Apr 16, 2020 ⋅ 2 min read
Compound has announced its community governance system and associated COMP token are now live. The new model hands control of the protocol over to COMP holders, enabling them to propose and vote on governance actions such as adding support for new assets. At the moment, token holders include existing shareholders of Compound Labs and the protocol’s current founders and team members.
Coinbase Custody almost simultaneously announced its is launching support for Compound’s new governance system and COMP token. The voting solution will allow clients to use their COMP holdings to participate in governance decisions directly or by way of a third-party without having to move the tokens out of cold storage. Today’s announcement also stated the custodian would open deposits and withdrawals for all Compound c-Tokens, cETH, cZRX, cUSDC, cBAT, cDAI.
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