Should i go with it and give it a try?

Poly is superhard, especially the first couple of years and especially if you are only doing it because you don't want to lose him. Most couples don't make it through on these premises, but some do. This is why nobody can tell you if you should give it a try or not - you have to make that decision based on your own judgment.

Should i try and make a compromise? Is there anyway to compromise?

The compromise would be swinging or something couple-oriented. Or casual. But your boyfriend wants an emotional connection with someone other than you. Would he be ok with a compromise?

Who am i to stop him from begin happy...

Just make sure you aren't stopping yourself from being happy as well.

The option you didn't ask about is breaking up - amicable. Breaking up is the logical thing to do IF you have incompatible wants and needs in a relationship. Mono and poly is one such situation. When poly is brought up in long term relationships, most people wouldn't even think about separation or divorce - instead they will try acommodating a partner who wants to change the relationship agreement. This often leads to very bitter endings. It would be better if this option was on the table from the beginning. It would facilitate an amicable ending of a LTR if/when poly or open is not wanted by both partners.