Golden Boys, a DAO delegate group accused of conducting a governance assault on Compound Finance, bear agreed to rescind the proposal that passed on July 28.

Proposal 289 would bear allocated 499,000 COMP tokens, worth $24 million, from the DAO treasury to a yield bearing approach managed by the Golden Boys. By some estimates, that would bear disclose up the group’s pseudonymous chief Humpy with enough COMP to persuade future governance votes.

Compound governance delegates rapidly spun up two proposals to shield in opposition to an identical threats to protocol governance: a timelock contract that delays the execution of proposals and one who introduces updates to the protocol’s likelihood parameters. Nevertheless, these current measures effect no longer need addressed the challenge of Proposal 289 being executed.

Humpy has now agreed to execute the proposal in substitute for the introduction of a staking product that meets the group’s pursuits. A brand current proposal from AlphaGrowth CEO Bryan Colligan outlines the introduction of a brand current Compound staking product, with a vault which would maybe be beneath the maintain a watch on of the Compound DAO.

“On the ask of Humpy following discussions with Alpha Articulate and other Compound delegates, we recommend the next staking product that addresses the acknowledged pursuits of Humpy as a brand current, fresh delegate and COMP holder in return for canceling Proposal 289 as a result of governance risks it poses to the protocol,” said Colligan.

As per the terms of the proposal, the staked COMP token product will likely be developed thru the Compound Articulate Program resources audited by the protocol’s security accomplice and evaluated by its likelihood manager. It would distribute 30% of every reward and upcoming market reserves to COMP stakers proportional to amount they’ve staked.

“I fully approve this message,” wrote Humpy on the governance discussion board.

The proposal moreover obtained aid from other foremost Compound governance delegates, who had strongly antagonistic Proposal 289, alongside with Wintermute, Gauntlet and Monet Provide.

“I deem this would be a obvious final consequence for all engaging. Also hang that staked COMP would be a obvious sort that must wait on toughen security of Compound DAO governance,” said Monet Provide.