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But we knew it explicitly wasn't even intended to be immutable: Solend had "governance", which has the explicit goal of allowing for decentralized decisions to

by saurik 4y ago

But we knew it explicitly wasn't even intended to be immutable: Solend had "governance", which has the explicit goal of allowing for decentralized decisions to upgrade the contract and change the rules of engagement. This is very much unlike when ecosystems like Ethereum or Solana decide to modify contracts that were intended to be immutable because the entire ecosystem kind of shifts with the decisions of the developers without really questioning it; this was an explicit vote taken by the people who own the governance token for Solend, a vote you yourself could have participated in... which is the real problem, as far as I'm concerned: there was a 1% quorum requirement on that vote, which they barely made, mostly due to one larger participant! This is a democracy -- which, to be clear, is very much "decentralized" -- but designed in a way where not only does it have the classic issue of how they "can only exist until the majority discovers it can vote itself largess out of the public treasury" but additionally has the problem that our real-world governments often do (and at least the one I am a part of here in the United States is well known for): that so few people vote that in practice decisions are made by minorities.

mcintyre1994 4y ago
> Solend had "governance", which has the explicit goal of allowing for decentralized decisions to upgrade the contract and change the rules of engagement. I’m not sure if this was true before 24 hours ago? If you click back on the link of this post you get to the DAO page: https://realms.today/dao/SLND https://realms.today/dao/SLND It seems that the vote to take control of the whale account was the first ever vote of this DAO. The Solend twitter account also refers to it as the first governance vote: https://twitter.com/solendprotocol/status/1538441350441422848 https://twitter.com/solendprotocol/status/153844135044142284... I’m not sure exactly when the Solend DAO was formed, but it doesn’t seem true that past users were involving themselves with a Solend that had governance. That seems to be an innovation specifically to solve this problem.
- gruez 4y ago
  >I’m not sure exactly when the Solend DAO was formed, but it doesn’t seem true that past users were involving themselves with a Solend that had governance. That seems to be an innovation specifically to solve this problem. A quick search for "site:solend.fi governance" kinda disproves this. There aren't any explict pages on how governance works, but there are pages[1][2] (last modified 2 months ago) that havementions to governance tokens. [1] https://docs.solend.fi/Architecture/access-controls https://docs.solend.fi/Architecture/access-controls [2] https://docs.solend.fi/protocol/bug-bounty https://docs.solend.fi/protocol/bug-bounty
  - mcintyre1994 4y ago
    Kind of. The first link has: > For now, there isn't a timelock program, but transitioning to governance in the future will cause upgrades to go through a governance vote as well. So not really suggesting any currently functional governance, which makes sense given they never did a vote before. That said the important thing here is probably that they document an upgrade authority, and that they control its keys. The second link mentions governance only in the context of types of attacks that are in scope for a bug bounty, which doesn’t really tell users anything about governance. I wouldn’t be surprised if they copied this from somewhere TBH, it doesn’t seem very tailored.

by saurik 4y ago

mcintyre1994 4y ago

> Solend had "governance", which has the explicit goal of allowing for decentralized decisions to upgrade the contract and change the rules of engagement. I’m not sure if this was true before 24 hours ago? If you click back on the link of this post you get to the DAO page: https://realms.today/dao/SLND https://realms.today/dao/SLND It seems that the vote to take control of the whale account was the first ever vote of this DAO. The Solend twitter account also refers to it as the first governance vote: https://twitter.com/solendprotocol/status/1538441350441422848 https://twitter.com/solendprotocol/status/153844135044142284... I’m not sure exactly when the Solend DAO was formed, but it doesn’t seem true that past users were involving themselves with a Solend that had governance. That seems to be an innovation specifically to solve this problem.

gruez 4y ago
>I’m not sure exactly when the Solend DAO was formed, but it doesn’t seem true that past users were involving themselves with a Solend that had governance. That seems to be an innovation specifically to solve this problem. A quick search for "site:solend.fi governance" kinda disproves this. There aren't any explict pages on how governance works, but there are pages[1][2] (last modified 2 months ago) that havementions to governance tokens. [1] https://docs.solend.fi/Architecture/access-controls https://docs.solend.fi/Architecture/access-controls [2] https://docs.solend.fi/protocol/bug-bounty https://docs.solend.fi/protocol/bug-bounty
- mcintyre1994 4y ago
  Kind of. The first link has: > For now, there isn't a timelock program, but transitioning to governance in the future will cause upgrades to go through a governance vote as well. So not really suggesting any currently functional governance, which makes sense given they never did a vote before. That said the important thing here is probably that they document an upgrade authority, and that they control its keys. The second link mentions governance only in the context of types of attacks that are in scope for a bug bounty, which doesn’t really tell users anything about governance. I wouldn’t be surprised if they copied this from somewhere TBH, it doesn’t seem very tailored.