During November the Finance Nest made a series of structural changes in preparation for Index Coop to start being more active with its financial capital. Finance Nest revised the protocol list for both the Operations and Investment Account and expects the initial deployment of capital to occur during December. Keeping with the commitments made to the community with the creation of the Finance Nest and funding received through IIP-098, the Finance Nest will be providing it’s very first Nest OKR report update for each respective pod.
The Finance.Nest governance forum account was born and published the very first Budget v Actual report along with the normal monthly financial reports and six IIPs. During November the Investment Account was created and Rari Capital was added to the list of approved protocols for the Operations Account, IIP-101. The Tetranode pool is currently offering some very appealing yields.
This month the Operations Account absorbed the funding council balance and began processing transactions at scale. The recent integration with parcelDAO allows all transfers to be made gas free. Multiple Working Groups are also starting to realise just how easy and cost effective Parcel is for direct transfers and as a result have set up their WG multi-sigs on the platform. Collectively, Index Coop has saved $0.423 ETH in gas cost savings. This is equivalent to ~$1,700 USD ($4,000 per ETH). We would like to recognise the efforts of TOC WG in kick starting the Parcel integrations, and @Hammad1412 and @ElliottWatts or running the integrations.
With the implementation of IIP-72 imminent, the Finance Nest submitted IIP-116 to redirect all composite products revenue directly to the Operations Account. This will enable all in-bound product revenue to be actively managed directly from the Operations Account. The intention is to have the Treasury as a pure INDEX token holding wallet and all non INDEX tokens to be transferred to either the Operations or Investment Account in time.
Finance Nest inherited the processing and ownership of the Contributor rewards process from TOCWG during October. During November, in response to community feedback, the Finance Nest conducted a survey amongst contributors. This led to the development of a guideline to better support WGL on how to go about managing Contributor rewards within their respective nest. Finance Nest will always seek to iterate and improve the process wherever possible.
On a positive note, the Contributor rewards are being distributed at record speed these days. The Finance nest is targeting a five working day turnaround from when WGL receives the Contributor Reward request form to when rewards are actually distributed. To date Finance Nest has met this OKR during October and November, two from two.
November also saw the birth of the Investment account with revised signer permissions to reflect some recent role changes, IIP-112, and an initial allocation of $5M USDC of funding was approved by the community with IIP-114… The nest also proposed and had approved IIP-115 that enables seven protocols to be added to the approved protocol list. Finance Nest expects both the Operations Account and the Investment Account to start deploying stable coins to earn a yield.
In addition to the above, the Finance Nest continues to ship financial reporting that is the envy of protocols across DeFi every month. Finance Nest is currently working through creating a number of Dune dashboards showing the performance of the Operations Account and displaying some initial financial metrics. In the lead up to Q1 2022, Finance Nest is actively working with a number of WG’s to develop an accurate budget which estimates the communities future forecasted spend, INDEX and non-INDEX requirements. This will enable the community to better manage financial assets and make informed financial decisions.
- Index Coop - October 21 Financial report
- Index Coop - October 21 - Budget vs Actuals
- IIP-98: Finance Nest and Talent, Ops and Change Working Group
- IIP-101: Authorize the Operations Account for Rari Capital Strategies
- IIP-112: Update Investment Account Multisig
- IIP-114: Transfer USDC from Treasury to the Investment Account and Deploy Productively
- IIP-115: Authorize the Investment Account for Aave, Compound, Balancer, Element Finance, Notional Strategies, Ribbon Finance and mStable
- IIP-116: Redirect DPI, MVI, DATA and BED Revenue to Operations Account
Note: The Accountability and Operations Account monthly reports which include OKRs will be added in due course.