Expanding The Treasury Committee
Over the past few months, the number of meaningful contributors to the Index Coop has steadily increased. We’ve continued to make improvements to indexcoop.com, created an institutional friendly DPI fact-sheet, started the creation of a growth committee, run marketing campaigns and more.
The needs and operations of the Index Coop are continuing to grow and become more varied. In order to mitigate blocking valuable growth initiatives, the Treasury Committee is looking to onboard more members from the Index Coop to serve on the Treasury Committee. This will increase Treasury Committee bandwidth & increase visibility on all contributions to the Index Coop.
- Outline the responsibilities and scope of the Treasury Committee (and expectations for its members). The document below is a first draft. Please share any feedback you have on it!
- Nominate & onboard new members to the Treasury Committee.
Treasury Committee Spec & Member Responsibilities
Why do we exist?
The treasury committee exists to simplify the process for funding Index Coop initiatives.
Instead of requiring all contributors to propose Index Improvement Proposals (IIPs) to fund initiatives, Index Coop contributors and working groups may secure funding via the Index Coop Treasury Committee.
Index Coop Treasury vs. Treasury Committee
The Index Cooperative is the organization that manages and offers ETPs like the DeFi Pulse Index. It spans product, growth, marketing, BD, smart contract development, and community organization teams of which the Treasury Committee is one.
The Index Coop Treasury is the balance sheet of the Index Cooperative. It contains vested INDEX tokens according to the token distribution established upon launch detailed here. It also includes the proceeds from any fees rendered from Index Coop products (e.g. a portion of streaming fees from the DeFi Pulse Index).
Index Coop Treasury Committee is a group of Index Coop community members tasked with allocating funds from the Index Coop Treasury on growth initiatives.
What does the treasury committee do?
Every quarter the Index Coop Treasury Committee creates an IIP to grant funds from the Index Coop Treasury to the Treasury Committee. Like any other IIP, this proposal is either approved or rejected by the Index Coop community by voting.
Assuming the grant is approved, the treasury committee may dispense those funds to maintain and grow the Index Coop. Funds are dispensed at the discretion of the Treasury Committee. However, the Treasury Committee and its members pledge to uphold values of fairness, flexibility and sensibility when choosing to dispense funds.
Index Coop contributors and working groups are free to request funds from the Treasury Committee for Index Coop growth and maintenance initiatives.
At the end of each month, the Treasury Committee publishes a report on all expenditures/grants made by the Treasury Committee for that month. Chief among these is the monthly Index Coop Contributor Rewards document, which tracks INDEX distribution to individual Index Coop contributors. For transparency the report should also show funds remaining in the treasury (vested/unvested) plus any fees accrued from our products.
What do treasury committee members do?
Treasury Committee members have two main responsibilities:
- Assist in the co-creation of the monthly Contributor Rewards allocations
Committee members should help track Index Coop contributions in the monthly contributions document. At the end of the month, committee members will come together to assign an INDEX value for each contributor’s efforts that month. This inevitably involves some level of subjective judgement on the value each contributor brings to the Index Coop.
- Assist & evaluate Index Coop contributor proposals seeking funding
Committee members should make themselves available to Index Coop community members seeking funding. They should evaluate funding proposals and provide feedback to Index Coop contributors. Any committee member may advocate funding a proposal. Decisions to fund proposals run on the principle of rough consensus. If rough consensus cannot be reached a simple majority vote will be used to decide the vote.
As the Index Coop treasury becomes more diversified and the scope of its growth, marketing, BD, and development efforts expand, the treasury committee may also begin to produce reports on the health of the Index Coop Treasury and suggest different ways of mitigating risk.
Current Treasury Committee Members
To get in touch with the Treasury Committee, please reach out to any of the treasury committee members listed above.