The Compound Foundation, a non-profit created to steer the Ethereum lending protocol's growth, accounted for more than 48% of the support for a $52 million program it had put before the DAO, an analysis by The Coinformer found.
- The Foundation voted with about 912,700 COMP, accounting for 48.4% of the 1.8 million COMP cast in support of Proposal 582.
- No votes were cast against the proposal or in abstention.
Its vote alone was more than twice Compound's 400,000-COMP quorum. Under Compound's governance rules, a proposal passes when it receives majority support and at least 400,000 votes in favor.
The Coinformer reviewed all 25 on-chain votes and the historical token balances and delegations recorded at the proposal's snapshot.
At least 570,500 COMP, or 62% of the Foundation's voting power, was backed by DAO-owned tokens delegated to it rather than tokens owned by the Foundation.
That included 213,200 COMP held in an Avantgarde-managed Safe owned by the Compound Timelock. Avantgarde said in November that idle treasury COMP would be delegated to the Foundation to strengthen governance participation.
Another 357,309 COMP came from a Foundation-administered reserve multisig. The DAO had previously described the assets assigned to that wallet as "entirely DAO-owned."
- On-chain records show the reserve wallet received 344,780 COMP at 9:46 am UTC on May 5, exactly 64 minutes before voting opened.
- Because the transfer occurred before the snapshot, the tokens contributed to the Foundation's voting power.
The proposal was approved in May, rather than alongside the Foundation's August announcement of a new leadership team and institutional-credit strategy.
The $52 million is also a two-year program ceiling. The approved structure released $14 million to a Foundation-controlled operational wallet.
The remaining $38 million is held in a separate reserve controlled by a 5-of-7 committee multisig and can be released only after specified development and adoption milestones are met.