title: Update Operations Account Multi-sig
This proposal seeks to modify the signers on the Operations Account Gnosis Safe.
Operations Account: ‘0xFafd604d1CC8b6B3B6CC859cF80Fd902972371C1’
The Operations Account multi-sig was created with IIP-46: Security - Operations & Investment Account and updated with IIP-54: BED:ETH Liquidity to add @overanalyser in a new role as V3 Liquidity Manager. The current structure is 3 of 5.
With @DarkForestCapital stepping away from the Funding Council, we propose adding @Pepperoni_Joe as new Funding Council representation. We also recommend increasing the number of signers from 3 of 5 to 3 of 8. Adds include @oneski22 as representative from the Metagovernance Committee, @pujimak_in from APAC Business Development, @MrMadila from Growth WG, and @Cavalier_Eth from Product WG.
*Edit from original post to remove OverAnalyser by his request, and TWG proposes two replacements for greater time zone coverage (UK and APAC), plus MrMadila brings a long history with the coop and high context and Growth WG perspective, and Cavalier_Eth replaces OA for Product perspective and experience in Engineering WG.
The Operations Account holds nearly $1M today and in the future we expect this to grow significantly. Streaming fees from products are to be routed to the Operation Account. We anticipate and expect over time the Index Coop to move towards utilising the Operations account for regular expenses, such as contributor rewards distribution. At TWG, we believe it is important to have the community awareness and support via IIP regarding the signers of this account. As the functionality and balance within the account grows to higher thresholds, we can add a 4th signer requirement coupled with additional time zone coverage and more signers.
We have found it especially challenging to coordinate times with the existing group, in part because the transactions (token swaps, provide liquidity on Uniswap) require more timeliness versus a simple transfer and we believe it to be prudent to execute live on a call. Having sufficient coverage across multiple time zones becomes an operational requirement as we scale.
We recommend increasing the signer count to improve availability, and maintaining a diverse group of signers so that Treasury Working Group members cannot unilaterally execute transactions, at least for the foreseeable future, implementing an improved control environment which mitigates the risk of collusion.
*Edit to expand on JDCook comment: With the expectation of being more active in deploying liquidity from the treasury to support our products, TWG recommends running liquidity from the Operations Account with this multi-sig structure. The Finance of the Future workshop seemed to confirm that the Funding Council wallet was unnecessary and that a simplified structure is preferable versus more special purpose wallets and fragmented funds.
Modify the above linked Gnosis Safe:
- Remove DarkForestCapital (Funding Council)
- Remove overanalyser (PWG)
- Add Pepperoni_Joe (Funding Council)
- Add oneski22 (Metagovernance)
- Add pujimak_in (APAC Business Development)
- Add MrMadila (GWG)
- Add Cavalier_Eth (PWG)
The new signer structure will be:
|APAC||APAC Business Development||pujimak_in|
|United Kingdom||Funding Council||Pepperoni_Joe|
|United Kingdom||Treasury Work Group Lead||Matthew_Graham|
|USA||Operations Account Manager||prairiefi|
DO Remove DarkForestCapital, Remove OverAnalyser, Add Pepperoni_Joe, add oneski22, add MrMadila, add cavalier_eth and add pujimak_in.
DO NOT change the existing arrangement.
Copyright and related rights waived via CC0.