# IIP-88: Update Operations Account Multi-sig **URL:** \ **Category:** Proposal\ **Tags:** IIP\ **Created:** [15 September 2021 18:26 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676 "2021-09-15T18:26:37Z")\ **Posts on this page:** 12\ **Page:** 1
**Author:** ![prairiefi](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/prairiefi/32/792_2.png) [@prairiefi](https://gov.indexcoop.com/u/prairiefi)\ **Post date:** [15 September 2021 18:26 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676/1 "2021-09-15T18:26:37Z")
title: Update Operations Account Multi-sig status: Proposed author: PrairieFI (prairiefi), Matthew Graham (@Matthew_Graham), Accelerated Capital (@AcceleratedCapital), Elliott Watts (@ElliottWatts) created: 2021-09-15 # Simple Summary This proposal seeks to modify the signers on the Operations Account Gnosis Safe. Operations Account: ā€˜[0xFafd604d1CC8b6B3B6CC859cF80Fd902972371C1](https://gnosis-safe.io/app/#/safes/0xFafd604d1CC8b6B3B6CC859cF80Fd902972371C1/balances)ā€™ # Abstract The Operations Account multi-sig was created with [IIP-46: Security - Operations & Investment Account](https://gov.indexcoop.com/t/iip-46-security-operations-investment-account/1566) and updated with [IIP-54: BED:ETH Liquidity](https://gov.indexcoop.com/t/iip-54-bed-eth-liquidity-direct-provision-by-index-coop/1907) 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. # Motivation 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. # Specification 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: | Location | Roles | Operations Account | | --- | --- | --- | | APAC | APAC Business Development | pujimak\_in | | APAC | Product | cavalier\_eth | | United Kingdom | Funding Council | Pepperoni\_Joe | | United Kingdom | Growth | MrMadila | | United Kingdom | Treasury Work Group Lead | Matthew\_Graham | | USA | Funding Council | dylan | | USA | Metagovernance | oneski22 | | USA | Operations Account Manager | prairiefi | # Voting FOR: DO Remove DarkForestCapital, Remove OverAnalyser, Add Pepperoni\_Joe, add oneski22, add MrMadila, add cavalier\_eth and add pujimak\_in. AGAINST: DO NOT change the existing arrangement. # Copyright Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). ---
**Author:** ![overanalyser](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/overanalyser/32/1319_2.png) [@overanalyser](https://gov.indexcoop.com/u/overanalyser)\ **Post date:** [16 September 2021 14:27 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676/2 "2021-09-16T14:27:07Z")
Hi @prairiefi I would like to request an edit to this IIP to remove myself as a signer on the multisig. Cheers OA ---
**Author:** ![prairiefi](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/prairiefi/32/792_2.png) [@prairiefi](https://gov.indexcoop.com/u/prairiefi)\ **Post date:** [20 September 2021 18:29 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676/3 "2021-09-20T18:29:08Z")
Noted, thanks. We are working on a replacement and will update this post with that contributor once determined. \*Post is now updated to reflect. ---
**Author:** ![jdcook](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/jdcook/32/324_2.png) [@jdcook](https://gov.indexcoop.com/u/jdcook)\ **Post date:** [20 September 2021 21:06 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676/4 "2021-09-20T21:06:32Z")
@prairiefi - I have a vision of the Coop being much more active in deploying liquidity from our treasury for varying periods of time to support our products, especially at launch. Of course, that will be ironed out in separate IIPs, but I just wanted to make sure I understood that this type of activity would all run out of the Operations Account (as things are currently constructed)? @Matthew_Graham if you imagine a scenario where we are managing our own liquidity for multiple products at a time, would that best be done from the Operations Account, or a separate (new) account dedicated for direct liquidity provisioning? ---
**Author:** ![prairiefi](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/prairiefi/32/792_2.png) [@prairiefi](https://gov.indexcoop.com/u/prairiefi)\ **Post date:** [21 September 2021 04:59 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676/5 "2021-09-21T04:59:09Z")
As things are currently constructed, I agree: deploy liquidity from the Operations Account. If there is a lot of active liquidity management in the future, I could see the value in a separate account and LP expert leading the strategy (like an LP Pod). However, I think we could feasibly still have the Operations Account team execute on a strategy that is specified by an LP Pod, especially if one of the Operations Account signers is a member of that pod. ---
**Author:** ![Matthew\_Graham](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/matthew_graham/32/1336_2.png) [@Matthew\_Graham](https://gov.indexcoop.com/u/Matthew_Graham)\ **Post date:** [21 September 2021 16:38 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676/6 "2021-09-21T16:38:09Z")
Great work @prairiefi šŸ™‚ great to see these amendments to the Operations Account multi-sig being put forward. šŸ™‚ It is great to see more active community involvement, a spread across the time zones and the ability for multiple working groups to execute directly from the wallet. The vision for the [Operations Account](https://gov.indexcoop.com/t/twg-operations-account/1289) was presented back in April 2020 and we are slowly but surely moving towards the model of executing significant coop wide transactions from the Operations Account. ---
**Author:** ![Cavalier\_Eth](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/cavalier_eth/32/1873_2.png) [@Cavalier\_Eth](https://gov.indexcoop.com/u/Cavalier_Eth)\ **Post date:** [21 September 2021 18:56 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676/7 "2021-09-21T18:56:49Z")
Thanks @prairiefi Iā€™m happy to be put forward as a signer from Product, and consider it a privilege. ---
**Author:** ![prairiefi](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/prairiefi/32/792_2.png) [@prairiefi](https://gov.indexcoop.com/u/prairiefi)\ **Post date:** [22 September 2021 16:20 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676/8 "2021-09-22T16:20:49Z")
@sixtykeys Could you assign an IIP number and put up for vote on Monday, 27 Sept? ---
**Author:** ![sixtykeys](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/sixtykeys/32/3632_2.png) [@sixtykeys](https://gov.indexcoop.com/u/sixtykeys)\ **Post date:** [27 September 2021 14:51 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676/9 "2021-09-27T14:51:45Z")
This proposal is set to go live today at 1800 UTC, with voting ending on September 30, 2021 at 1800 UTC. Snapshot [here](https://snapshot.org/#/index-coop.eth/proposal/QmUGBkQhx4oSH4aVuwN9deY93nd96fvF5GkGjLjEVCVxZ2) cc: @mel.eth ---
**Author:** ![sixtykeys](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/sixtykeys/32/3632_2.png) [@sixtykeys](https://gov.indexcoop.com/u/sixtykeys)\ **Post date:** [30 September 2021 20:59 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676/10 "2021-09-30T20:59:29Z")
Confirming that this IIP has passed with 313.98k INDEX (100%) voting FOR. āœ… [Snapshot here](https://snapshot.org/#/index-coop.eth/proposal/QmUGBkQhx4oSH4aVuwN9deY93nd96fvF5GkGjLjEVCVxZ2) ---
**Author:** ![Matthew\_Graham](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/matthew_graham/32/1336_2.png) [@Matthew\_Graham](https://gov.indexcoop.com/u/Matthew_Graham)\ **Post date:** [30 September 2021 21:03 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676/11 "2021-09-30T21:03:07Z")
This is fantastic news šŸ™‚ Hi @overanalyser any chance we can do the BED liquidity on a call with @dylan and then go through and add all the new folks to the wallet ? Just let me know when you are both free. šŸ™‚ ---
**Author:** ![prairiefi](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/prairiefi/32/792_2.png) [@prairiefi](https://gov.indexcoop.com/u/prairiefi)\ **Post date:** [20 October 2021 02:02 UTC](https://gov.indexcoop.com/t/iip-88-update-operations-account-multi-sig/2676/12 "2021-10-20T02:02:56Z")
This IIP is now complete. 3 of 8 Verification - [link](https://gnosis-safe.io/app/#/safes/0xFafd604d1CC8b6B3B6CC859cF80Fd902972371C1/settings/policies) Add / Remove transactions - [link](https://gnosis-safe.io/app/#/safes/0xFafd604d1CC8b6B3B6CC859cF80Fd902972371C1/transactions) Owners have verified they are using hardware wallets and have competency with Gnosis Safe.