[MGC Decision] AAVE-(ud), COMP-70 & COMP-71

The Index Coop Meta-Governance Committee has voted FOR [AAVE-undefined], to “authorize the Guardian to hold the emergency keys for V2”.

The MGC voted AGAINST [COMP-70], to “implement security solutions for Compound Governance”.

And the MGC has voted unanimously FOR [COMP-71], to “update the risk parameters for DAI, BAT, ZRX and ETH”.

Link to the snapshot page below:

AAVE-undefined Snapshot

COMP-70 Snapshot

COMP-71 Snapshot

Changes added: COMP-70 decision changed to AGAINST

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Appreciate these posts and respect the decisions but, for this one in particular, I would love some reasoning.

The COMP 70 puzzled me because I go to vote with as much care as I can and had read the Compound proposal, which seemed reasonable given the circumstances, and looked at sentiment on the accompanying forum post. In the post there is some good discussion supporting the proposal from involved members of the community, including Blockchain Berkley and a16z (who mention support of the open-source approach).

I could also see that IC sentiment was FOR (98.68% of nearly 16k INDEX).

So, what puzzled me was, the IC AGAINST vote.

Now I see, there was a last hour counter bid to Open Zeppelin from Trail of Bits (a ‘forum bomb’ if ever there were). And this is where I run out of road. I have nothing generally against Trail of Bits or, indeed, for Open Zeppelin, and I am most definitely a supporter of the IC Meta-Gov team but I’d love to know more about how the decision was reached, if that’s cool?

This could all seem a mountain out of a molehill but it did come across interesting and tiny bit dramatic.


Hi @mrvls_brkfst happy to share why I voted AGAINST.

  1. I am not a fan of indefinite payments, and the current implementation of the COMP-70 proposal would indefinitely stream ~29/COMP/day to OZ.

  2. Strongly against the performance incentive structure that they are negotiating. While not included in this specific proposal…

  3. I want to wait to see the full proposal from ToB in order to properly compare the multiple bidding vendors. Personally, I believe that a few days/weeks without a signed vendor is worth getting the best value for the protocol.

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Hey @mrvls_brkfst thanks for the very thoughtful question!

Just add to @oneski22’s comment, I think he summed up pretty well the reasons for why the majority of MGC members voting AGAINST COMP-71. It wasn’t an unanimous vote though, so other opinions were present as well.
Looking at the vote rn, it seems that a majority is considering a new offer to be the preferred choice (however still 11hrs left before closing).

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Thanks @oneski22 and @Lavi , much appreciated. Agree that it’s best to weigh the two. Just found the last moment nature interesting, though not necessarily bad.

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