IIP-49: DPI MetaGoverance Vote Delegation to Multisig

IIP : 49
Title: DPI MetaGoverance Vote Delegation to Multisig
Status: Proposed
Author(s): @gregdocter, @dylan
Discussions-to: n/a
Created: June 9, 2021

Simple Summary

Delegate DPI voting power for COMP, AAVE, and UNI from the INDEX multisig to a 2 of 3 multisig controlled by @Dylan, @puniaviision and @GregDocter.

‌Multisig: 0x10F87409E405c5e44e581A4C3F2eECF36AAf1f92

This is for the purpose of executing metagovernance votes according to the current process.

This is explicitly an interim, but necessary, step towards turning over such responsibility to other community members.

Abstract

‌Today, DPI metagovernance votes are executed using the INDEX multisig.

This IIP proposes DPI metagovernance votes for Compound, Aave, and Uniswap be delegated to a new multisig.

2 of 3 approvals will be required to cast a vote and the following three individuals are being put forth

  1. Greg @gregdocter
  2. Punia @puniaviision
  3. Dylan @Dylan

On Day 1, this is for the purpose of executing COMP, UNI, and AAVE votes.

This IIP does not propose any other changes to the metagovernance process specified here. Nor does it address Snapshot metagovernance (IIP-33).

This proposal merely addresses how the Index Coop executes votes. The outcome of metagovernance votes would remain decided by INDEX holders.

Motivation

‌Today, each metagovernance vote requires approximately 2 hours of work to coordinate and then execute a vote using the multisig. This work is done by @setoshi, @asoong, and @gregdocter.

Assuming a conservative 2 votes per week, this amounts to 208 hours (8.7 days) per year spent coordinating and executing metagovernance votes. This is time that could be spent by Felix & Alex on engineering work to support Coop products.

Other options, such as changing parameters of the multi-sig and using an EOA, were considered. However, they do not address the core issue seeking to be resolved here while maintaining security.

Vision

This proposed change is a step towards the larger meta-governance vision being put forward by other community members.

As the number of meta-governance votes increases, and as more meta-governance capabilities come online, we expect vote execution to be further decentralized within Index Coop.

This proposal is explicitly a step to help bring about that outcome.

Specification

A solution is to delegate DPI voting power to a multi-sig to enable Set-contributors to execute metagovernance votes in accordance with the current metagovernance process.

This will reduce time-spent from ~2 hours per vote to ~1 hour by removing some coordination costs associated with using the INDEX multisig.

To implement this requires the following:

  1. INDEX multisig to delegate COMP, AAVE, and UNI via the Governance module to 0x10F87409E405c5e44e581A4C3F2eECF36AAf1f92
  2. 2 of 3 multisig executes metagovernance votes according to the current metagovernance process.
  3. Delegate other protocol voting power as needed. Such updates will be announced.

Copyright

Copyright and related rights waived via CC0.

6 Likes

Edit was to add the IIP header

Fully support. There is a ton of behind-the-scenes meta/governance ops/execution work the Set team is doing, and anything to streamline that a bit is a great step forward.

3 Likes

Edits made to add an IIP #: 49