Titans of Data wants to provide additional context and rationale for the unusual Fee Split for DATA.
Firstly, the Fee Split was mutually agreed upon between Index Cooperative and Titans of Data in the DATA Methodologist Fee Split Offer forum post.
After a successful DG1 vote, the primary blocker to moving DATA forward was negotiating a fee split that worked for both Index Coop and Titans of Data. During the product onboarding process, Titans of Data brought up concerns with the existing methodologist compensation framework and even proposed an alternative structure here.
The DATA Methodologist Fee Split Offer acknowledges that the “current methodologist reward system is flawed and requires an eventual overhaul”, but moves DATA forward by doing the following:
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Defines a Future Roadmap: Lays out a roadmap for launching DATA under the current methodologist reward system with the expectation that there will be an official Index Cooperative IIP for future methodologist fee split/reward program launched no later than Sep 30, 2021.
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Provides an Option to Off-Board DATA: Gives Titans of Data the option to off-board DATA from Index Cooperative should the IIP referenced in the Future Roadmap above not be brought forward by the agreed upon timeline or Titans of Data does not consent to the terms of the IIP.
Titans of Data is excited by this offer because it achieves our goals of (1) launching DATA quickly through the Index Coop, and (2) includes us as meaningful stakeholders in Index Coop governance decisions impacting Methodologists. We love @snasps idea to create a Methodologists committee, and hope to participate and contribute to if we are given the opportunity.
We also want to acknowledge that the clause around off-boarding may be concerning or confusing to INDEX tokenholders. I hope to clarify and assuage concerns about this specific portion:
Tokenholders may reasonably ask the following questions:
- What is “off-boarding”?
- Why is this clause in the Fee Split section of the DATA IIP?
Per @oneski22, here is the definition of “off-boarding” provided in the DATA Methodologist Fee Split Offer.
The off-boarding clause is intended to build mutual trust before launching DATA. It is included to protect the interests of Titans of Data if the future methodologist fee split/reward program either fails to pass or receive our consent. In addition, specific Ethereum mainnet blocks are specified to protect the interests of the Index Cooperative by clearly defining future dates by which Titans of Data is obligated to make a decision about whether to keep DATA with Index Coop or off-board the product given the substantial times and resources expected from Index Coop to make DATA a successful product.
Let us be clear - Titans of Data wants to launch DATA through Index Coop and keep it with Index Coop for the long-term.
The off-boarding clause gives Titans of Data and the Index Coop community the time we need to reach consensus around a future methodologist fee split/reward program that is fair and reasonable to all methodologists, present and future, as well as the Index Cooperative.
Titans of Data is committed to contributing and participating in these tough conversations in good faith with the Index Cooperative. We are incredibly excited to build a long-term partnership with Index Coop that shares in the success of the DATA index. We ask for your support and vote for DG2!
cc:
- Index Coop FT Contributors: @BigSky7, @verto0912, @DarkForestCapital, @LemonadeAlpha , @jdcook
- Titans of Data: @Kiba