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The Compound DeFi project introduced its governance token, COMP, on June 10, 2020. This token launch allowed Compound to transition toward decentralized governance by enabling token holders to propose, discuss, and vote on changes to the protocol, such as adding new assets or adjusting parameters. By distributing COMP tokens to users, Compound aimed to encourage community participation and make the protocol’s future decisions community-driven, rather than solely developer-controlled.
This release of COMP was a notable development in decentralized finance (DeFi), setting a standard for governance in DeFi protocols and inspiring similar governance models in other projects.
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