IIP-81: Meta Governance Autonomy

IIP-81
Title: Meta Governance Autonomy - Delegate to Meta Governance Committee
Status: Proposed
Author: David (@oneski22), Dylan (@dylan)
Created: 27th August 2021

Simple Summary

As part of our continuing quest for protocol autonomy, this IIP requests authorization for Index Coop to delegate all of its voting rights to the elected Meta Governance Committee to assume the role of executors of the IndexCoop’s meta governance powers in accordance with all of its current processes and policies.

Abstract

All votes will be delegated to these two addresses, depending on if the underlying governance is conducted on-chain or via snapshot:

0xf63Ec662753B88c3634AE276ba4eA28D681478C8 (Gnosis Safe)

0x121111a0b0C09Ceca66C7a8bB5b4B3098572a0eA (EOA)

By delegating to the Meta Governance Committee we will be giving the protocol more autonomy as its own elected committee will be responsible for executing the IndexCoop’s Meta Governance actions, instead of representatives from Set.

The creation process and configuration of both the multisig and EOA have been shared with Index Coop’s Engineering Working Group leadership and found to be sufficient.

The Meta Governance Committee will faithfully execute votes in accordance with all IndexCoop IIPs, MetaGov Votes, and processes, both current and future.

Motivation

We at the Index Coop are on a never-ending quest of growth and improvement and part of that quest is to increase community autonomy.

The Index Coop has an elected committee of trusted community members that is already the backstop for making meta governance decisions. This committee has hopefully earned the trust of the IndexCoop and has demonstrated its ability to properly manage this process.

We feel that this is a great process to hand off to community representatives and should at any time the INDEX holders feel we are unable to faithfully execute these votes, they can delegate the meta governance powers to another trusted party.

Specification

  1. Delegate the meta governance powers for the on-chain voting protocols (Aave, Compound, and Uniswap) to a 3 of 5 Gnosis Safe Multi-Sig at the following address:

0xf63Ec662753B88c3634AE276ba4eA28D681478C8

The initial parameters are a 3 of 5 multi-sig address controlled by the elected Meta Gov Committee members:

Name Address
Cedrick 0x52EAF3F04cbac0a4B9878A75AB2523722325D4D4
David 0xC42705A210f082ff29E6bEAc80F56C41F0A54091
Kiba 0x6B1050C1C6B288C79Ac1db299Dc481048aBBBbcD
Lavi 0x26D68A5042Ba924DC8870AC0ad478d3CE6e02cDB
Noah 0xc99ab7ffa5a4cb9a06ee68652fe74b6c59c67284

Members of EWG may be added as needed should technical issues arise.

  1. Delegate the meta governance powers for the off-chain voting protocols (Yearn and Balancer) to the following EOA:

0x121111a0b0C09Ceca66C7a8bB5b4B3098572a0eA

This EOA was created and will be managed by ELEV8 Crypto (David Silverman). Details of how the EOA was created and the various measures taken to create, manage and secure the key have been shared with EWG and deemed sufficient and appropriate.

  1. Should voting in new protocols be enabled, or should engineering enable a protocol’s switch from off-chain to on-chain (or vice versa), the meta governance powers will be delegated to the appropriate address unless otherwise specified by an IIP.

Vote

FOR

  • Delegate UNI, AAVE, and COMP votes to 0xf63Ec662753B88c3634AE276ba4eA28D681478C8.
  • Delegate YFI and BAL votes to 0x121111a0b0C09Ceca66C7a8bB5b4B3098572a0eA.
  • Delegate all future meta gov votes to the above addresses unless otherwise specified by an IIP.

AGAINST

  • Do not delegate to the various addresses and leave meta governance execution to the present team of Set employees.

Copyright

Copyright and related rights waived via CC0.

9 Likes

@Pepperoni_Joe can we get a number assigned to this? No voting date request at this moment.

1 Like

As part of this hand off we’ve produced a metagov vote execution voting guide here. After reviewing the guide with @oneski22 and getting details of the EOA key generation process, I’m confident this team can be quickly onboarded to execute these metagovernance transactions.

6 Likes

Very excited to see this!!

IIP-49: DPI MetaGoverance Vote Delegation to Multisig was explicitly an interim step towards turning over such responsibility to other community members, and now we are here :fire:

7 Likes

@Pepperoni_Joe @sixtykeys requesting this to be queued for a Wednesday Vote

1 Like

Hey @oneski22 @dylan , this proposal has been queue for snapshot and is set to go live on Wednesday, 1st September.
Snapshot here

3 Likes

This IIP has failed, as 61% (187.92k INDEX) voted AGAINST.
Snapshot

1 Like

Hi @sixtykeys this actually failed 61% was against.

2 Likes

Wow, this attack vector workshop gets more and more interesting every second.

Hey, Christopher from 1kx here.

We’ve, unfortunately, made a mistake in voting against this proposal. We originally wanted to vote against IIP-80 (we will provide a separate explanation in that thread), but made a human error and confused IIP-80 with IIP-81 in the process.

We are definitely in favor of this meta-governance autonomy proposal and would encourage everyone to resubmit the proposal on Snapshot.

We apologize for the confusion and the extra workload this produces for Index contributors, and we will take measures in our internal governance participation processes to make sure an error like this will not happen again.

Christopher

7 Likes

We will be working on scheduling another community call ASAP prior to a snapshot vote Monday.

@sixtykeys @mel.eth @Pepperoni_Joe

2 Likes

Community call is 3:30PM UTC (11:30AM ET, 9:30AM PT) on Friday Sept 10.

Snapshot vote on the IIP will be on Monday. Any changes will be posted here after the community call should consensus be reached.

2 Likes

likewise here :slight_smile: thanks for sharing

2 Likes

Really appreciate the clarity here and look forward to continued forum participation, as echoed in my IIP-80 reply.

1 Like

Confirming that the second submission of this IIP has passed, with 176.98k INDEX (100%) voting FOR. :white_check_mark:

1 Like