IIP-111: Create an Operations Account on Polygon Network

iip: 111
title: Create an Operations Account on Polygon Network
status: Proposed
author: @Matthew_Graham
created: 2021-11-20

Simple Summary

We propose creating a multisig Operations Account wallet on Polygon Network.

Abstract

This multisig will primarily be created on the Polygon Network to serve the following purposes:

  • Receiving wETH2x-FLI and other products revenue
  • Managing Index Coop owned liquidity provisions

The signers on the Polygon Operations Account will be the same as those on Ethereum Network Operations Account wallet.

Motivation

As Index Coop is going to be launching products on Polygon, the community needs a wallet for receiving revenue. Finance Nest is preparing for this and wishes to do so well in advance of any product launches. In addition to receiving revenue we expect the wallet to be used to deploy Protocol Controlled Liquidity (PCL) creating liquidity for either INDEX or Index Coop products.

The Ethereum Operations Account holds around $3.5M at the time of writing, most of this is INDEX and ETH2x-FLI. The Polygon Operations Account will likely hold similar value pending how much PCL is deployed. There is around 930K of DPI & MVI in the main Treasury wallet, if this was deployed on Polygon as PCL then the wallet will hold around $1.86M. Therefore it is reasonable to think the Polygon Operations Account will hold a similar value to the Ethereum Operations Account wallet. Upon creating the wallet an amount of MATIC will be distributed to some of the signers enabling transactions to be executed.

Specification

Create a Gnosis Safe on Polygon network:

  • Add all the people listed in the table below

The wallet will still only require 3 signers to approve a transaction, 3 of 11.

Currently, the Operations Account on Ethereum has the following signers. I propose replicating this on Polygon.

Location Roles Operations Account
United States America Developer @dylan
United Kingdom TOCWG @Pepperoni_Joe
United Kingdom Finance Nest @Matthew_Graham
United Kingdom Finance Nest @ElliottWatts
United Kingdom Finance Nest & TOCWG @Hammad1412
United States America Operations Account Manager @prairiefi
United States America Metagovernance @oneski22
United States America Engineering @ncitron
United Kingdom Growth @MrMadila
APAC Product @cavalier_eth
APAC APAC Business Development pujimak_in

Voting

FOR:

DO create an Operations Account on Polygon Network

AGAINST:

DO NOT create an Operations Account on Polygon Network

Copyright

Copyright and related rights waived via CC0.

10 Likes

strongly support, having a wallet presence on all chains is important for the Coop.

Disclosure: I would be a proposed signer on this Multisig.

2 Likes

Hi @mel.eth, @sixtykeys, @Mringz,

Kindly, can we please add an IIP number, amend the status to propose and schedule a snapshot vote for Monday 29th November.

Thank you in advance.

3 Likes

Hey @Matthew_Graham , an IIP number 111 has been assigned to this proposal, and the status has been changed to ‘Proposed’.

Just noting that a snapshot vote can only be called after 48 hours of a proposal changing to the ‘Proposed’ state as per the guidelines outlined here. But will accept your call to vote in advance in an effort to make the governance process easier :slightly_smiling_face:. Will update this space with a queued snapshot link once the 48 hour waiting period has elapsed.

cc: @mel.eth

4 Likes

This proposal has been queued on snapshot to go live later today at 1800 UTC.
Snapshot here

1 Like