IIP: 94
Title: Funding Council Grant #5
Status: Proposed
Author(s): @anon10525910, @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:
- Fund Working Group stipends, expenses & distribute working group contributor compensation
- Pay current full-time salaries that are not included in Working Group budgets
- Cover gas costs for the Funding Council using USDC. We would like to avoid selling INDEX for ETH for gas.
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
- This request is based on October 13, 2021 20-day MA: $34.20
- It includes a 15% safety factor to account for possible INDEX depreciation
- Working Groups were approved via the IIP-85 process
- Current (pre-this grant) Working Group Muli-Sigs include: Analytics, Creative/Design, Growth, Engineering, Business Development, MVI
The Funding Council’s wallet transactions are available for audit here.
Acknowledgement(s)
This request acknowledges
- IIP-90 Removal of Funding Council wallet and hive up into the Operations account
- This will be the final Funding Council request
- 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.
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IIP-94 has been executed