Since roughly the beginning of Q2, the EWG has set out to reduce technical operations overhead on the Set team. This includes independently deploying monthly contributor rewards, funding liquidity mining updates, calculating & paying out methodologist rewards, and conducting product rebalances. Reducing this load on the Set team enabled core smart contract devs to focus on technical improvements to existing products (e.g. FLI) and new product development.
As measured against this original goal, progress has been fairly acceptable. Many of the highest cost, lowest context technical operations (e.g. monthly contributor rewards) have been off boarded to the Index Coop entirely. Onboarding to more sensitive/high context technical operations (e.g. product rebalances) are underway and making steady progress.
However, the original goals were set with limited information, and those goals are now clearly inadequate. The Set engineering team have spent the past several weeks examining the current system & processes and produced this rough list of technical capabilities the Index Coop must achieve in order to succeed in the short to medium term.
Key Results - How You’ll Know if the EWG succeeds
- Rebalances: Infrastructure to handle 10 rebalances a week safely w/o MEV, slippage issues
- New Products: Preparedness to launch 2 index products a month
- Maintenance: Ability to handle 100 metagovernance transactions a week
- Supply Scalability: Infrastructure to scale ETH 2x FLI to 2,000,000 supply (400k today) for 10 products
- Maintenance Scalability: Teams and infrastructure to support 10 products, their parameter updates, notifications, etc.
- New Products: Preparedness to launch and support 10 products
Previously, the EWG set out to reduce technical operations overhead weathered by the Set Team.
The new goal is to scale technical operations of Index Coop products. Scaling these operations will unlock the next stage of growth for the Coop & enable more products to be launched more quickly.
Engineering has been the least understood and least effective working group of the Index Coop because we have relied on Set Labs to service almost all technical needs. It is now clear that in order to satisfy just the current number of technical operations, we need to begin aggressively investing in the engineering processes to enable many more technical contributors. The first glimpses of what that future org & process might look like is in the FLI Experts Group, which is gaining a level of domain expertise that will soon surpass Set Labs’.
Therefore, the Engineering Working Group is rallying around two initiatives:
- Aggressively scaling technical operations: the near term goal that will unblock product launches at the Index Coop and put us back on track to advance key metrics (AUM, revenue).
- Organizing effective engineering working group processes: a requirement to sustainably scale the required technical operations.
In order to scale technical operations we need:
Current Process Documentation
EWG will need help from many more contributors. Contributors need high context on the current technical processes in order to make decisions about how the system can be scaled. So far context has been most commonly shared via detailed forum posts & documentation, but other context sharing strategies like Q&A’s and process walkthroughs have been very effective and will be promoted.
Technical Process Design & Automation
Once enough context has been shared, expert groups can begin establishing processes to efficiently & safely own aspects of technical operations, with the goal of maximizing automation & safety.
Organizing effective EWG processes means answering the question: how is engineering work prioritized and executed in the Index Coop?
The FLI Experts Group is showing great promise and has been set up in a relatively short amount of time. Piloting other expert working groups tasked with establishing safe processes for technical operations is another near term goal of EWG. This means mapping out the expert group’s internal processes & defining its interface with the rest of the Coop.
Organizing effective EWG processes also means agreeing on engineering best practices, how code reviews are conducted, how code is deployed, how repositories are maintained and more.
In the medium to longer term engineering has important questions to answer regarding:
- Roadmap and Vision - Where do we want the EWG to be by the end of 2021?
- Engineering Culture - How do we attract new high quality contributors and level-up EWG members?
These are extremely important questions that we will work to answer soon. But right now the top priority is addressing current technical & operational needs and unblocking product launches.
This is mostly a context sharing post to create a shared understanding of our major goals. The specifics of how the technical operations expert group should function are still a work in progress. We will need people to help us do this. Come talk to me if you think you can help!