IIP-90 Removal of Funding Council wallet and hive up into the Operations account

status: Proposed
author: Elliott Watts (@Elliottwatts) PrairieFI (@Prairiefi), Matthew Graham (@Matthew_Graham)
created: 22nd September 2021

Simple summary

The First Index 2.0 workshop was for the Finance of the Future. This detailed to the community the current working remits of the TWG, POC, and the Funding Council. The workshop intended to walk the community through the roles and responsibilities of the various working groups along with creating a community plan for the finance of the future. One underlying theme was the need to dissolve the FC wallet and instead utilize the operations account and combine the Treasury WG and Funding Council into one working group coupled with developing a separate ‘Leadership Council’ of elected community members. This post is the first in a series of Index 2.0 posts that implement the wishes of the community following the workshop.


During the workshop, the community identified an overlap between the Funding Council and the function of the Treasury working group. It was seen that the FC was more of an administrative function which is responsible for the distribution of working group proposals and performing budget reviews. It was widely accepted during the workshop that the FC should be dissolved and its function absorbed by the TWG and operations multi-sig. See the summary below of the common themes from the breakout session. Note items in orange required further discussion but items in yellow represent items agreed upon. As can be seen below the function of the funding council has been merged with the TWG. (Note this is a screenshot from the first workshop, a further post coming next week will outline the outcome from workshop two and also a roadmap forward)


Executing the wishes of the community following the Finance of the future discussion as part of the Index 2.0 workshop series.


In line with the wishes of the community, we set out to dissolve the FC wallet and hive the transactions and responsibilities for processing the transactions into the Operation account in line with the signatories designated on the update the operations account multi-sig post. This would require signers to transfer funds currently within the FC multi-sig to the Operations account and to then remove the multi-sig. This would take place on a day chosen by the FC team and the signers on the multi-sig account once the proposal is voted upon. Given the timing of this proposal, we would expect that the next round of WG funding is to be overseen by the FC with the transition from the FC Multi-sig to the operations account happening once this round is finalized, we would expect this to be from 1st November onwards. This is in line with IIP-85 Temporary Funding Council Decision Making. Allowing minimal delay to working group funding for the next quarter. This will allow for a well-executed transfer of responsibility that does not adversely affect the DAO.

The hive-up of the FC wallet into the Operations account will create efficiencies within the account structure and provide one account which will be responsible for all operational expenses and distribution. The Signers of the operations multi-sig are detailed below (note this is subject to the approval of the update to the operations multi-sig IIP)

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



Remove the FC multi-sig and hive this up into the Operations account after the next round of working group funding.


DO NOT change the current structure and retain the FC multi-sig


Copyright and related rights waived via CC0.


Hi @sixtykeys, @mel.eth,

Can we please get an IIP number assigned to this post and schedule a vote for Monday 27th September.

An IIP number has been assigned and this will be queued for snapshot on Monday October 4, 2021.

cc: @sixtykeys, @Matthew_Graham, @ElliottWatts, @prairiefi


Noting rrrrrright upfront – my questions are coming from the perspective of seeking to understand. My goal is to understand the expectations such that, should this IIP pass, there is clear alignment and next steps :metal:

Right on re: “well-executed transfer of responsibility” :+1: Seeing that it requires coordination, just wanna get on the same page!

  • What do you expect to happen starting November 1?
  • Is there a roadmap for what/how pieces of FC responsibility get passed to the TWG and Ops Multi-Sig Signers? Curious if there are pieces that are higher priority than others for the TWG.
  • Who on TWG is the best DRI for ensuring a smooth handover?
  • Should this IIP pass, what specifically are you proposing happens? I can see a few different paths towards deprecating the the FC. [I had this question then found this :point_down: explainer during another read through :+1: ]

What does “remove” mean?

Appreciate the clarifications :pray:


Hi Greg,

Thanks for your comments and hopefully the below provides clarity. I will take each of your questions in order :point_down:

The view is that the funding council completes this round of WG funding requests in line with your forum post IIP-85 Temporary Funding Council Decision Making - Proposals - The Index Coop which makes sense given the deadline for proposals is the end of this week. This will allow for an efficient handover of
a) the funding council wallet into the operations account once Q4 funding is complete (the provisional expectation that this will be done by 1st November but if proposals are delayed and discussion ongoing this timeline is flexible)
b) allow the community time through future workshops to decide upon who takes on the responsibility of the funding councils review - from the finance of the future workshops, it would seem the majority of people think the ‘leadership council’ should be responsible for this

In terms of DRI - from the TWG side this will be @prairiefi who is heading up the Operations account.

Should the IIP pass the next steps would be to set out a timeline for transfer of funds and ownership, this will be determined by the TWG in communication with the FC to minimise the impact this may have on the Coops operations but will happen after Q4 funding is completed in its entirety.

Tentitively this will start from 1st November with the aim that October contributor rewards are distributed from the Operations account.


appreciate the clarity – good to know that the expectation is that September may very well may be the last rewards cycle that the Funding Council is responsible for, and that TWG/Ops Wallet expects to run the show come October.


Voting for IIP-90 will go live on Monday October 4, 2021 at 18:00 UTC and end on Thursday October 7, 2021 at 18:00 UTC. Please vote here.

cc: @Matthew_Graham @prairiefi @ElliottWatts


This IIP has PASSED with 265.77k INDEX voting FOR :white_check_mark:

cc: @sixtykeys @Matthew_Graham @prairiefi @ElliottWatts


:triangular_flag_on_post: FYI – The transactions to move funds per this IIP will be executed shortly.

The funds currently in Funding Council wallet (~$2MM held at the moment) will be moved to the Operations Wallet (~$2.1MM held at the moment).

For full context, FC members and Finance Nest (formerly TWG) members have been meeting on a weekly basis to do our best to ensure smooth transition of responsibilities.

Here is the execution doc: IIP-90 Removal of Funding Council Wallet


All transactions have been executed and the Funding Council Wallet is no more. There are $0.00 in the wallet: Proxy | 0xe2250424378b6a6dC912f5714cfd308a8D593986.

This feels like quite the milestone :tada:

A major thanks to @dylan, @DarkForestCapital, @Pepperoni_Joe for being dutiful and dedicated stewards for the ~year that this wallet was used :raised_hands:

May the Operations Wallet prosper.

Let’s keep playing this infinite game together :owl: