Title: Delegate 100% of Compound Meta-Governance Votes to Wildfire DAO Address
Simple Summary / Abstract
This IIP requests the IndexCoop’s Compound voting rights locked in the DeFi Pulse Index to be delegated to Wildfire DAO’s DeFi working Group.
Wildfire DAO’s DeFi working group will use this delegated voting power to actively participate in Compound’s Governance
About the Requestor
Wildfire is an extension of Fire Eyes _:fire:, a service DAO created by James Waugh, Coopahtroopa, 0xLucas, and gladstonecallum. Fire Eyes _:fire: has been involved in DAO’s since 2017, helping create best practices for coordination and governance participation.
Fire Eyes _:fire: has played a vital role in the launches of numerous DAO’s such as ENS, Gitcoin, and SuperRare, and has been an active participant in governance across other Web3 projects such as Aave, Balancer, and Rocket Pool.
Wildfire DAO was created to help scale these contributions.
Wildfire is a meta-governance initiative designed to help align incentives in Web3. Our growing team of contributors across the DeFi, Public Goods, Creator Economy, and Infrastructure Operator groups aim to tackle the challenges facing DAO’s such as token design, governance, coordination, business development, growth and community building.
Wildfire DAO members across these four groups have begun to take the first steps towards achieving these goals through:
- Connecting with the core teams & contributors on a recurring basis
- Writing governance proposals
- Participating in community calls
- Updating the wider Wildfire network on protocol developments
- Working with new projects to enable them to leverage Wildfire’s expertise
Compound Finance plays a key role in DeFi money markets and for that reason actively participating in Compound’s governance proposals is an important duty, currently Index Coop is the 25th highest holder of COMP governance voting power, with 36,131.8337 COMP locked inside the DeFi Pulse Index. Therefore continued voting activity using Index Coop’s COMP voting power would ensure active participation in one of DeFi’s most important protocols.
Considering the Index Council’s decision to Reduce Contributor spend and completely discontinue flexible contributor work, Meta-Governance activity from Index Coop has been put on hold for the near future.
In exchange for this delegation Wildfire DAO will undertake all Meta-Governance Monitoring Activity on Index Coop. That means we will set up create awareness on Meta-Governance Votes on the Contributor and Community Discord, create canva flyers and set up the snapshot for these proposals, we will also track these proposals in the Index Coop Meta-Governance Tracker.
This commitment is usually a paid position here at Index Coop, Meta-Governance reps were previously paid $100 per vote monitored, considering that Aave and Compound proposals are our most active Meta-Governance events, the Wildfire team will undertake that responsibility in return for the COMP delegation.
In addition to this the Wildfire DeFi WG will pay $1000 to Index Coop for every month that we hold the delegated power for COMP from Index Coop.
By delegating voting power to Wildfire DAO’s DeFi pod, the Index Coop community will be ensuring continuity of Meta-Governance activity on Compound, Continuity of Meta-Governance monitoring on Aave and Compound, and the $1000 monthly payment to Index Coop. The Wildfire DeFi Pod Operators will also be providing high level summaries on how we voted on Compound Proposals at the end of every month, these summaries will be posted here on the forum and will serve as the feedback loop for our delegated governance voting activities.
Who will be voting on Compound Proposals using Index Coop’s COMP voting power?
@keneeze : Kene was the Index Coop Meta-Governance Rep for Compound before flexible contributions were discontinued, he has worked with the Content and Governance Pod at Index Coop as a Contributor, he also has a deep interest in Meta-Governance and has written about the subject in depth.
@bgiove: Ben is an analyst at Bankless, and has contributed to Index Coop products through Bankless DAO by serving as one of the GMI methodologists.
song : Song has extensive experience in traditional finance and in the blockchain industry and actively looks to employ best practices while navigating the lack of regulatory clarity in DeFi.
DPI multi-sig wallet delegates the Compound voting power to a Gnosis Safe Ethereum Address controlled by Wildfire DAO DeFi Pod.
This voting power can then be used for voting on and submitting proposals on the Compound Governance Platform.
- Delegate IndexCoop’s Compound voting power to Wildfire DAO
- Do not delegate IndexCoop’s Compound voting power to Wildfire DAO