Title: Enable Full-Time Contributors to Vote with Vesting Tokens
Author(s): @gregdocter, @darkforestcapital, @ncitron
Created: August 10, 2021
Requires (optional): [n/a]
Enable current and future Index Coop full-time contributors hired by the Index Coop via IIP to vote with the tokens held in their vesting contracts.
On day 1, this will allow a total of 75,000 INDEX (15,000 INDEX * 5 current IIP-hired contributors) to be used for Snapshot IIP voting.
Protocol governance is a critical pillar of the Index Coop’s long-term success.
This proposed change puts more governance power in the hands of individual Index Coop community leaders who were hired by the Coop.
Each of these contributors has reason to wield their voting power in a way that is aligned with the long-term interests of the Index Coop, based on:
- Community Reputation & Knowledge
- Leaders in the community
- Engagement in the community
- Community confirmed via IIP (vesting portion of compensation packages)
Skin in the game
- Stands to lose economic upside
- Stands to lose reputational upside
We granted this power to our investors via IIP-41. It is time we do the same for full-time contributors.
Last but not least, this can be considered an early step on the path to addressing the voting power issues first raised early in 2021. More is needed.
To enable current and future full-time contributors to vote with their vesting tokens, we will utilize the
IndexPowah contract. This contract creates a mock ERC20 token that only has a balanceOf function. This allows for us to encode new rules for determining one’s voting power. The contract already allows us to add vesting contracts to it which will have their votes counted towards the intended recipient of the tokens.
Additionally, this contract counts votes in accordance with the rules specified in IIP-9, IIP-38, and IIP-41.
Snapshot limits each space to a maximum of five strategies. In order to track as many vote sources as possible, we will need a total of eight strategies. This method reduces our space to just two strategies (
delegation). This idea was inspired by Sushiswap’s
SUSHIPOWAH contract which serves the same purpose for the Sushiswap community.
- Estimated Eng. hours to implement: 1 hour
- Engineer(s): @ncitron
IndexPowah smart contract was written to implement IIP-41, so we will not need to complete any additional smart contract work to implement this IIP. We will however need to add the full time contributor vesting contracts to
IndexPowah contract by calling the
addVesting function from the IC ops multi-sig controlled by Greg, Punia, and Dylan.
The source code and tests for the
IndexPowah contract can be found on GitHub:
The current deployment of the
IndexPowah contract can be found on etherscan:
Copyright and related rights waived via CC0.