IIP 169: Purchase MVI from Metaportal

IIP: 169
Title: Purchase MVI from MetaPortal
Status: Proposed
Authors: @afromac
Reviewers: @anthonyb.eth @edwardk @dev @ElliottWatts
Created: 16 November, 2022
Quorum: Link

Simple Summary

This proposal intends to change the fee split from 60/40 to 100/0 on the MVI (the Metaverse Index) in exchange for $65,000 USDC to Metaportal. The Index Coop and MetaPortal have agreed to these terms pending a successful IIP.

Motivation

Index Coop seeks to increase its revenue by doubling-down on its most successful products. MetaPortal has been an excellent partner and we wish them well in their future endeavors. The reason for purchasing the streaming fee is to create a better incentive for Index Coop to grow the product.

The amount of 65,000 USDC was determined after looking at the profitability of the MVI product and considering the cash flow from the streaming fee currently as well as the historical performance.

Moving forward, Index Coop will have a greater incentive to grow the MVI product in the long-term and it will begin recouping its investment in the repurchase immediately. For Index Coop, this purchase will increase Index Coop revenue on MVI by 67% by increasing the streaming fee share net to Index Coop from 60% to 100%.

Specification

  1. Metaportal will call the setMethodologist() function on MVI’s Manager smart contract and pass in the address ‘0x6904110f17feD2162a11B5FA66B188d801443Ea4’, which is the Engineering Multi-sig. The same multi-sig is currently the Operator of MVI, and will receive all of MVI’s streaming fees after the methodologist role is transferred to it.
  2. The revenue accrued within the contract will be claimed upon passing of the IIP and dispersed to MetaPortal and Index Coop in line with the current fee split of 60/40.
  3. Index Coop’s Finance Team will transfer 65,000 USDC to MetaPortal at (eth:0x700F20b8DA01ac35c697a48D97DcE60e5AA967A1) from the Investment Account (eth:0x462a63d4405a6462b157341a78fd1babfd3f8065) within 2 working days of the passing transfer of the methodologist role.
  4. Index Coop’s Marketing Team will update all marketing materials, documentation, and partner websites (e.g., CoinGecko, CoinmarketCap, TokenSets, Etherscan, Argent, Zerion, etc.) to remove mentions of MetaPortal.
  5. Index Coop’s Product Team will take over the responsibility of maintaining the methodology and calculating rebalances.

Voting

FOR:

DO purchase the MVI Index Token’s future revenue from MetaPortal.

AGAINST:

DO NOT purchase the MVI Index Token’s future revenue from MetaPortal.

16 Likes

I’m in favour. It’s win-win for both side.

4 Likes

In favour and looking forward to watching MVI grow under the new fee split!

5 Likes

This vote is scheduled to begin at 20:00 GMT

https://snapshot.org/#/index-coop.eth/proposal/0x20f32b18d96ca0e34352de54be3f76cd1c22954338ada29655711ba68307d2b8

2 Likes

This IIP has passed, and all steps described in the proposal have been executed. Thanks to @verto0912 & @DarkForestCapital for their time and commitment to Index Coop.

6 Likes