Finance Nest Community Updates - A Thread

Finance Nest November Update

@Matthew_Graham @ElliottWatts @prairiefi @Hammad1412 @Ahuja

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.

Links:

Note: The Accountability and Operations Account monthly reports which include OKRs will be added in due course.

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Thank you to @Hammad1412 and @ElliottWatts for getting Parcel going and the contributions out smoothly. Also Budget vs Actual report!

Looking forward to seeing good things resulting from IIP-114

Solid lift from the nest!

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Operations Account - November Update

Index Coop’s Ethereum Operations Account was created on the 25th July and didn’t become actively used 14th August when it received 1,750 ETH2x-FLI tokens for BED liquidity. Since then, we have come a long way including a few highlights here for the inaugural post:

  • Redirect FLI revenue: IIP-72
  • Authorizing stablecoin strategies: IIP-79
  • Updating signers: IIP-88, IIP-99
  • Transfer Funding Council assets to Operations Account: IIP-90
  • Authorize Rari Capital strategies: IIP-101
  • Create an Operations Account on Polygon: IIP-111
  • Redirect Simple Indices revenue: IIP-116
  • Adopting Parcel for payroll: Link

At November month-end, the Operations Account held the following:

Asset Quantity $ Price Value
INDEX 73,191.10 15.89 1,162,903.26
USDC 697,693.47 1.00 697,693.47
ETH 119.65 4,636.43 554,753.10
WETH 37.04 4,636.43 171,716.91
ETH2x-FLI 1,858.50 249.69 464,052.83
BTC2x-FLI 986.47 64.01 63,141.24
WBTC 0.16 57,117.09 9,186.56
BED:WETH UniV3 1 Link to pool 292,129.45

OKR Overview

  • Number of Operations Account Transactions: 33 (nonce 22 to 49)
  • Total Index Coop ERC-20 Transactions: 47
  • Number of Operations Account ERC-20 Transactions: 20
  • Number of Operation Account Time Sensitive Transactions: 9 (ETH2x & BTC2x sell transaction + BETA purchase)
  • Percentage of Time Sensitive Operation Account Transactions: 9/33 = 27.3%
  • Number of failed transaction due to insufficient signers: 0
  • Number of successful safety test transaction: 0
  • Number of incorrectly executed transaction: 0
  • Gas Spend during November: Operations Account total 0.7738 ETH, 0.2106 of which was covered by Parcel
  • Number of Days to Process Contributor Rewards: 5
  • Number of Contributor reward disputes per quarter: 1 to date
  • Number of Developer hours utilised by Contributor Reward process: 0

Time Sensitive Transaction Details

Time Sensitive Transaction Start Time Finish Time Duration (min) Transaction Summary
Nonce: 22 8:53:17 PM 9:07:59 PM 14 min 42 sec Swap ETH2xFLI for WETH
Nonce: 33 3:16:41 PM 3:21:56 PM 5 min 15 sec Swap WETH for BETA
Nonce: 34 3:24:58 PM 3:28:03 PM 3 min 5 sec Swap WETH for BETA
Nonce: 35 3:30:59 PM 3:34:06 PM 3 min 7 sec Failed Swap
Nonce: 36 3:38:06 PM 3:43:12 PM 5 min 6 sec Swap WETH for BETA
Nonce: 37 3:45:11 PM 3:47:13 PM 2 min 2 sec Swap ETH2xFLI for WETH
Nonce: 44 9:20:47 PM 9:28:30 PM 7 min 43 sec Swap ETH2xFLI for ETH
Nonce: 45 9:40:11 PM 9:45:45 PM 5 min 34 sec Swap ETH2xFLI for ETH
Nonce: 46 10:02:45 PM 10:04:41 PM 1 min 56 sec Swap BTC2xFLI for ETH

Link to Operations Account Signer Activity (signers, time to execution, gas used, gwei price)

Link to ERC-20 Transaction Recap for November for monitored Index Coop wallets.

One of the goals with the Operations account is to streamline payments activity to a core group, with an emphasis on strong controls and timely processing. We hope to continue to deliver on this element of the Operations Account, while continuing to improve transparency through reporting like this.

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