Compound Community’s Proposal for ENS Sub-Domain Deployment Fails to Meet Required Votes

02/16/2023 03:57 • Crypto & Markets • 122 views

On February 16, according to the governance page, the proposal of the Compound community to deploy the initial ENS sub-domain for the Comet market has not been voted through recently. Although the support rate of the proposal reached 100%, there were only 273484 votes, which did not reach the required number of 400000 votes, so it was not adopted.

The proposal of the Compound community to initialize the ENS sub-domain for the Comet market deployment was not passed

Interpretation of the news:

The Compound community, a decentralized lending platform based on the Ethereum blockchain, had proposed the deployment of the initial Ethereum Name Service (ENS) sub-domain for the Comet market. However, according to the governance page, the proposal failed to gather the necessary votes for adoption.

Although the support rate for the proposal reached 100%, gathering only 273,484 votes fell short of the required 400,000 votes. The proposal’s failure to meet the required votes has led to the deployment not being adopted.

ENS is a decentralized domain name service built on the Ethereum blockchain. It enables users to register human-readable domain names that map to Ethereum addresses, smart contracts, or other data. ENS sub-domains are extensions to existing ENS domains that enable multiple sub-domains under a single domain name.

The Comet market is an upcoming decentralized exchange (DEX) that allows users to trade tokens that represent community-owned mining hardware. It enables miners to convert their hashrate to tokens, which in turn represent their share of the mining pool’s rewards. The proposed deployment of an ENS sub-domain for the Comet market would make it easier for users to navigate the DEX and perform transactions.

The failure of the proposal to meet the required votes may indicate a lack of participation or interest among the Compound community. It could also suggest a lack of awareness or understanding of the significance of the deployment. On the other hand, the fact that the proposal gathered 100% support from those who did vote may indicate a strong desire among the community for the deployment.

In conclusion, the Compound community’s proposal for the deployment of an ENS sub-domain for the Comet market failed to meet the required votes. This may lead to delays or hindered progress in the development of the DEX. The incident also reflects the importance of active participation and awareness among the crypto community in shaping the future and direction of decentralized platforms and services.

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