IIP: 59
Title: Funding Council Grant #4
Status: Draft
Author(s): @DarkForestCapital @dylan @anon10525910
Created: 2021-07-20
Simple Summary
Grant the Index Coop Funding Council (formerly known as the Treasury Committee) 65,311 INDEX (~$1.59 MM) from the Index Coop Treasury to continue funding Index Coop operations.
For context, Grant #3 was for 35,000 INDEX, which was worth approximately $1.4MM on the day of transfer.
Abstract
The Funding Council is seeking a grant of 65,311 INDEX (~$1.59 MM) from the Index Coop Community Treasury in order to fund Q3-2020 operations.
These funds will be used to:
-
Fund Working Group stipends, expenses & distribute working group contributor compensation for
- Growth
- Business Development
- Institutional Business
- Product
- Creative & Design
- Engineering
- Treasury
- People & Community
- Analytics
-
Pay current full-time/core contributor salaries
-
Pay IIP-51: Meta-Governance Committee members
-
Distribute funds per IIP-48 MVI Growth Budget
This grant is expected to sustain Index Coop operations until the end of Q3-2021 (September 30, 2021).
The detailed breakdown is as follows:
View the spreadsheet here: Q3 Funding Council Request Breakdown
Notes
- This request is based on 7/19 20-day MA, $24.32
- It includes a 15% safety factor to account for possible INDEX depreciation
- The amount of funds in a existing working group wallet will be subtracted from the Total INDEX required for a given working group (Analytics, Creative/Design, Growth)
The Funding Council’s wallet transactions are available for audit here.
In IIP-10 the Index Coop then-named Treasury Committee was entrusted with distributing 50,000 in INDEX rewards for contributions to the Index Coop. The Index Coop Funding Council contends it has distributed those rewards according to principles of Fairness, Sensibility & Flexibility set out originally in IIP-4.
Acknowledgement(s)
This request explicitly acknowledges
- Engineering and product constraints the Coop faces (Orig Post, Next Steps)
- How work that helps alleviate those challenges is high impact (Q3 Priorities)
- The Treasury Committee - Handover Roadmap
- The growing calls for improved budgeting (Treasury Working Group)
- You can expect another iteration of the Working Group structure to improve upon the current process.
Motivation
The Funding Council intends to request funds through this process every 3 months.
This allows the Index Coop to continue growing, while ensuring the Funding Council doesn’t have access to large amounts of INDEX without good reason and that the operational budgeting funding process can evolve as we grow & learn.
FOR
Grant the Index Coop Funding Council 65,311 INDEX to continue reward distribution to Index Coop contributors.
AGAINST
Do not grant the Index Coop Treasury Committee additional funds to continue reward distributions to Index Coop contributors.
Copyright
Copyright and related rights waived via CC0.