On October 7 the Compound Community Multisig told the DAO why the Compound Proposal Guardian had cancelled two proposals before they could execute. Proposals 612 and 613 had both passed a Tally vote. The multisig’s post said the deciding votes on each were 1.75 million COMP cast by a single delegate, and that both still passed over more than 1 million COMP voting against from 19 voters. Thirteen days later, on October 20, COMP climbed about 21% on Binance.
What the Compound Proposal Guardian is allowed to cancel
Community Multisig holds the Compound Proposal Guardian. Under its mandate, one criterion is enough to cancel a proposal before execution. The multisig wrote that both proposals met two: a single entity controlled the vote, and the proposals passed over opposition above the 400,000 COMP “no” threshold. It named Humpy and delegates tied to him as the source of the significant For votes, pointing back to the Foundation’s own earlier post. That is the multisig’s description of the vote, not a finding of this report.
Proposal 612 would have stretched treasury delays from two days to ten. Proposal 613 was titled “Return the EPCF and SVR Funds to Governance.” The Foundation’s post says the second would have closed the Ecosystem Protection and Continuity Fund and moved about 5.1 million USDC and 356 ETH to the Governor Timelock. On Tally’s proposal list both now read CANCELED, each showing about 1.89M For and 1.04M Against from 21 addresses.
Proposal 618: the author’s reply to the Proposal Guardian
Ugur Mersin, who submitted both, answered on October 8 that the Compound Proposal Guardian’s cancellation came less than nine hours after the proposal was queued. His argument is mechanical. The Governor already owns the treasury contracts, he wrote, but a withdrawal clears in two days while a governance vote takes about seven, so the owner can never act before money moves.
On October 20 at 11:24 UTC he filed Proposal 618. It is a signal vote with no onchain actions. The EPCF stays open, and custody of its 500,000 USDC plus 4,560,159 USDC supplied to cUSDCv3 would move from a 2-of-3 Safe, where two signers are Foundation nominees, to the Community Multisig on a 5-of-9 basis. Voting opens October 22 at 07:14 UTC and closes October 25 at 00:56 UTC.
How Compound’s COMP traded on October 20
On Binance spot COMP opened the UTC day at $21.66 and printed its low of $21.00 in the early hours. First lift came between 09:00 and 10:00 UTC, from $21.85 to $23.14. Proposal 618 was published at 11:24 UTC, after that first leg. Bigger candles came later. In the 16:00 UTC hour price ran from $24.47 to $27.66, then the 17:00 hour touched $29.30 and closed at $25.76. Those two hours turned over $2.46 million and $3.82 million. At 20:00 UTC the pair sat near $26.19.
The Proposal 618 filing is the only governance item dated to the day, and no source reviewed ties it to the price move.
Perpetuals carried the volume
Binance’s COMPUSDT perpetual turned over $79.95 million over the UTC day. Spot turned over $11.36 million. Open interest on the perpetual was $3.75 million at 21:00 UTC on October 19 and $9.35 million at 20:00 UTC on October 20, per Binance’s hourly history. Our NXPC all-time low report tracked the same Binance perpetual open interest series.
A $264 million Compound token against $238,000 of monthly revenue
CoinGecko puts COMP at a market cap near $264 million, and all 10 million tokens are already circulating. On DeFiLlama’s Compound V3 page, TVL reads $1.412 billion with $646.04 million of it lent out. Borrowers paid $2.53 million in fees over 30 days. Of that, $237,963 stayed with the protocol as revenue. Holders revenue reads $0 there. Multiply the 30-day revenue by twelve and the year comes to about $2.9 million. These figures cover V3 only. For a lender that routes revenue back to its token, see our SYRUP buyback piece.
COMP levels while the Compound Proposal Guardian dispute continues
Price sits inside its multi-week range after the spike, with Bitcoin at $82,709 above its 100-day average of $74,578. Bulls need a 1-hour close above $27.01, September’s high, and the next target after that is the day’s high zone near $29.2. A 1-hour close back below $26.87 voids that path. Bears need a 1-hour close below $25.68, the October 3 swing high, with $25.31 and $25.05 as targets. A 1-hour close back above $25.81 voids that one.
The next dated event in the Compound Proposal Guardian dispute is the Proposal 618 vote, opening October 22 at 07:14 UTC. The vote is a signal with no onchain actions, so the EPCF assets cannot move on that vote alone.
