Compound Governance Attack! w Bryan Colligan of Alpha Growth
Leviathan News29 Juli 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.

Avsnitt(397)

Llama Party feat. DeFi Advisoor!

Llama Party feat. DeFi Advisoor!

Llama Party - and this time DAdvisoor is on as a guest with CurveCap!!!! Discussing background, investing and - Leviathan news of course! Links: https://x.com/DAdvisoor https://x.com/CurveCap Leviathan News: t.me/leviathan_news ⁠⁠x.com/leviathan_news⁠⁠ ⁠youtube.com@leviathan_news⁠ Feel free to add comments and talk to us everyone! Enjoy!

6 Okt 20241h 47min

Uptober?! Not Yet... - Leviathan News Weekly Panel

Uptober?! Not Yet... - Leviathan News Weekly Panel

Today we're honored to have the lovely Ghouls on to talk about - well, prices mostly, and who knows? Also - CZ a free man, and Andre cimmenting on Aerodrome BUSL model. Leviathan News: t.me/leviathan_news ⁠⁠x.com/leviathan_news⁠⁠ ⁠youtube.com@leviathan_news⁠ Feel free to add comments and talk to us everyone! Enjoy!

4 Okt 202433min

Llama Party feat. Alberto Centonze of Curve

Llama Party feat. Alberto Centonze of Curve

Alberto Centonze of Curve is on a Llama Party with CurveCap. Leviathan News: t.me/leviathan_news ⁠⁠x.com/leviathan_news⁠⁠ ⁠youtube.com@leviathan_news⁠ Feel free to add comments and talk to us everyone! Enjoy!

4 Okt 20241h

Driving GHO To A Billy?

Driving GHO To A Billy?

The Llama Risk Team guys are on together with the Karpatkey team - to present their research on one of the most interesting stablecoins out there - GHO! Enjoy! Leviathan News: t.me/leviathan_news ⁠⁠x.com/leviathan_news⁠⁠ ⁠youtube.com@leviathan_news⁠ Feel free to add comments and talk to us everyone! Enjoy!

4 Okt 202457min

LlamaRisk Tackles WBTC

LlamaRisk Tackles WBTC

The Llama Risk team is on to tell CurveCap and all of us about their new WBTC report. Leviathan News: t.me/leviathan_news ⁠⁠x.com/leviathan_news⁠⁠ ⁠youtube.com@leviathan_news⁠ Feel free to add comments and talk to us everyone! Enjoy!

4 Okt 20241h

Sandwichin with Ceazor

Sandwichin with Ceazor

A very special guest on today - the honorable and knowledgeable Ceazor! Ceazor's links: linktr.ee/ceazor Leviathan News: t.me/leviathan_news ⁠⁠x.com/leviathan_news⁠⁠ ⁠youtube.com@leviathan_news⁠ Feel free to add comments and talk to us everyone! Enjoy!

19 Sep 20241h 39min

How To Make DAOs & Tokenomics work together? - A Special Builders Panel

How To Make DAOs & Tokenomics work together? - A Special Builders Panel

What a panel for today! Five amazing builders join us to discuss what's the correct structure to create alignment by all ecosystem participants - contributors, users and investors. 00:00 Introduction to Tokenomics and Governance 06:04 The Role of Emissions in Tokenomics 12:09 Governance Models and Their Challenges 18:04 The Future of Decentralization in DeFi 24:02 Innovations in Governance and Emission Systems 30:09 Assessing Decentralization and Transparency 36:06 The Importance of On-Chain Systems 41:53 Future Directions Participants: https://x.com/TokenBrice https://x.com/joeyroth https://x.com/amadeobrands https://x.com/wagmiAlexander https://x.com/twMattt Leviathan News: t.me/leviathan_news ⁠⁠x.com/leviathan_news⁠⁠ ⁠youtube.com@leviathan_news⁠ Feel free to add comments and talk to us everyone! Enjoy!

13 Sep 20241h 20min

Magical internet money: credit card points, crypto and incentives in the digital economy

Magical internet money: credit card points, crypto and incentives in the digital economy

The most widely used internet money today is not what you think.  It's Airline points… and it underpins the global economy and generates billions of dollars a year in revenue.  But airline points suck. They can be devalued or cancelled, and you don't actually on them.  Crypto offers a better way to offer rewards and in this episode we explore how two companies are merging consumer purchases with crypto rewards, Fold and Moso.  Fold is a Bitcoin company that offers "Sats-back" for every purchase you make. We interviewed CEO Will Reeves about Fold's growth, and found out why his customers lover getting Bitcoin back. We also spoke with Jake Margulies from Moso, a crypto version of Rakuten, that offers any crypto project the ability to distribute their token as a reward for people who make purchases using their platform.  Crypto provides a better offering for consumers, and it could be the best way to mass global adoption.  Want to try Fold? Use our Referral Link: https://use.foldapp.com/r/beFZHYWQ Our sponsors are Yield Nest (yieldnest.finance) and we have these link we want to include Check out our sponsor Yieldnest: https://app.yieldnest.finance/restake?ref=4ZYhFKdSh5iZMsGQaVygg59bac9Z Donate to Leviathan News: https://arbiscan.io/address/0x110d68F5DFA414E943181Dec3346D4CA0d6DE37F Telegram: https://t.me/leviathan_news Twitter: https://twitter.com/leviathan_news Discord: https://discord.gg/7WtnhqJ7za YouTube: https://www.youtube.com/@Leviathan_News Spotify: https://open.spotify.com/show/69yxNKomUIbdNMFoTjp49K

12 Sep 202432min

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