Compound Labs

The proposal to create the Compound Foundation has been months in the making and is now set to clear 1M votes in support, with none yet opposed. This is a pivotal moment in Compound’s history where the longstanding gap left by the Labs team can be filled by a competent and protocol-aligned entity. tally.xyz/gov/compound/p…

Compound is live on @unichain wstETH, weETH, ezETH, BTC, and UNI can be used as collateral to borrow ETH. View the new market: app.compound.finance/?market=weth-u…

In June 2020, the Compound protocol was decentralized with the launch of COMP and the full transfer of control to the community through governance. As a foundational piece of decentralized finance infrastructure, Compound is designed to exist in perpetuity—open, autonomous, and available to all. As one of the first protocols to fully decentralize, the approach was primitive and the territory was uncharted. While the community has grown and matured, it has done so without a core operational pillar—specifically, a foundation—something that has since become a standard support structure for many DeFi protocols. Over time, the protocol has adopted critical support systems for areas like risk (via @gauntlet_xyz) and security (via @openzeppelin). However, in the absence of a foundation, consistent and clear leadership within the community has been lacking, making even routine tasks unnecessarily complex. With the upcoming development of Compound v4 and growing engagement in the community forums, along with the progressive decentralization of the Compound ecosystem and the pullback of involvement from Compound Labs, we've seen the growing need for more consistent structure. In response, we believe it's time to explore the creation of a Compound Foundation. A foundation, entirely separate from Labs or any other existing entity, would provide clarity and continuity—serving as a consistent leadership and coordination layer for the community. It would support key coordination functions across the community, another service provider. We've seen the benefits of this model in other ecosystems, such as the @uniswapFND. We look forward to further discussion in the community around the idea of a Compound Foundation in the forums. Labs stands ready to assist the community, if that assistance would be helpful.

🚨 New Bug Bounty Program alert! 🚨 @compoundfinance, the DeFi protocol for money markets, just launched a $1 MILLION bug bounty program on Immunefi 🎯 Ready to secure the future of decentralized finance? This 🧵has the details 👇

Attention: On 9/20/24 the Compound community’s Discord server was compromised. Access has been regained and secured. Always stay vigilant for scams and do not click any suspicious links.

Join us Wednesday 9/4 at 9:30am PT for the Developer Community Call in Discord. Hear from @gauntlet_xyz, @alphagrowth1 / @growcompound, @juanbug, and @dodao_io. See you there! comp.xyz/t/compound-dev…

Join us Wednesday 8/21 at 9:30am PT for the Developer Community Call in Discord. Hear from @gauntlet_xyz, @alphagrowth1 / @growcompound, @DooWanNam, and @dodao_io. See you there! comp.xyz/t/compound-dev…

The Compound community is holding a delegate race. Get involved in Compound governance today! Learn more at the link below. comp.xyz/t/compound-del…

As we noted, the issue did not impact the protocol; and no smart contracts were compromised. We will provide further details on the investigation soon. This is our final message // end of tweet.

✅ Update: Thanks to the tenacious efforts of so many in the community, the compound.finance website is once again secure. Please always remain vigilant in clicking links to avoid phishing scams. Make sure to restart your browser to ensure visiting the proper website. If the URL is not compound.finance, app.compound.finance or compoundlabs.xyz, it is not a Compound Labs website.

Please avoid interacting with the compound[.]finance website until further notice. It is part of the widespread domain compromise occurring right now. By visiting the site, or clicking any associated links, you will be putting yourself at risk. We and others are diligently working to resolve the issue. The issue is not at the protocol level; the smart contracts have not been compromised. We will provide further details as soon as possible, but in the meantime please avoid visiting the site. This is our final message // end of tweet.

🚨 URGENT: The Compound Labs website (compound[.]finance) has been compromised. Please do not visit the website or clink any links until further notice. An update will be provided when available. This is our final message // end of tweet. 🚨

In the next two weeks, the House of Representatives will vote on the most important piece of crypto legislation to date: FIT21. We’ve long called for regulatory clarity that protects consumers and innovation and the FIT21 Act will do just that. Americans have embraced digital assets, but the current regulatory approach too often limits innovation and privacy without actually addressing the solutions needed to protect consumers or tackle illicit activity. FIT21 will help stamp out scams, ensure oversight of crypto exchanges, and protect American consumers by implementing strict rules on crypto trading. FIT21 has bipartisan support because it tackles these issues. I encourage everyone who believes in the power of blockchain technology to support this legislation. The best thing to do is get in touch with your local representative and tell them to support FIT21. @standwithcrypto offers helpful resources to find and contact your local representative here: standwithcrypto.org/action/email

@Uniswap 💪🦄

Today Uniswap Labs received a Wells notice from the SEC And we're ready to fight This is the latest political effort to target even the best actors in crypto like Uniswap and Coinbase All Uniswap products and the Uniswap Protocol are unaffected t.ly/rp7h8

USTB 🗽

Chainlink DeFi Yield (CDY) Index — Aggregating market-wide DeFi lending rates, leveraging the most secure and battle tested protocols as data sources 💪

There has never been a better day to build 🗓️ Keep building 🔨

The Compound Labs X account was compromised yesterday for ~4 hours until we regained control of the account and removed the spam messages. We have full control of the account again and appreciate the community for spreading the word yesterday until we regained access.