Purpose - To open up the discussion around emergency powers, time-sensitive governance, and being proactive around maintaining protocol integrity.
Background - The recent Compound.Finance fiasco is due to a Comptroller contract which
incorrectly disbursed liquidity mining funds in COMP. This gave several users profiteering opportunities to drain millions of USD worth of COMP tokens, and drained community funds with it. This evolved into a governance issue as 7 days were needed to pass a vote to patch the bug with the current multi-sig scheme, and the communty response was to keep the entire thing under hush until the vote finished according to the Coindesk article.
coindesk article on exploit
How does this effect us?
While the DAO issue is their own, I believe that it is important to recognize this event as an opportunity to reflect on governance structure, both in its current and future state as the DAO continues to evolve and mature with time. And more importantly, how this structure can handle major events like this if it were to ever occur along similar lines.