Governance updates is a weekly post that collects all information regarding governance into one forum post; the focus will be proposals going to Snapshot and those that have passed Snapshot. The aim is to inform all community members of what happened in the previous week and bring them up to speed on proposals set to go live in the upcoming week.
My goal is to get as many community members as possible involved in the governance process, as it is we who run the Index Coop and therefore should have a say or, in this case, a vote in all things regarding the direction of the DAO.
Index Improvement Proposals
This Week
No new proposals are going to snapshot this week, but there are some recent proposals to go through:
IIP-XY: Use IndexCoop’s AAVE holdings to list FEI on Aave V2
IIP-XX: Wintermute Market Making Proposal
Last Week
IIP-075: Web3 Engineer - Full-Time offer (Proposed by: @dylan, @darkforestcapital, and @jdcook)
This proposal set out to hire a full-time Web3 engineer for the Coop. Given his familiarity with Index Coop code repos, prior experience working with the Engineering Working Group, and quality of past contributions, @0xModene emerged as the leading candidate for the role.
Compensation was settled on the following:
$12,500 in INDEX per month ($150,000 per year)
0.075% of total INDEX supply (7,500) vesting over two years with a six-month cliff.
Start date: September 20th, 2021
These figures were arrived at using the Hiring Guidelines, Head of Analytics IIP, Smart Contract Engineer IIP, and comparing to other Web3 developer salaries in DeFi.
Status: Passed [331.67k INDEX voted, 100% FOR]
IIP-80: Meta Governance Proposals [MGP] Process (Proposed by: @oneski22 and @Lavi)
Due to the underlying components held in DPI smart contracts, Index Coop has significant voting powers in protocols such as Aave, Compound, and Uniswap. Due to this strong influence, several external parties look to Index Coop when the need for voting power arises. One recent example was IIP-67, where crypto analytics firm Flipside reached out to IC with the request to delegate 1.5M UNI tokens within the DPI contract to Flipside in a one-time delegation act. Additional requests, such as the one above, are expected to come through to the Coop. This proposal sought to establish a new class of governance proposals, Meta Governance Proposals (MGP), that are used exclusively for proposals that use the IndexCoop’s meta governance power in any way outside of voting on existing proposals.
IIP-80 had an elevated quorum requirement, per author request (10%), as the proposal would introduce a significant change to our governance structure. This proposal, however, could not reach quorum and fell short by over 86k INDEX.
Status: Failed [121.63k INDEX voted, 99.94% FOR]
IIP-81: Meta Governance Autonomy (Proposed by: @oneski22 and @dylan)
This proposal aimed to delegate all Index Coop voting rights to the elected Meta Governance Committee to assume the role of executors of the IndexCoop’s meta governance powers in accordance with all of its current processes and policies. Delegating to the Meta Governance Committee would give the protocol more autonomy. Its own elected committee would be responsible for executing the Index Coop’s Meta Governance actions instead of representatives from Set.
IIP-81 failed as 187.92k (61%) voted AGAINST this proposal.
Status: Failed [305.90k INDEX voted, 61.43% AGAINST]
Please leave feedback if this is useful! I would also love to hear any thoughts and suggestions.