our best evaluation or our best idea for a game so far for comparing how each of them perform
is to assign them to USDC, USDT, and USDS on mainnet,
and then have a wallet that has $1,000 in it set to borrow against ETH collateral,
and then to have Plutonia evaluate all of the data.
We would also like to have OpenZeppelin do a write-up on the infrastructure or decentralization
or how each of these solutions works and then we can basically
present that to the DAO and the DAO can make a decision based on that information. So that's
a write-up that you can expect pretty soon coming to a forum post. Thank you Kyle. Yeah I'm really
appreciative for your contributions to the marketing vision, and attention does get more attention. So let's do that.
Up next for the Compound Developer Call, we have the Compound Governance Working Group. That is PGov and Abdullah. Abdullah, let me get you up here.
Welcome.
Hey, guys.
How's everyone doing?
A couple of updates here on the compound governance working group side.
First, we just want to thank everybody for getting the proposal across the line regarding renewing the proposal guardian for the community multisig.
That six-month period initially from the last period has now expired, actually expired in
February. So this essentially renewed that. So we have this sort of veto function in place with
the community multisig. This is sort of the first part of this sort of proposal.
There's a second proposal that will be coming out for formalizing the community multisig
by bringing on DeFi safety as like a quality control, like an engineering team just to
oversee the operations in regards to the community multisig to see how onboarding and offboarding
in regards to the community multi-sig to see how onboarding and offboarding will be functioning
will be functioning.
and then to add a little stipend for um the folks who are a part of the um of the guardian so now
it has been renewed uh i believe jared actually just executed the vote a couple of minutes ago
there so that should be all set um and then this second vote in regards to formalizing the structure
around the community multi-sig will be put up in the next couple of days.
So thank you, everybody, there for the support.
Next up, we have another vote that will be going on chain in approximately a week.
This proposal is in collaboration with the Event Horizon team.
The Event Horizon team is effectively a community governance pool that
operates with a handful of different DAOs. I think the most notable one they're on is,
at the moment, Arbitrum. But they're expanding to different DAOs. They also have about 50K worth
of delegation in Compound, 50K Comp, that they attained from the Treasury delegation campaign that we ran last
year. And their current proposal right now is to essentially incentivize some of their
delegation vaults. So the way this will work is that, like right now, the current pool of delegates
is, or voting power, is sourced from two different areas.
The first area is, of course, large investors, VCs like Andreessen Horowitz.
And then the second part, we have around $250K worth of delegation directly from the compound treasury.
All of these have been just, the treasury delegation, for example, was sort of a last-ditch effort to make sure that we have robust governance from socially responsible entities.
And so we have sort of diversified the pool across investors directly from the DAO itself.
And now we do want to focus a little bit more on the retail side.
And it's really difficult to run redelegation campaigns, and they require some degree of an incentive.
to run redelegation campaigns and they require some degree of an incentive. And the structure
that Event Horizon has with their agentic system where people can essentially set up an agent that
has different personas like experimenter, pragmatist, scrutinizer, etc., and then come
towards voting on particular proposals. And this entire swarm essentially votes on how to use a
pool of voting power, whether they vote against for
a certain proposal. It really varies how the swarm will essentially react. But this requires
having all these retail folks participate, and maybe even like funds or maybe small token holders
participate in this effort, and they would need some degree of an incentive. So this proposal
asks for about 30k worth of emissions to direct capital or direct voting power towards the event horizon pool.
This will be divided up into two parts. The first part will be a 15k tranche that will be sent out
until 30, I believe it's 36,000 comp in voting power is aggregated. If that first month or two months, however long this really lasts, goes well,
then the governance working group will unlock the second tranche to see how much we can get.
From previous data, this seems to be relatively sticky because some degree of APR for comp is better than no APR.
And of course, once a stakier setup is introduced, we can do some sort of revenue sharing aspect where this whole retail pool essentially
is able to attain revenue from their,
for mobilizing their comp essentially.
So this will be going up for vote very soon
just to diversify the sources of delegation
that the DAO has.
So that's the update there.
The next part is CompStaker.
First, just thank you to the Alpha Growth team for taking this by the horns for the past, like, six months, past eight months, really,
talking with the community about how to implement Staker and have, like, a staked version of Comp introduced.
This has been a prominent topic of intrigue since the whole Humpy situation, and we're getting to the point where something more concrete can be realized.
Of course, it's still a handful of months of work, and it's going to take some coordination.
There are various ideas being thrown around, and so what we decided to put up about a week ago was this more formalized structure to start running an RFP from various vendors.
We're currently collecting different folks
who potentially want to partake in this process.
We have the AlphaGoF team, obviously, with their ideas.
We have the Gauntlet ScopeLift Tally team
that has also been working on the Uniswap side with Unistaker.
The Citizen 42 team had a VE version that they were proposing,
along with the Aragon team, which also have a VE comp structure that they're currently looking at.
So we're trying to get as many different vendors and folks combined so that we can have different perspectives on formalizing this setup through an RFP soon.
Of course, this aligns with the legal side.
As you guys saw recently, the compound foundation is potentially
going to be a thing soon. And personally, I think the impetus for that is largely from the legal
side. So if the DAO does adopt something like a DUNA, this will go hand in hand with that structure.
And from the folks we've spoken to so far, before implementing any sort of staker, like enacting anything concretely, we would have to have some sort of legal entity in place.
So we're looking at timelines and seeing how we can essentially coordinate that with the right people.
But it's worthwhile to start having a discussion and a formalized RFP for the staker process while the DUNA conversation is occurring.
So eventually those timelines would later this year converge and we would have something more
concrete in the system. So those are our main updates. Any questions? if no more questions we will move on to our next team which is gauntlet who does not seem to be
here unless i'm missing something but forward, we do have the Wolf team.
Dimitri, let's get you up here.
Hello, Denison, as well.
Yes, do you hear me?
Yes, sir.
It's nice to see you all.
So Wolf is here.
Small updates for the last two weeks.
So we delivered the migrator functionality
i would like ask everyone to check out the forum and you will find the demo there where we present
several possible functionalities of certain possible flows so it's very robust solution
currently it's under open the building review and we should receive the initial feedback shortly.
But you can play around with the small position migrations even now.
It supports AVA, it supports Morphe, it supports Spark, and it allows you to migrate like a land position, but we have very cool stuff with borrow position
that you can convert into a land position.
Or for example, if some and other protocols support
collateral that are not supported in Compound,
we can swap them as well.
So very cool functionality.
I hope it will have mass adoption.
And also as we will deploy new markets,
this migrator will support all the markets and all the chains.
Another good news that we received rewards already like several weeks ago,
we have only node issues,
so we already fixed them,
we're preparing documentation to open the Berlin to let them review it,
and the reward functionality will be finished and shortly integrated on frontend as well.
Ronin market. We are deployed on Ronin,
labs and us are integrating the Ronin market on UI.
So we just executed proposal from a running site this morning,
so users will be able to
borrow assets from the market from tomorrow.
What we are developing right now,
we are developing a Ron market on Ronin.
We hope to push it by the end of the week.
Also, this week we are deploying CCAP solution for Ronin,
because Ronin supports only CCAP and we want to see comps there.
So we are working right now on this and I expect we're going to finish by Friday and submit
a report for our resource review and we will proceed internally as well.
Also, we have plans for several markets such as UDS and Arbitrum
because we have good deals with the MakerDAO team.
And also we finish like Sonic, we gather all the documentation,
all the actions to provide the actions to provide it to OpenZeppelin to review
and run SONIC even without additional incentives.
Also, we started developing
KAPA solution to make protocol more secure.
It was not widely shared,
the incident with Venus,
but thanks to OpenZeepeline, they detected
it very fast when it happened and when it was not public. And we had a good conversation about
if it affects the compound somehow or not. Gladly we have such isolated markets and the potential
threat cannot happen, but we were asked to develop Kappa solution.
We developed it, however,
to just solution.
So after we finish with current priorities,
we're going to update Kappa solution,
and we will update price fees
to make the protocol more secure.
Also, yeah, a bunch of collateral in backlog currently we're talking with
different like with Gauntlet with all of
growth how we can handle prioritization of collateral
because we have Elixir that would like to be integrated.
We have Poof Ethereum that we have Elixir that would like to be integrated. We have Poof Ethereum that we have on the forum
for a very long time.
And, but we have another priority.
So we're trying to handle everything
to deliver as much as possible.
So if you have any question, feel free to ask.
I'm happy to respond.
Also we develop in in sandbox a lot.
You can check out our forum posts.
We changed our updates from weekly updates to
be weekly updates because it seems more productive.
One hour ago, we posted the forum post.
Please go over it to track what we have done for the last two weeks.
Currently, we're on the stage of designing the UI.
It will be a very cool UI,
thanks to Pasha and some other contributors.
I hope when we're going to finish it,
we will present to the community and get
the feedback to understand do you like our new approach or not.
So it seems that's it. Yeah, if you have any
questions, happy to answer.
Thank you very much, Dimitri. Moving backwards, Denison, thank
you for being here. And you requested to speak when I
mentioned Gauntlet. I see you guys have been working on some
items. Let me know if you had something to mention.
Oh yeah, yeah.
My question had been more like I joined a couple minutes late
and I was curious about the sort of like DUNA process,
but I forget my question now,
so I'll review the recorded version.
Cool, thank you.
Just TLDR, right now, it's uncertain.
We did reach out to the A16Z team yesterday to see how things are going.
They've been pretty vague in terms of how exactly it's going to be functioning at the moment. The only sort of clear indication that we've received is that Uniswap will adopt the DUNA first, and then Compound will follow.
So from the current timelines and our conversations with the Uniswap Foundation, Q2, which is now, is really when the DUNA should be going to the forums,
and there should be a more formalized discussion on this.
Timelines always get pushed back, but really the process will be,
all right, Uniswap takes it first, then Compound takes it,
and then obviously the staking discussions are correspondingly being addressed.
And Uniswap has already essentially committed to the Uniswap
set up, of course, you know Denison with you guys and ScopeLift, et cetera,
but it's kind of up in the air right now for Compound.
Thank you for that, explainer, Abdul.
I definitely need that context as well.
All right, moving forward,
we have Jared from Open Zeppelin.
Jared, I'll add you as a speaker. Welcome, Jared.
This is Jared from Open Zeppelin.
Just a few comments on what I've heard so far.
Kyle, yes, we'd love to provide some documentation to help
inform voters on how the different Oracle solutions work.
So I'm looking forward to coordinating with you on that.
And then for the governance working group, I appreciate the
credit, but we didn't actually execute i didn't actually
personally execute that proposal uh that was um the uh the governance automation that we have
implemented but i do congratulate the dal on renewing that proposal guardian
yeah no problem recently uh published a couple of reports from the last couple of weeks.
The first of which is the Rewards V2 contracts.
This was the latest revision of it,
and it is a significant improvement in the design
that is much more secure.
I think there may be some potential comments or fixes
to review, and then we'll update
that report as soon as we get those.
The next is the capital price fee audit.
And this was a suggestion made as a result of the Venus USDM issue that Dimitri described. That's basically supports having vault assets
potentially as borrowable, which since our markets did not,
we weren't immediately vulnerable to that same exploit.
In addition, we have recently worked on a compensator,
reviewing that for Cameron.
And this was a compound grant program I appreciate you
providing us notice that the scope was ready reaching out to us in discord for that we did
deliver an assessment and we're working on getting some feedback to Cameron on that. We're also currently working on the Migrator.
This is just the contracts part of the scope.
It's not necessarily the UI, but we are expecting to be able to deliver the initial report of
that within the next two weeks.
So far, we haven't discovered any critical issues or high issues to report.
Actually, I might misspoke, but as we find issues, we'll be letting WIF know so that they have the earliest feedback and the most time to address any of those.
And we also recently reviewed the Alpha Growth Renewal proposal and provided them feedback in an initial report
coming up we're expecting several scopes from wolf excited about those we will schedule those as soon as possible we have already started scheduling the sonic migration we're currently
reviewing the contracts so we can get them feedback as soon as possible on that
in case it affects any deployment.
And then we'll review the migration
and we'll also be submitting report
for the network assessment.
And as usual, if you have any scopes that need review,
please let us know as early as possible.
We'd love to get your code
when it's approximately like 70, 80% complete
so we can provide an estimate and schedule it.
And then once we receive the final commit, we can confirm and execute on that.
If there's any questions for me, I can answer them now.
Thank you, Jared.
We'll give a few seconds.
Anybody to raise hands for questions?
You seem to be clear. Thank you, Jared. Thank you, guys. Great. All right. That concludes all of the scheduled speakers for today. I do want to give a few moments here to allow
anybody to raise their hand and discuss any subjects that
they have in mind. Dimitri, please. Yeah, about the KAPA stuff, I would like to engage community and
Yeah, about the Kappa stuff, I would like to engage community and push the agenda of considering exploring other solutions that exist on the market about the price feeds.
Because some of the new protocol use fallback price feeds.
For example, they use Chainlink and it's not updated frequently enough.
frequently enough. We have callback for Uniswap 2.0 up. So if anybody is
We have callback for Uniswap to WAP.
interested in improving press fit ecosystems that could potentially help
secure the protocol and reach and achieve the goal with increasing like
collateral factors etc. It will be very great. So we're gonna explore it a bit
later but if somebody wants to be proactive, research it, and post some research on the forum, it will be very, very helpful.
Great. Thank you, Dimitri. And I brought up Peter, Peter from Origin. Welcome. How can we help?
Hey, thanks. Yeah, this is Peter from Origin. I'm the author of the SuperAweave proposal
for the new SuperAweave market
that went up about a week and a half ago.
I wanted to mention that the token logo
was missing on that market.
I shared a PNG and an SVG file for the logo
on the compound discord,
and I tagged, I think, Dimitri and Pasha on that,
but I didn't get any response.
So I was wondering what the best next steps are
to get that added back.
I can create an issue on the GitHub
and share the files there if that's better.
Or is there a different way to get that added?
PETER LUBBERSKI- Say, Peter, we're going to review this.
PETER LUBBERSKI- Great, thank you.
Thank you, Peter. Ross.
I just wanted to bring to everyone's attention that as part of the DUNA conversation that
was going on earlier, that Gauntlet just posted on the public forum indicating that a foundation
was coming soon.
So independent of what that means for you guys,
just wanted you to take a look at their post.
It's on the 2025 growth renewal post and be aware.
Does anybody else have any additional subjects? projects. Thank you, Jared. I'll reach out to you soon about the OEV thing. I'm appreciative
and looking forward to that. Great. Yeah, and thank you, Kyle. The DAO is always better off if we have more context on the decisions we're making together. I know it's hard enough to do that, so thank you.
We don't seem to have any additional subjects, so I will give you guys your Wednesday back about 23 minutes early. Thank you for being here. We will be doing another Compound Developer Community call just like this in two weeks from today.
That being said, considering re-election, we will be doing some more marketing activities that we'd love to involve the community in.
So stay tuned to the forums for that on my end.
And yeah, thank you guys so much for being here and helping Compound grow.
I have a question.
I see Jason is here, ex-CEO of Compound. So we all probably saw the
Foundation post on Twitter and maybe Jason want to share something with us, some insights.
So it's going to be great.
Thank you, Dimitri. Great question.
Seems we are not ready for insights.
Yes.
Yes, no pressure, Jason, at your guys' pace.
And we are here.
We are here. Oh, never mind. We got Jason coming up. Welcome.
Oh, never mind.
We got Jason coming up.
Welcome.
Hello, everyone. Yeah, thanks for the question. Excited. Folks kind of saw that update.
I'm personally super excited about it. Yeah, I can just give a little bit of context or,
you know, how Labs has seen some stuff and thinking about it here
from like super high level we've seen a lot of really good things productive things from the
community across the board you know over time etc um but during that time we've also seen you know
a lot of disconnect or you know where things are not like working as smoothly as possible. And I think a lot of those kind of come down to like,
you know, who has the say or who should we follow here,
kind of guide, et cetera.
And, you know, Compound was like the first protocol
to decentralize like before foundations were even a thing.
We've always kind of wanted this.
It's been like murmuring in the background,
mostly from a like completing the narrative of like decentral murmuring in the background, mostly from a like, completing the narrative of
like decentralizing, completing the loop, like, you know, finally, you know, doing everything there.
Foundations of a try and treat approach. And so like compound DAO is like a bit late to this,
but that doesn't mean it doesn't still work. It's also tried and true from a place where we've seen a lot of success.
So we think it's really valuable. And like, at least from my specific point of view, I think what a foundation does is it just brings some leadership to the community and to the DAO,
and really helps with strategy. You know, when we look at the different service writers we have
today, they're all, you know, very doing very specific things. But when, you know,
orchestration across them, or more cohesive strategy across everything, like there isn't really
any one role that that's kind of doing that. And it's shared across a lot of functions right now,
whether it's Gauntlet or Open Zeppelin or Alpha Growth, right, kind of this like leadership or
strategy level. And I think that's also causing folks to like not do as good
of a job, you know, at what they're supposed to be doing. And that's not saying no, anyone's doing
a not good job, but it's like focusing on things that aren't the core task. It means, you know,
risk isn't getting as good as it should be and all those kinds of things. So like really view
foundation equals leadership and some cohesion across these pieces.
And also thinking of it as like really legitimizing everything we've done and really kind of taking it
to the next level. We talk about dunas and things like that. Of course, they can happen in myriad
of ways, but they can also happen infinitely easier when there's a foundation kind of doing
some of those things and focusing on those things. I've also seen a lot of instances with like bringing in external engineers or devs and
they don't have all the context.
And, you know, I think at one point, at least I was speaking with Michael when he was at
Open Zeppelin of like, you should probably have like a core engineer team and kind of
always staying power.
And, you know, like those kind of things can be more easily like handled with a with a kind of
a foundation um but then also just like bringing over the final pieces that are from labs that have
been kind of lingering that have been challenging for the community right like the compound.finance
domain name and the url and the x handle and all these things can all kind of come over be in one
place and and kind of be in a nice resting spot um so yeah we really
view like foundation equals leadership across all these things they're not necessarily doing
anything different in my mind that may change over time um but yeah i very much see the foundation as
a director a couple engineers and really kind of helping orchestrate all the different stuff going
across the community and should be legitimizing
and just making everything essentially a lot better um there's a lot of details to figure out
of like you know how much should the foundation like what should their runway be how much you
know should funding work like looking at uniswap and others you know uniswap very much just got
through an insane foundation funding. I don't
think the Compound Foundation will be anywhere near there for quite some time. But getting into
those details, the funding, the actual actions, what things will be in their domain, like websites,
X accounts, and others. And yeah, i just look forward to a lot of continued
discussion around those details and kind of additional thoughts percolating through the
forums as we kind of all rally around and kind of find the best thing that you know really helps
compound grow and be stable forever um but yeah main kind of highlights here are moving forward uh wanting to do this we have
a couple directors that have been very interested for a while um and kind of working around there
really next steps are getting to the forums um posting more details and kind of having
conversation there as it evolves but um in my hopes and dreams, we get this, you know, hopefully live and sorted,
you know, over the next four to six weeks. And then we'll be able to take the DAO kind of to
the next level. But yeah, happy to answer any other questions. Very much kind of announced
this is coming, but all details to kind of figure out. And yeah, it should be exciting for everyone
across the board whether
it's duna bringing in some additional leadership being able to bring assets and stuff over from
labs you know we also need to figure out there's some comp in labs and like can that go to the
foundation or have to go back to the protocol or you know what do we need to do there so a lot to
figure out very much kind of announce and move forward i'm excited to figure out all the details
but happy to answer any other questions anyone might have or, you know, any other thoughts that
could be helpful in moving it all forward. Kyle. Hi, Jason. I work with Alpha Growth. We made
some business unit proposal structures a while back. I was wondering how
do you see the leadership of the foundation, what structure does that, how does that interact with
the DAO? We've been sort of finding opportunities and bringing them to the DAO for expansions or which assets are being listed?
How would the foundation step in in that area? Like any kind of information on like,
is it like currently it's about who has votes, right? Is the foundation going to have a bunch
of votes and participate in that way?
How would you communicate to service providers?
Like these kind of questions.
Yeah, sure.
In terms of the entity, to get into like some brass tacks,
the entity would be a Delaware non-stock nonprofit,
which is following the Uniswap playbook.
Across the board, the idea of the foundation should be following the tried and true and working playbook of the Uniswap playbook. Across the board, the idea of the foundation should be following
the tried and true and working playbook of the Uniswap foundation. So pretty much across the
board, it should look and feel and act and operate that way, at least from a structure.
So Delaware, non-stock, non-profit, that means it.S. entity, which is awesome. A year ago, when this
kind of stuff was going on, it had to be like a Cayman entity and all this kind of weird stuff.
So U.S. entity, that's great. In terms of voting control organization, any of that kind of stuff,
like the foundation is no different than any other service provider, right? There's no special
controls. They can't do anything else. The only thing that they will have is funding from the protocol. So sure, they might have some kind of votes to be able to use
for that, but that will also be for funding. But yeah, there's not going to be some special,
like the foundation has this big pot of votes that no one else has or anything else.
There'll be a community member just like everyone else um but just you know a little a little bit more formal there um so yeah and i'll just say it again
like the goal is there is no controls just like how the dao works like no service writer and
individual has any more you know power or ability to affect the protocol than anyone else um in
terms of like growth or assets or planning or some of that
kind of stuff, like this is where I think the foundation will be great is like having a kind
of cohesive strategy and working across kind of everything. So like I think all these pieces work
well together, but I do think it's worth kind of letting the foundation kind of get up and start to,
you know, grow a bit and kind of figure that out a bit naturally.
But yeah, I don't really see some massive kind of shift here versus just more support,
getting kind of some soft assets from Compound Labs into the foundation again, like the website,
the X account, and just, yeah, making everything a bit more formal, supported, and feature-proof
for forever.
Jason, I also have a question. I heard, as you were explaining earlier on, you mentioned closing
the loop as when you were discussing the element of decentralizing a DAO and then bringing it back
to operational excellence.
That being said, closing the loop, are we going to be seeing some familiar faces? Have you guys
had discussions and feel comfortable sharing who's going to be part of this team? Or are we too early?
I think a little bit more info here. So like the goal, right, is there will be a director again, like
just look at the Uniswap Foundation, et cetera. We definitely been talking to a few folks to kind
of be that director role. The main thing, at least in my mind, that's super important is that the
director should not be a current or previous employee ever of Compound Labs, which I think is good. And again, in that kind of leadership role,
this person should be like kind of quasi more executive strategy and kind of operational as
opposed to, you know, like a CTO kind of thing. So that's a bit of that. I do think the goal is to
try to get, you know get a couple engineer-related folks
who have either been in the community or maybe previously at Compound Labs, et cetera,
who could help be on the initial eng team with that foundation. But yeah, that's how I see some
of it. Most important part is the director, feeling good about that and making sure not having the kind of labs
ties. So if there are some familiar faces, it could be underneath that director and maybe a
couple other familiar faces could be around on the board of the foundation. But all of these are to
be discussed and intentionally meant to be discussed kind of in the open so we can all kind
of you know contribute and find find the best thing there but yeah next step is more details
on the forums starting to talk to some directors and kind of do all that good stuff
great thank you jason um Any other questions from anyone else?
When do you see this happening?
Yeah, my dream would be that, you know, over the next four to six weeks, I think over the next couple of weeks, the goal is just to have a lot of details and planning and conversations through the forums.
And pretty much like every other proposal and kind of thing in the community here, when those discussions feel like we've gotten to a good spot where, you know, gotten feedback, people like things, things are feeling good, you know, move kind of to a proposal.
But yeah, I kind of view like really the month of April as details, figuring it all out, feedback, collaborating, and then, you know, moving to a proposal when that feels good.
We're available to share everything that we've been working on and our plans for the next
year for feeding into your strategy distillation.
Yeah, that'd be awesome.
I definitely want to try to have as much of the conversation in the forums and open as
possible.
But yeah, it might be good.
You know, next community call, we could slot out some time
to talk about this even more as details have progressed and more conversation. But sounds
awesome across the board. And yeah, generally, I'm just super excited. I think bringing some
more life back over to Compoundland. It's been awesome just to see all the growth. Really cool
to see the Morpho compound polygon stuff happening.
The Migrator is super cool.
Like there's just so much cool stuff.
And bringing a little bit of extra legitimacy and kind of support,
I think will just be awesome to keep it all going and really double down.
So just also a big shout to everyone here.
Been awesome to see continued success and making stuff happen.
And yeah, our goal is just to try to double down on that
and keep making everything better.
So very excited for what's to come
and jamming with everyone here to make it as good as humanly possible.
Dimitri?
Yeah, I want to ask another question to Jason.
If somebody doesn't know, Jason is CEO of
Legend XYZ and Compound will be integrated there. So I want to ask, can you share some insights when
you have beta or launch? It's like Q2, Q3, Q4, because you have a very cool UI and I'm already
want to play around with this application. Can you share some insights here?
Yeah, absolutely. And, you know, Compound's integrated there. We're really excited about that.
We're, you know, we obviously came from Compound originally and we spent a lot of time trying to
make, you know, the interface better and doing cool stuff there. You know, again, more akin to
a Uniswap world where it's like, hey, it's a Uniswap
wallet and a Uniswap DAO and everything's Uniswap, kind of vertical integrated there.
Kind of looking in that world and just got really excited about the interface and stuff we were
doing. And it was like, we definitely want to keep helping Compound grow, but also a little
higher level. How do we just get more people to be using DeFi?
It's really freaking hard to use,
especially for like newcomers,
let alone people who are even interested,
who like have bought assets and are sitting in Coinbase,
but have never done anything on chain.
We kind of just stepped up a notch to say,
why don't we try to make a really good interface for DeFi
to make it really easy
and actually have people start using this stuff.
There's a lot of people on the sidelines. So yeah, the kind of idea was leveling it up, kind of all of DeFi,
but really just the best pieces. The goal is never to integrate 100 protocols or anything like that.
We probably only integrate five or six. If you look at the blue chip protocols,
you look at the total surface, they kind of cover you get you know 80 pretty easily um yeah we're
super excited about it we're in like a test flight phase right now which means we have a 10 000 user
max but it is ios up um so yeah i'd be super happy to share invites with anyone here who would like
to test it out um feel free to dm me on discord or on x here and can happily kind of share that and work it out would love for anyone
who wants to use it to try it give some feedback um see how it's working with compounds and kind
of do all that stuff so um yeah uh we're hoping that by june we'll be through the app store review
and that means it'll be public anyone can download it But basically between now and June, we're at that 10,000 user test flight max. We have a wait list, but yeah, happy to kind of
let some community members in, kind of skipping the wait list there. So if anyone wants to try it
out, play around with compound and legend, DM me and happy to sort.
Jason, will it be a native app or will it be a web app in the mobile app?
Because we have a native, so it's all in Swift, iOS.
Because we have challenges with staking a native app from App Store.
Do you face the same problem?
the same problem we haven't run into that yet um there is definitely in like two years ago it was
We haven't run into that yet.
basically there no crypto apps would get through the app store like just point blank would not
happen it's gotten a lot better um and generally speaking the way the app store review works is
you go through the review um if they ask questions like for instance staking or like
oh there's a trade
happening uh there's exchange you point to other apps in the app store that are live and you're
like oh look uniswap's integrated in uniswap wallet so it's live there you've already approved
it so we're good here um so that's a lot of that stuff works we haven't run into the staking stuff
as much um i imagine yeah they'll they'll be kind of picky about it. But again, the most
simple thing is like, if there's an app live in the iOS app store that has staking, that actually
means it's okay. We point to that and it kind of all works out. In terms of our world, right? Legend
does earning, borrowing, trading, right? So lending protocols obviously do the earning and borrowing.
trading, right?
So lending protocols obviously do the earning and borrowing.
In terms of that review for us, there's a myriad of different apps that do like one
or the other kind of thing.
So when it comes to earning and trading, pretty straightforward.
Borrowing is a little bit of a different beast because there isn't as much to kind of point
So that's where we're kind of chugging through the most.
And yeah, I imagine staking will kind of be in that world but we just haven't um kind of crossed that chasm yet thank you
and jordan it seemed like you had a question hi uh yeah so i noticed you mentioned the domain um
people have access basically like the developers will have access to the site.
Does that include being able to edit the site itself or just the domain?
Yeah, so I would think about it, again, like the soft assets at Compound Labs.
You have the domain name, you have the website, you have some GitHub repos, X account, some of these things. The goal would be to move pretty
much all of these to a foundation where they can just live and remain instead of being in the corner
kind of at labs. So like in terms of once it's at the foundation, if anyone can, you know,
submit PRs, et cetera, like, you know, we'll kind of figure that part out. But the main goal is to
get the stuff out of labs into the foundation and more integrated
into the community.
And, you know, when I talked about kind of the, you know, closing the loop on decentralization
or the kind of final point in the story, it's like, you know, been decentralized, lots of
stuff's been going great, but we've kind of, you know, not gotten everything over to the
community. So the goal is to get the last little pieces of the community and really kind of you know not gotten everything over to the community so the goal is
to get the last little pieces of the community um and really have you know the community kind of
set up for forever then and not kind of have some stuff's over here some stuff's over here
and really just bring it all together legitimize and help with some leadership and kind of cohesion
there yeah that's uh that's great um because i know it was an issue being able to edit that site.
Totally. Last time I checked, because I did just check to see how many average clicks,
there was around 40,000 people viewing the site a month. And majority of that came from Asia. So
having access to basically edit and even you know, even boost search engines
in the US, especially now that it's going to be also US based, I think it will bring in
a lot more traction here as well. Yeah, totally. And like, this is just a really good example of
like a thing the foundation can be doing that, you know, hasn't really been able to be done with
the community, right, of like optimizing the website
or, you know, noticing a lot of traffic from, you know, Asia or something. It's like, okay,
foundation can be like, all right, we should like translate some stuff and make sure things work
here and we're kind of optimizing for that and just be doing a lot of that stuff that has just
been super challenging, right, as you mentioned. That um that's again just why I'm really excited about this like um and thank everyone for
doing everything they have up to this date because there's been a lot of like hoops and jumping
around and like one arm tied behind your back navigating all the like you know stuff being
everywhere so just really excited to bring it all together and just essentially, you know, add some WD-40 to the wheels here and just make everything run a lot smoother.
So and yeah, just to be super clear, like I'm not going to be the director of the foundation.
It's not going to be a Compound Labs like previous or current employee.
So just really excited to kind of get these things going and connect all of that's
here. Well, I could tell you and speak on behalf of everybody, we were all wondering these details,
and we appreciate you being here to answer our questions. We seem to be at time.
I want to thank everybody for being here. Jason, you did mention before wanting a time for the next developer call,
which we'll make sure is on the forum and we get you an invite and have you there.
So thank you all teams for being here and everybody who asked questions and watched and listened.
You all make it possible to run Compound.
And we have a lot of exciting stuff to come based on what you just heard.
So thank you.
We will see you in two weeks.
And stay tuned to Grow Compound and compound.finance.
Thanks, all.
Appreciate it.
Go Compound.
Go Compound is right.
Bye. Thank you.
Host
Compound Growth
from
Compound
