IIP-99: Update Operations Account Multi-sig #2

Governance Proposal
1

Title: IIP-99: Update Operations Account Multi-sig #2
Status: Proposed
Authors: PrairieFI (@prairiefi), Matthew Graham (@Matthew_Graham), Elliott Watts (@ElliottWatts)
created: 2021-10-28

Simple Summary

This proposal seeks to modify the signers on the Operations Account Gnosis Safe.

Operations Account: ‘0xFafd604d1CC8b6B3B6CC859cF80Fd902972371C1’

Abstract

The Operations Account multisig was created with IIP-46: Security - Operations & Investment Account and updated as shown below:

In this proposal Finance Nest recommends adding @Elliottwatts a lead within the Finance Nest, @Hammad1412 the primary responsible person for the contributor rewards process and @Ncitron the all star Index Coop developer who will be providing technical support along with @dylan who played a critical role in enabling Index Coop to get the BED:ETH liquidity implemented.

Motivation

The Operations Account holds over $1.6M 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, we are expecting to make the first distribution from this account on 5th November. At Finance Nest, we believe it is important to have the community awareness and support via IIP regarding the signers of this account.

With @Elliott as a lead within the Finance Nest and @Hammad1412 being the primary owner of how Funding & Payroll is administered there is a need to add those managing the contributor rewards distribution to the mult-sig. This will enable the process owners to be fully accountable the entire length of the process from interacting with individual community members all the way through to distribution of funds. The intent is to streamline operations and align accountability with process ownership. It is also essential for these members to have exposure to the ParcelDAO interface which can only be accessed through being a signer on the multisig.

We are also taking this opportunity to add @Ncitron to the multisig giving the wallet more coverage from EWG as both @Dylan and @Ncitron are incredibly busy and having someone with their skills on-hand when performing some of the less frequent transactions is a great benefit. @Dylan was pivotal to depositing the BED:ETH liquidity and this highlighted the need to have more robust developer support.

Specification

Modify the above linked Gnosis Safe:

The wallet will still only require 3 signers to approve a transaction, 3 of 11.

The new signer structure will be:

Location Roles Operations Account
United States America Funding Council @dylan
United Kingdom Funding Council @PepperoniJoe
United Kingdom Finance Nest @Matthew_Graham
United Kingdom Finance Nest @Elliottwatts
United Kingdom Finance Nest & TOCWG @Hammad1412
United States America Operations Account Manager @prairiefi
United States America Metagovernance @oneski22
United States America Engineering @ncitron
United Kingdom Growth MrMadila
APAC Product cavalier_eth
APAC APAC Business Development pujimak_in

Voting

Add @ElliottWatts, @Ncitron and @hammad1412 to the Operations account Multisig
  • FOR
  • AGAINST

0 voters

Copyright

Copyright and related rights waived via CC0.

3 Likes
2

Hi @mel.eth and @sixtykeys,

Can we please assign an IIP number and proceed to schedule a snapshot vote for the same time as the linked post. Early this coming week would be fantastic.

Thank you in advance.

3

While I understand the need to streamline operations, but in the interest of security; would it not be advised to increase the number of signers required to approve a transaction in line with the total number of signers?
@ElliottWatts @Matthew_Graham

2 Likes
4

If we look at the list of signers with respect to there time zone, then it gets a fair bit more restrictive if we up the signer count by to much. So, there is a bit of a trade-off in that regard.

Also, making sure we have more than one dev has been a lesson learned from providing the BED liquidity.

We are considering a nested wallet and a fourth signer requirement. Please keep in mind it is an iterative process and this wallet isn’t the primary asset holding wallet.

For now, our driver is getting the right people as signers so we can process contributor rewards from the Operations Account this month.

1 Like
5

This proposal has been assigned IIP Number 99, and is set to go live on snapshot today at 1800 UTC.
Snapshot here

1 Like
6

Confirming that this IIP has passed with 226.94k INDEX (99.97%) voting FOR.
Snapshot here

2 Likes