This IIP requests authorization to delegate Snapshot voting power in the Defi Pulse Index to
0x6B1050C1C6B288C79Ac1db299Dc481048aBBBbcD via the GovernanceModule for Kiba and Regan to use.
Snapshot is not compatible with multisig smart contracts, and therefore requires an EOA account to execute votes. The community retains the ability to revoke or reassign the delegation as needed.
As of last month CREAM has been added to DPI. CREAM is currently the only lending platform that supports DPI and they are known for listing the most cutting edge assets in DeFi on their platform. There are a ton of ways that we can collaborate with them to improve Index Coop products. A couple examples I’ve given in the past are adding DPI/ETH LP tokens to CREAM market providing more utility to LPs, using Iron Bank to mint liquidity for new products so we don’t need to fuck around with liquidity mining programs, and using Iron Bank to allow higher leverage FLI products.
By delegating CREAM voting power to Regan and I, Index Coop can be more active in CREAM governance and use their platform to improve our product moats to be unforkable.
0x6B1050C1C6B288C79Ac1db299Dc481048aBBBbcD is a wallet controlled by Kiba (same wallet he receives INDEX contributor rewards to) in coordination with Regan that will act as the executor for CREAM meta-governance votes in accordance to the goals laid out in this proposal.
To date almost all of CREAM’s votes have been about listing an asset or changing collateral ratio which is being entirely offloaded from governance onto the listing team. This is a great opportunity to start shifting focus of CREAM governance to protocol improvements, community engagement, and long term value creation.
- Liquidity of stable assets e.g. USDC and RAI
- Grow CREAM community and their ability to control the protocol and offload work from core team (e.g. Creamery by Regan, Listing Team by Kiba)
- CREAM adoption (e.g. documentation, branding, memes, product design)
- Iron Bank adoption and it’s moat in DeFi
- Vote is created on CREAM Snapshot
- Regan and Kiba deliberate
- Once consensus is reached vote is submitted by
To reiterate: this proposal will give full decision making power to Kiba and Regan, INDEX holders will not vote on CREAM meta-governance. Given low turnout for metagovernance on major protocols like Compound and Aave, we see this autonomous structure as an advantage for Index Coop metagovernance considering our active contributions in the protocol already.
Why autonomous decisions:
- We have both been very active in CREAM community and governance so have good knowledge base and relationships to leverage for Index Coop in metagovernance. Kiba proposed the first vote on CREAM governance and has helped a number of protocols get listed on the platform (including DPI)
- Kiba (maybe Regan too) are part of the CREAM listing team which, once enacted, will work directly with the core team and be able to list new assets on CREAM markets without going through governance. Through our role on the listing team we may have access to private information from CREAM core team that can influence decision making on votes but cannot be shared with other Coop members.
- Gives us ability to make our own proposals to CREAM on behalf of Index Coop which isn’t possible with normal metagovernance process.
- CREAM is fairly undocumented and underground protocol. Even as one of the most active community members it’s hard for me to know what’s going on because the information just isn’t available. For example I asked how we could enable flashloans and the feature was released just days later and had been worked on for months. Maybe I missed some messages in their discord but for such a major feature to fly under the radar of someone like me proves how hard it is to keep track of CREAM. Having access to founders will improve the Coops governance.
@Lavi suggested we request compensation to set a precedent for other people doing metagovernance work to be paid as well.
We think $1,000 a month per MetaGovernor is reasonable enough to compensate for time, energy, and opportunity cost.
- Delegate Snapshot voting power from the DPI to
0x6B1050C1C6B288C79Ac1db299Dc481048aBBBbcDfor metagovernance vote execution and compensate CREAM MetaGovernors $1,000 per month
- Do not delegate Snapshot voting power from the DPI to
0x6B1050C1C6B288C79Ac1db299Dc481048aBBBbcDfor metagovernance vote execution