IIP-59: Funding Council Grant #4

IIP: 59
Title: Funding Council Grant #4
Status: Draft
Author(s): @DarkForestCapital @dylan @gregdocter
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:

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

  1. Engineering and product constraints the Coop faces (Orig Post, Next Steps)
  2. How work that helps alleviate those challenges is high impact (Q3 Priorities)
  3. The Treasury Committee - Handover Roadmap
  4. The growing calls for improved budgeting (Treasury Working Group)
  5. 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.

5 Likes

Calling on IIP editor @Pepperoni_Joe for a # to be assigned.

We’ll make explicit any changes that to the proposal as a result of any discussion.

3 Likes

@gregdocter / @DarkForestCapital

This will progress as IIP-60 after the community has had further opportunities to provide feedback - and a poll is added for voting.

General feedback

  • I notice POC WG is missing from the “detailed breakdown”
  • Confirming (and reiterating) that contributor payments will be processed and stored in the FC wallet
3 Likes

Good catch, updated to include POC.

Not adding a poll as we are going to IIP to decide the vote, Grant #3 didn’t have a poll (most IIPs don’t).

3 Likes

Edits made to update the INDEX request based on this ^

@puniaviision (as covered on yesterday’s org call, @Pepperoni_Joe is offline):

Can you queue this up for Snapshot vote to begin on this upcoming Monday 7/26?

2 Likes

Noting that this was queued for voting that begins on Monday 7/26

https://snapshot.org/#/index-coop.eth/proposal/QmdqUd3RrPxoxQK8PgD1DbcifNrvd5hFWhY1T5Mcu2bMJa

1 Like