A context-building post around using metagovernance powers to propose will be drafted ahead of this coming week, and unlocking new tokens for metagovernance in the week following; this post is confined to using metagovernance for voting on existing proposals in other forums. Join the discussion here.
For the governance tokens in our products, the governance power is ported to INDEX token holders via snapshot voting, similar to our native governance process. Again similarly there is a 5% quorum (to ensure a threshold of contextual engagement) and a 50% passing requirement (simple majority, regardless of native vote thresholds). At present this is being done for 5 tokens within DPI. No other products have sufficient unit supply so as to be considered useful in a metagovernance sense at this time.
The MGC is a failsafe measure put in place given that IC uses metagovernance power but does not reliably meet the 5% quorum requirement in place to gauge community interest.
Scoping of the MGC has been via the following IIPs:
|Updated Proposal to form a MetaGovernance Committee||28 May 2021|
|IIP-49: DPI MetaGoverance Vote Delegation to Multisig||10 June 2021|
|IIP-51 Form a Meta-Governance Committee||22 June 2021|
|IIP-81: Meta Governance Autonomy||27 August 2021|
|IIP-92: Meta-Governance Committee 2.0||30 September 2021|
|IIP-92 Meta Governance Committee 2.0 & Election Process||08 October 2021|
|IIP-132: Update Meta Governance Multisig Signers||14 February 2021|
The MGC currently sits four members pending a snap-election to replace a fifth.
Given that the MGC is in place to ensure a good result absent quorum, we’re making a commitment to hit quorum reliably before the end of Season 1 (target rate in-line with the goal of increasing INDEX participation) with an eye toward comfortably disbanding the MGC after 2-months of >95% metagovernance votes above quorum, estimated to be sometime within Season 2. This will further express Index Coop’s commitment to decentralization and automation, while increasing the efficacy of the INDEX token as a permissionless leveraged metagovernance mechanism.
Governance Nest holds open Metagovernance Strategy Planning Sessions on Tuesdays at 1700 UTC, join us here.