Compound Governance Attack! w Bryan Colligan of Alpha Growth
Leviathan News29 Heinä 2024

Compound Governance Attack! w Bryan Colligan of Alpha Growth

In a shocking turn of events, Compound Finance, one of DeFi's pioneering lending protocols, has fallen victim to what many are calling a blatant governance attack. The incident has sent shockwaves through the crypto community, raising serious questions about the vulnerabilities of decentralized autonomous organizations (DAOs) and the apparent apathy plaguing some corners of DeFi. ______________ SPONSORS Leviathan News is thrilled to welcome YieldNest as our sponsor this month! This innovative liquid restaking protocol is making waves in the DeFi space with its flagship product, ynETH. By depositing your ETH at YieldNest.com, you can potentially unlock enhanced yields through exposure to a curated basket of Actively Validated Services (AVSs). Don't let your ETH sit idle – dive into the future of yield optimization at Yield Nesttoday. https://app.yieldnest.finance/restake?ref=4ZYhFKdSh5iZMsGQaVygg59bac9Z ---------------------- Today's Guest Socials: https://x.com/bryancolligan ---------------------- Compound is one of the oldest DeFi protocols, has never experienced a hack, was the pioneer of “liquidity mining” and remains today a major lending facility with over $2bn of deposits across multiple networks. The saga unfolded over the past few days, culminating in the passage of Proposal 289 - a controversial measure that allocates a staggering 499,000 COMP tokens (worth approximately $24 million and representing 5% of the total supply) to an LSD-style liquid locker controlled by a group known as the "Golden Boys." Led by a whale investor going by the handle "Humpy," this group managed to amass enough voting power on the open market to force through their proposal, despite vocal objections from key community members and security advisors. What's particularly alarming about this situation is the brazen escalation of the attackers' demands. An initial proposal for 92,000 COMP tokens was spotted and flagged by Compound's security advisor, Michael Lewellen. Despite Lewellen's warnings, the proposal received minimal attention on the DAO forum. After this first attempt failed, Humpy audaciously increased the requested amount by 5.4x in the successful third proposal. The lack of engagement from the broader Compound community is perhaps the most concerning aspect of this debacle. Only 57 addresses participated in the crucial vote, a pitiful showing for a protocol of Compound's size and importance. This apathy extends beyond this single incident - Compound's governance forums have been eerily quiet, with most proposals originating from a single entity, Gauntlet, which is paid to manage the DAO. This governance attack isn't Humpy's first rodeo. The investor has a history of similar behavior, having been involved in contentious governance struggles with other prominent DeFi protocols like Balancer and SushiSwap. These past incidents make the current situation at Compound all the more inexcusable. The implications of this attack are far-reaching. If a single whale investor can so easily sway the governance of a major DeFi protocol, what's to stop similar or even more damaging proposals in the future? The security of user funds could be at risk if this trend continues unchecked. For now, Compound Finance finds itself at a crossroads. The protocol's reputation has taken a significant hit, and rebuilding trust will be an uphill battle. As for the wider DeFi community, this incident should serve as a wake-up call. The promise of decentralized governance can only be realized if participants remain vigilant and engaged. Otherwise, we may see more instances of brazen governance attacks that undermine the very foundations of DeFi.

Jaksot(397)

Llama Party: Leviathan Auctions Live from ETHDenver

Llama Party: Leviathan Auctions Live from ETHDenver

https://levaithannews.xyz/

4 Maalis 1h 2min

Live at ETH Denver with Corey Caplan, Thomas Mattimore, and Aiham Jaabari

Live at ETH Denver with Corey Caplan, Thomas Mattimore, and Aiham Jaabari

the guys hit ETH Denver

1 Maalis 1h 35min

Llama Party feat. SemanticLayer

Llama Party feat. SemanticLayer

https://leviathannews.xyz/

18 Helmi 1h 21min

Interest rate battle! ResupplyFi vs LlamaLend

Interest rate battle! ResupplyFi vs LlamaLend

LlamaRisk was joined by members of CVX5 to discuss the nuances of upcoming protocol Resupply's interest rate model compared to LlamaLend's. LlamaRisk is a boutique risk management advisory incubated in the Curve ecosystem and CVX5 is a Convex activist entity lazer focused on accelerating the ecosystem.LlamaRisk: https://www.llamarisk.com/Resupply: https://resupply.fi/00:00 Introduction and Sponsor Shoutout00:37 Meet the CVX5 Team00:56 Overview of Resupply Launch01:24 Detailed Discussion on Resupply Mechanics02:16 Introduction of Llama Risk Team02:51 Team Introductions and Backgrounds06:22 Origins and Mission of CVX509:34 Resupply's Role in Convex Ecosystem10:34 Collaborative Effort with Yearn15:24 Tokenomics and Community Impact18:48 Resupply System Overview29:43 Potential Impact on Curve and Frax Ecosystems37:17 LlamaLand Interest Rate Model46:12 Managing Market Liquidity and Risk47:59 Identifying Optimal Utilization49:21 Evaluating Interest Rate Models52:02 Optimizing Market Parameters56:51 Future Research and Developments01:01:09 Fee Model and Redemption Mechanics01:02:29 Insurance Pool and Market Safety01:07:25 Collateral and Market Selection01:16:47 Liquidations and Risk Management01:24:50 Upcoming Dashboard and Final Thoughts

14 Helmi 1h 31min

The End of Banking w/ Rob

The End of Banking w/ Rob

Website https://infinifi.xyz/Use our ref link for f(x) Protocol: https://fx.aladdin.club/assets/?code=LeviathanNJoin Sam, your trusty host from Leviathan News, as he brings you the latest updates just a day before Valentine's Day. In this special episode, Sam is joined by Rob to discuss his highly anticipated project, InfiniFi. 00:00 Welcome to Leviathan News00:52 Introducing Our Sponsor: FX Protocol01:58 Newsletter Shoutout and Technical Setup04:00 Discussing InfiniFi and Recent News04:43 Debating ETH Staking and ETFs08:44 Crypto Narratives and Market Sentiment17:43 Financial Corruption and DeFi's Role21:31 Perverse Incentives and Bank Failures22:08 Competitive Banking Environment23:11 Subprime Mortgages and Liquidity Issues24:44 System Design and State-Bank Interplay25:23 DeFi: A New Set of Rules29:18 Fractional Reserve Banking Explained31:31 Managing Duration Risk in DeFi38:14 InfiniFi: Concept and Launch44:53 Conclusion and Future Plans

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We're So Back? w/ Rex and Alex Golubitsky

We're So Back? w/ Rex and Alex Golubitsky

Join Rex and Alex as they dive deep into the current state of the crypto market in this special Leviathan News livestream. Sponsored by Protocol FX, this episode covers a wide array of topics, including the perception of crypto cycles, the political landscape's influence on crypto regulation, and the potential future regulatory framework under Trump's administration. Alex shares his insights as an attorney in the crypto field, emphasizing personal views and not legal or investment advice. Additionally, the discussion addresses the importance of institutional adoption, the impact of executive agencies on crypto, and the evolving role of stablecoins. This episode is packed with thought-provoking conversations on the present and future of crypto, especially Ethereum's role in a potentially golden age of crypto. Don't miss this engaging episode of Leviathan News!00:00 Introduction and Disclaimers01:41 Is the Crypto Cycle Over?03:06 The Golden Age of Crypto?05:26 Political Influence on Crypto09:32 Regulatory Challenges and Market Impact25:02 The Role of Stablecoins37:56 Stable Coins: Two Worlds and Regulatory Clarity38:55 Athena Dollar: Not a Stable Coin40:38 Regulatory Mismatches and Federal Oversight42:09 The Need for Innovation in Stable Coins43:53 Monopolies and Market Dynamics46:57 Ethereum's Unique Position and Future48:15 Bitcoin's Challenges and Ethereum's Competitors49:59 The Importance of Credibly Neutral Systems57:12 The Role of Blockchain in Capital Formation01:04:11 Concerns About the Current Crypto Landscape01:06:34 Final Thoughts and Future Discussions

12 Helmi 1h 8min

Llama Party feat. Alex Golubitsky

Llama Party feat. Alex Golubitsky

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BAMM & Honeypot Hillbillies with Wajahat

BAMM & Honeypot Hillbillies with Wajahat

Sam and Waj chat about the upcoming Berachain launch and also the rise of alt-media KOLs on Twitch and Tiktok

5 Helmi 43min

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