对第612号提案投票，以加强国库控制和延迟取款

Compound community votes on Proposition 612, which aims to tighten treasury control and extend withdrawal delays

Compound governance token holders are voting on Proposition 612. The proposal contains a series of changes that could revolutionize the way the agreement treasury is managed. The core elements of the proposal include extending the delay in treasury withdrawals from two days to ten days, and giving the agreement Governor Timelock (governance time lock) the authority to cancel treasury transactions before execution. Voting began on Sunday and is scheduled to end on Wednesday, October 7.

Proposal details and voting data

Proposal No. 612, proposed by Representative Ugur Mersin on October 2, introduced a number of technical adjustments to treasury operations. The proposal extends both the Treasury Escrow withdrawal cooling-down period and the minimum Treasury Timelock delay period from two days to ten days. In addition, Escrow's expiration period is set to 17 days, which means that users will have a seven-day window to withdraw cash after the initial waiting period.

In addition, the proposal would also grant Governor Timelock EXECUTOR_ROLE (executor role) and CANCELLER_ROLE (canceller role) for Treasury Timelock. This update means that governance mechanisms will be able to proactively block treasury actions, rather than just react to them after they occur.

According to the latest statistical results, the number of votes in favor is 1.75 million, which is significantly higher than the number of votes against 921,000. Both votes have exceeded the minimum quorum required for decision-making by 400,000.

Concerns about treasury control and decentralization

Although these changes involve technical aspects, the core issue is who has ultimate control of the Compound vault. This has sparked a broader discussion in the DeFi industry: To what extent should protective measures be implemented to undermine the nature of decentralization?

proposal states: "Governance not only prevents the treasury from performing any operations, but not just reacting after the fact, bringing in a new level of enforceability." This highlights the growing importance of protocol security, while also highlighting the risks of concentration of power.

Recent actions by the Compound Treasury Management Committee have also pushed this issue to the forefront. On September 29, the committee transferred approximately $3 million of stablecoins into a separate Safe contract, and subsequently used $2 million of USDC to establish a single Uniswap V3 COMP position. Proposition 612 supporters believe the incident demonstrates the need for a stricter, enforceable governance moratorium rather than relying solely on voluntary compliance.

Previously, representatives accused the Compound Foundation of converting 8.42 million DAI in the DAO reserve into 344,780 COMP. The move is said to have increased voting rights, influenced treasury decisions and a $52 million V4 plan. The COMP appeared to have been returned just 58 minutes before the voting deadline for the previous proposal, raising questions about strategic voting and governance manipulation.

DeFi's continuing governance dilemma

安全性和强有力的管控措施可能会增强用户和机构的信心，尤其是在 Compound 批准了一项面向机构玩家的 5200 万美元开发预算之后。然而，这些干预措施也提出了关于最终决策权归属的关键问题。ACM 的一项 2025 年研究表明，治理问题是 DeFi 领域的常见现象，而 Galaxy Research 则指出，治理失败和集中度导致了重大损失。

全球监管机构也在密切关注这些发展动态。Chainalysis 对 FATF（金融行动特别工作组）框架进行了总结，指出当局越来越关注个人或团体是否对协议表现出“控制或足够的影响力”，并密切审查治理结构和金库管理情况。

借贷市场压力与模因币（Meme Token）的平行观察

这些治理辩论发生在 DeFi 借贷市场持续收缩的背景下。Galaxy 报告显示，截至 2026 年第二季度，借贷应用未偿还贷款总额下降了 27.61%，至 204.3 亿美元；同期，加密资产抵押的总贷款额下降了 16.78%，至 561.6 亿美元。

In this volatile market environment, close monitoring of market movements and governance activities has become crucial. Take the memin sector as an example, which usually experiences rapid capital inflows based on network trends. Data showed that a US$99 investment in the memin "Niu Lai" surged to approximately US$370,000, reflecting the fast-paced nature of this market segment. Monitoring price movements, investor behavior and trading in a timely manner is becoming increasingly important. The tool combines token discovery and trading capabilities, and its social dynamics, investor rankings and trading alerts help users keenly capture changing opportunities in the memecoin market.

Proposition 612 is more than just a technology update; it represents a key test of whether DeFi can improve governance safeguards without weakening protocol decentralization or alienating core users.