Decentralized Finance (Defi) Lending Platform Compound is confronted with calls to border additional risk managers on board in response to a recently approved board proposal from the current Gauntlet manager.
Chainrisk throws his hat in the ring and calls for more transparency between comp venial and their negotiations, with an answer that even points to a non -chattered address that can be linked to Gauntlet.
In what Defi -commentator Togbe calls ‘some of the most filthy things I have ever seen from Gauntlet’, Gauntlet’s proposal for the use of competitor Morpho (for which Gauntlet is also a service provider) is to launch new markets on the Polygon Network.
Read more: Aave could leave Polygon about plan to use bridge funds for yield landing
However, Gauntlet presents the move as a win-win-win for Compound, Morpho and Polygon, a way to take advantage of a potential gap in the market after cooling the relationships between Polygon and Aave, Defi’s largest credit platform.
Aave, which, according to Defillama, represents more than a third of the total value of Polygon (TVL) Use bridge funds for yield agricultureAlso via Morpho.
Aave Governance Representative Marc Zeller went to X to emphasize the observed conflict of interest in the proposal, whereby the proposal characterized as “Subsidiz[ing] The growth of a competitor who has their market share every quarter. “
He also offered to bet $ 50,000 about whether the relocation would prove to be a winning outcome for COM holders.
Read more: Maker Dao Drama Takkelt in the midst of proposal to tackle ‘Governance Attack’
However, Gauntlet has defended the proposal, with reference to issues such as “current lawsuits, labeled laboratories, bound laboratories, market share of eroding” as reasons for such a movement, and emphasizing that the proposal does not serve itself in emphasizing the tariff structure, and the fact that Gauntlet’s morpho income is are are closed.
While Gauntlet’s proposal states that “composite DAO will be the only owner of the safes and will build all the income that were generated during the Joint Incentives Trial Program”, it adds that, in the future, and subject to DAO approval, “Gauntlet can introduce a reimbursement contract as a Gauntlet.”
Gauntlet’s vice -president of growth, Nick Cannon, has hit back on criticism of X, which he calls ‘approved comms’ from a ‘worried’ Aave camp, and also claims that Gauntlet was censored during the time at Aave.
The CEO of Polygon Labs also claims that Aave teams put pressure during administrative votes.
This is not the first time Gauntlet, Aave and Morpho have come into conflict. Apart from the recent controversy “polygon (e)”, the tensions flared out last year when Gauntlet ran away from his role at Aave And started working with Morpho.
Shortly thereafter, the protocols argued about their respective approaches of risk when users were liquidated during a Depeg of Renzo’s Ezeth.
Although the spit may seem to be nothing more than two sets of former colleagues who are bickering on the timeline, maintaining healthy and functional dao -governance processes is a serious matter.
Several precedents have been set due to a lack of attention for DAO votes, such as the “attack” of $ 25 million that was suffered by Compound last July. Earlier in 2022, the $ 830 million (ETH) market from Compound was brought for a week when a proposal had unintended consequences.
Elsewhere, Maker Dao made emergency changes in borrowing limitations in response to rumors about a takeover plot last month.
Defi doom and gloom
The latest crypto sale continues to stack the pressure in defi; The sector dives with more than a third, a decrease in the recent peak of $ 138 billion on December 17 to slightly less than $ 88 billion today.
Even those who pull the strings were omitted from their own pocket, because the World Trump -supported World Liberty Financial is said to be bad, ETH Cursing, just like everyone.
Read more: Liquity Scare Hits Defi while Ethereum Foundation sinks $ 120 million in the sector
While the financial markets took a dip yesterday, the wider crypto ecosystem yielded nearly $ 900 million in liquidations, according to data from Coinglass.
In the meantime, in Defi, users have followed the Dicey of one whale 65,000 ETH ($ 123 million) Position with held breath, for fear that the liquidation can cause a cascade on the chain.
