IIP-66: Smart Contract Engineer Offer

Title: Smart Contract Engineer - Full Time offer
Status: Proposed
Author: @darkforestcapital @DevOnDeFi @verto0912
Created: 5th August 2021


Having reviewed the applications for Smart Contract Engineer, we are pleased to extend the offer of a position to @ncitron.


The hiring team reviewed applications by familiarity with Set Protocol contracts and quality of evidence against the scorecard. After shortlisting candidates it was clear that Noah’s contributions to the Coop demonstrated all the things required of this role and more, the completed scorecard can be viewed here. As such we moved forward to discuss compensation, settling on the following:

$7k in INDEX per month

0.15% of total INDEX supply (15,000) over 2 years with a 6 month cliff.

Start date 17th August 2021

These figures were arrived at using the Hiring Guidelines, Head of Analytics IIP and comparing to other Solidity developer salaries in DeFi. This position is a little unique in that Noah will be studying for a further 2 years to complete a Computer Science degree, hence the salary portion is lower than what might be expected for a technical contributor.

We want to balance IC expectation with the ability to concentrate on, and successfully complete a degree. There was discussion around a portion of the vesting being held back (0.03%) and released upon completing the course, instead we agreed on a lower monthly payment to account for the limitations of working during term time. It is expected that this package can be negotiated in the future if and when circumstances change.


The motivations for hiring come from the original post:

  • The Index Coop is in the business of creating smart contract based financial products.

  • The Index Coop itself, and its ecosystem partners are also organised and run in part on smart contracts.

  • It is essential that the Coop have smart contract development capacity in-house, we are all acutely aware of the product bottleneck that occurred recently due to insufficient engineering capacity.

  • The purpose of this role is to build out Smart Contract engineering capacity for the Index Coop, allowing the EWG to realise part of the vision for Coop autonomy.

Following the recruitment process and subsequent package negotiations, the hiring team believes that the proposed offer is good for both Noah and the Index Coop.


Hire @ncitron on the following package:

$7k in INDEX per month

0.15% of total INDEX supply (15,000) over 2 years with a 6 month cliff.

Start date 17th August 2021

Expectation of lower contribution levels during term time, higher during breaks while still studying.

As per IIP-36, the INDEX tokens will be subject to:

Clawback - All unvested INDEX returns to the Index Coop treasury if someone leaves or the full-time contributor relationship is otherwise ended.

Right of first refusal - Index Coop Treasury has the right of first refusal to buy-back INDEX at the prevailing market rate at that point from team members who wish to sell. The purpose of this is to limit the amount of vested INDEX reaching the open market.

IIP vote specification:


Hire @ncitron according to the parameters above.


Do not hire @ncitron according to the parameters above


Strongly strongly for this hire!


Congrats Noah! Strongly in favor of this.



0xModene has approved this pull request


@ncitron is a fantastic addition to the engineering team! Strongly in favour of having him join our team full time! :slight_smile:


FOR FOR FOR, extremely happy that this was offered to @ncitron


Hey @Pepperoni_Joe would you mind assigning an IIP number and scheduling the vote for Monday 9th. Cheers


LETS GO @ncitron - easy FOR!


@darkforestcapital @DevOnDeFi @verto0912 confirming that IIP-66 is now live on snapshot.



I have requested that my monthly stipend of 7000 USD per month be paid out in USDC rather than INDEX. This is to prevent additional sell pressure of INDEX while I cover my expenses.

If nobody has any objections, I will request that the treasury make this change.