IIP-94: Funding Council Grant #5

IIP: 94
Title: Funding Council Grant #5
Status: Proposed
Author(s): @gregdocter, @Pepperoni_Joe, @dylan, @DarkForestCapital
Created: October 13, 2021

Simple Summary

Grant the Index Coop Funding Council 53,272 INDEX & 287,405 USDC (~$2.1 MM) from the Index Coop Treasury to continue funding Index Coop operations.

For context, IIP-59 Grant #4 was for 65,311 INDEX, which was worth approximately $2.1MM on the day of transfer. This transfer occurred on August 5th, 2021.

This will be the last grant request to come from the Funding Council per the passage of IIP-90.

Abstract

The Funding Council is seeking a grant of 53,272 INDEX & 287,405 USDC from the Index Coop Community Treasury in order to fund Q4-2021 operations.

These funds will be used to:

This grant is expected to sustain Index Coop operations until the end of Q4-2021 (December 31, 2021).

The detailed breakdown is as follows:

View the spreadsheet here: Q4 Funding Council Request Breakdown

Notes

The Funding Council’s wallet transactions are available for audit here.

Acknowledgement(s)

This request acknowledges

  1. IIP-90 Removal of Funding Council wallet and hive up into the Operations account
  2. This will be the final Funding Council request
  3. Index 2.0 “Future of Finance” topic

Motivation

The Funding Council has requested funds through this process every 3 months since IIP-10.

This intent has been to allow the Index Coop to continue growing, while ensuring the Funding Council doesn’t have access to large amounts of INDEX without good reason and that the operational budgeting & funding processes can evolve as we grow & learn together.

FOR

Grant the Index Coop Funding Council 53,272 INDEX & 287,405 USDC to continue to reward Index Coop contributors & fund Working Group initiatives.

AGAINST

Do not grant the Index Coop Funding Council additional funds to continue to reward Index Coop contributors & fund Working Group initiatives.

Copyright

Copyright and related rights waived via CC0.

10 Likes

Calling on the IIP editors :mega: @sixtykeys @mel.eth @Mringz

Can you review this IIP and when ready – assign a #?

I welcome suggested edits or other feedback that editors provide.

I expect to move this from Draft to Proposed shortly after that assignment.

I know it then ^ needs to sit for 48 hours before calling the vote.

5 Likes

I am about to make the following edits per IIP editor feedback

  • clarifying the date of transfer on which IIP Grant #4 occurred
  • fixing a typo: this is indeed to fund Q4-2021 operations not “Q4-2020”
  • adding the BD wallet to “Current (pre-this grant) Working Group Muli-Sigs:…” which was accidentally omitted.
  • Also adding MVI [EDIT]
1 Like

Hey Greg, an IIP number has been assigned (94), proposal looks good otherwise. You can change the status to proposed if no further changes will be made.

3 Likes

No further changes to be made.

I have updated the status to proposed. Let the 48 hour waiting period commence.

[FYI - I expect to call for the vote to run either Monday or Tuesday next week. I understand that calling for a vote over the weekend does not guarantee it gets posted to Snapshot to run on Monday. Respectful of IIP editor weekends and other priorities :pray: ]

3 Likes

@sixtykeys – calling for this vote to go-live on Snapshot.

If reasonable, it’d be great to have it go-live today (October 18) at the same time as IIP-93.

If that is not reasonable due to the short notice, then tomorrow would be excellent.

Hey Greg, yes, due to the short notice this vote will have to go live on October 19th.

2 Likes

This proposal is set to go live today at 1800 UTC, with voting ending on October 22nd, 2021.
Snapshot here

2 Likes

This vote is now live :zap:

Vote here: Snapshot

Vote ends: Friday October, 22

Quorum: 109,069 INDEX

1 Like

Pleased to announce that this vote has passed! :white_check_mark:
302.82k INDEX voted with 99.99% voting FOR. Q4-2021 Operations will successfully be funded!!

Snapshot here

2 Likes