IIP-41: Allow investors & contributors to vote with tokens held in OTC vesting contract

iip: 41
title: Allow OTC investors & contributors to vote with tokens held in the vesting contract
status: Proposed
authors: @bigsky7 @reganbozman @ncitron
created: 2021-05-17

Simple Summary

Allow Index Coop investors and contributors who participated in the recent Strategic Sale to vote with tokens from the OTC vesting contract.

Abstract

Snapshot strategy is modified to allow:

  1. Vesting tokens to be used to vote in Index Coop governance votes
  2. Vesting tokens to be used to vote in Index Coop meta-governance votes

Motivation

Protocol governance is the most important part of the Index Coop community. By enabling voting with tokens held in escrow, investors and community members will be able to take part in all Index Coop governance votes.

This will help both our community and our investors:

  1. Increase governance involvement: We want our community members to vote and participate in the governance of our protocol. Ensuring that every stakeholder can vote ensures that no votes or community members are shut out from our governance.
  2. Align long-term incentives: All participants in this round are committed to the long-term success of the Coop, voting will enable them to participate in Coop decision making and help maintain long-term alignment.

Voting will be enabled for both community members and investors from the OTC round.

Specification

Overview

The implementation of this change will take a different approach than our prior Snapshot strategy changes. Rather than adding an additional Snapshot strategy to our space, we will instead deploy a mock ERC20 token called INDEXPOWAH, which redefines the balanceOf function to instead return the total number of votes that the individual has. The contract will count votes in accordance with the specifications of IIP-9, IIP-38, and IIP-41.

Rationale

Snapshot limits each space to a maximum of five strategies. In order to implement some of the remaining features in IIP-38 and IIP-41, we will need a total of eight strategies. This method reduces our space to just two strategies ( erc20-balance-of and delegation ). This idea was inspired by Sushiswap’s SUSHIPOWAH contract which serves the same purpose for the Sushiswap community.

Technical Specification

The source code and tests for the INDEXPOWAH contract can be found on GitHub:

  • For - Enable voting for tokens held in vesting contract
  • Against - Do not enable voting for tokens held in the vesting contract

0 voters

1 Like

Which tokens have been vested and for how long? Is this about the initial vesting for Set and others or have tokens been vested after this point?

1 Like

This is about tokens from the strategic sale

I think this is a no brainer - long term $INDEX holders should be able to vote and participate in governance, so we should allow investors that are willing to take long lock ups to participate in governance while those tokens are still locked/vesting

6 Likes

VERY MUCH FOR.

This is a no brainer. Any investor we bring in that wants to vote should be able to, it shows they interested in helping foster our growth and engage with our community instead of just passively holding INDEX. I’d rather have an active investor than a bigger check (within reason obviously).

Long term contributors are the most familiar with all of the initiatives at the Coop and should be able to vote with their long term stakes as well.

3 Likes

Thanks, now it makes perfect sense!

14 voters & 15 votes. Did someone pick both options? :laughing: If someone did, please fix it.

1 Like

Can’t we change it to Choose 1 option?

image

No brainer. Voted in favour.

@Don-ETH after 5 minutes have passed you can’t edit any detail in the poll unfortunately.

1 Like