IIP-116: Redirect DPI, MVI, DATA and BED Revenue to Operations Account

iip: 116
title: Redirect DPI, MVI, DATA and BED Revenue to Operations Account
status: Proposed
author: @Finance.Nest @Matthew_Graham, @ElliottWatts, @Hammad1412, @prairiefi, @Ahuja
Created: 2021-11-25

Simple Summary

This proposal seeks to redirect the revenue streams generated by the DPI, MVI, DATA and BED product offering from the Treasury to the Operations Account.

Ethereum Treasury Account: ‘0x9467cfADC9DE245010dF95Ec6a585A506A8ad5FC
Ethereum Operations Account: '0xFafd604d1CC8b6B3B6CC859cF80Fd902972371C1

Abstract

Currently, the DPI, MVI, DATA and BED product revenue is directed to the Index Coop Treasury. The Finance Nest recommends all Ethereum product revenue is redirected to the Ethereum Operations Account. Index Coop will soon have redirected the ETH2x-FLI and BTC2x-FLI products and the time has come to start transitioning the remaining products to the same model.

In addition to redirecting DPI, MVI, DATA and BED product revenue to the Ethereum Operations Account, the Finance Nest requests all MVI and BED tokens be transferred to the Ethereum Operations Account. Do note, DPI and FLI products are already IIP approved to be transferred to the Ethereum Operations Account.

Motivation

Index Coop is about to form a Liquidity Pod and Finance Nest expects this liquidity pod to request via IIP an amount of ETH and product to fund various liquidity positions across Ethereum and other networks. These LP positions will be managed from the respective Operations Account. With the revenue from the various products being delivered directly into the respective Operations Account, the Liquidity Pod will gain immediate access to that capital. This proposal eliminates the need to request funds to be transferred from the Treasury to the Ethereum Operations Account.

Currently, the main Treasury does a lot more than just hold INDEX and the vision for the Treasury is to only hold the communities INDEX balance, distribute methodologist incentives and receive tokens from the 2nd and 3rd year vesting contracts. By transferring the revenue stream from the Treasury to the Operations Account Index Coop is streamlining its operational efficiency.

This proposal addresses the need to have product revenue redirected to the respective network’s Operations Account where it can be more effectively managed. At the time of writing the Treasury wallet is still managed by founder Set labs.

Specification

The DPI, MVI, DATA and BED products revenue is to be redirected to the Ethereum Operations Account.

Operations Account: ‘0xFafd604d1CC8b6B3B6CC859cF80Fd902972371C1

This IIP will require developer lift in a similar fashion to IIP-72.

Voting

FOR:

DO redirect the DPI, MVI, DATA and BED revenue from the Treasury to the Ethereum Operations Account. DO transfer all MVI and BED from the Treasury to Ethereum Operations Account.

AGAINST:

DO NOT redirect the DPI, MVI, DATA and BED revenue from the Treasury to the Ethereum Operations Account. DO NOT transfer all MVI and BED from the Treasury to Ethereum Operations Account.

Copyright

Copyright and related rights waived via CC0.

4 Likes

Not sure I’m a fan of this posting from faceless profiles tbh. Let’s keep transparency.

3 Likes

It does at first look like a new third party. If I had to choose, I prefer authors to be named. Fine to add a Finance.Nest umbrella or tag.

2 Likes

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

Can we please have an IIP number assigned.

Hi @mel.eth, @sixtykeys, @Mringz. Would we be able to queue this up for snapshot today please (29th November)

An IIP number 114 has been assigned to this proposal. Since it has spent the minimum 48 hours in the proposed state, this proposal will be queued for snapshot at the date called by the author.

cc: @mel.eth

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

Confirming that this IIP has passed with 298.19k INDEX (100%) voting FOR :white_check_mark:
Snapshot here

Redirecting legacy products (DPI, MVI) will require upgrading the manager contracts to new BaseManagerV2 contracts. This is similar to the work being done for IIP-64 here.

Work will begin on IIP-116 once IIP-64 has been completed.

1 Like

Hey @dylan , any updates on the implementation of this IIP and IIP-64 as well?

Hey @sixtykeys,
This work is still underway. I’ve posted some details here: