# IIP-XX: FLI Metagovernance Vote Delegation to Multisig **URL:** \ **Category:** Proposal\ **Tags:** IIP\ **Created:** [12 August 2021 13:24 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357 "2021-08-12T13:24:02Z")\ **Posts on this page:** 19\ **Page:** 1
**Author:** ![Matthew\_Graham](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/matthew_graham/32/1336_2.png) [@Matthew\_Graham](https://gov.indexcoop.com/u/Matthew_Graham)\ **Post date:** [12 August 2021 13:24 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/1 "2021-08-12T13:24:02Z")
status: Proposed author: Matthew Graham (@Matthew_Graham) created: 2021-08-12 # Simple Summary Delegate FLI voting power for COMP and AAVE to a multisig to a 2 of 3 multisig controlled by [@Dylan](https://gov.indexcoop.com/u/dylan), [@puniaviision](https://gov.indexcoop.com/u/puniaviision) and [@GregDocter](https://gov.indexcoop.com/u/gregdocter), as per [IIP-49.](https://gov.indexcoop.com/t/iip-49-dpi-metagoverance-vote-delegation-to-multisig/1684) ‌Multisig: 0x10F87409E405c5e44e581A4C3F2eECF36AAf1f92 This is for the purpose of executing metagovernance votes according to the current process. # Abstract ‌Today, FLI metagovernance influence is not being used. As governance tokens lay idle within the FLI products, Index Coop could be utilising their voting influence. This IIP proposes FLI metagovernance votes for Compound and Aave be delegated to the same multi-sig as DPI. This IIP does not propose any other changes to the metagovernance process specified [here 2](https://docs.indexcoop.com/governance/meta-governance#how-does-it-work-exactly). Nor does it address Snapshot metagovernance ([IIP-33 2](https://snapshot.org/#/index/proposal/QmUPP126SvEUidcT7noCcLa4LSc3e7t3VkWLiD8EJ3vjUt)). This proposal merely addresses how the Index Coop executes votes. The outcome of metagovernance votes would remain decided by INDEX holders. # Motivation Whilst liquidity incentives exist on Compound and Aave, the FLI products shall accumulate governance tokens. Index Coop can enhance its metagovernance influence by directing the voting rights of these governance tokens to the multi-sig address detailed above. This is a carbon copy of the DPI metagovernance initiative and with an expanding FLI offering there will likely be many votes spread out across the FLI vaults. At the time of writing this is 1,060 votes. Although these governance tokens are not likely to remain within the ETH2x-FLI and BTC2x-FLI products. When there are many FLI products and each product has a bunch of votes, these votes can be consolidated to the DPI multi-sig and Index Coop captures its true metagovenance influence. With Index Coop products to be listed on Aave and Compound in time, each vote matters. # Vision This proposed change is a step towards the larger consolidated meta-governance vision being put forward. # Specification Delegate FLI voting power to a multi-sig to enable Set-contributors to execute metagovernance votes in accordance with the current metagovernance process. To implement this requires the following: 1. INDEX multisig to delegate COMP and AAVE via the Governance module to 0x10F87409E405c5e44e581A4C3F2eECF36AAf1f92 2. 2 of 3 multisig executes metagovernance votes according to the [current 2](https://docs.indexcoop.com/governance/meta-governance#how-does-it-work-exactly) metagovernance process. 3. Delegate other protocol voting power as needed. Such updates will be announced. # Voting FOR: Delegate FLI products metagovernance voting rights via the Governance module to 0x10F87409E405c5e44e581A4C3F2eECF36AAf1f92. AGAINST: DO NOT delegate FLI metagovernce voting rights. ## Copyright Copyright and related rights waived via[CC0](https://creativecommons.org/publicdomain/zero/1.0/). ---
**Author:** ![oneski22](https://avatars.discourse-cdn.com/v4/letter/o/65b543/32.png) [@oneski22](https://gov.indexcoop.com/u/oneski22)\ **Post date:** [12 August 2021 13:38 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/2 "2021-08-12T13:38:34Z")
Strongly FOR this IIP, all tokens across all of the product line should be available to the INDEX holders for meta governance decisions. ---
**Author:** ![anon10525910](https://avatars.discourse-cdn.com/v4/letter/a/97f17d/32.png) [@anon10525910](https://gov.indexcoop.com/u/anon10525910)\ **Post date:** [12 August 2021 13:53 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/3 "2021-08-12T13:53:48Z")
> [@Matthew\_Graham](#): > > This will reduce time-spent from ~2 hours per vote to ~1 hour by removing some coordination costs associated with using the INDEX multisig. Sharing context: - I do not think this will reduce time spent on executing meta-gov votes, as coordination costs remain - I do think this is time-neutral That is → after the initial delegation, no _additional_ transactions would need to be made to execute COMP // AAVE votes (beyond what is already done today to execute metagov votes) That’s a mouthful ^ However, confirmation on point 2 would be useful 🙌 ---
**Author:** ![Matthew\_Graham](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/matthew_graham/32/1336_2.png) [@Matthew\_Graham](https://gov.indexcoop.com/u/Matthew_Graham)\ **Post date:** [12 August 2021 14:51 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/4 "2021-08-12T14:51:43Z")
Hey @anon10525910, You are definitely correct. That was a cut and paste job, that should have been edited out. I’ll tidy up the proposal with an amendment. 🙂 Thank you heaps for the feedback and flagging the error. ---
**Author:** ![anon10525910](https://avatars.discourse-cdn.com/v4/letter/a/97f17d/32.png) [@anon10525910](https://gov.indexcoop.com/u/anon10525910)\ **Post date:** [12 August 2021 14:52 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/5 "2021-08-12T14:52:53Z")
100% – i figured 😜 i do still want to figure out whether I am right or wrong about this being “time-neutral” ---
**Author:** ![ncitron](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/ncitron/32/151_2.png) [@ncitron](https://gov.indexcoop.com/u/ncitron)\ **Post date:** [12 August 2021 15:13 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/7 "2021-08-12T15:13:11Z")
Deleted my previous post as it looks like some of the COMP has been claimed so there is ~1000 COMP sitting in the ETH2xFLI contract which can be used for voting. ---
**Author:** ![Matthew\_Graham](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/matthew_graham/32/1336_2.png) [@Matthew\_Graham](https://gov.indexcoop.com/u/Matthew_Graham)\ **Post date:** [12 August 2021 17:50 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/8 "2021-08-12T17:50:13Z")
Hi All, Just to be sure the information is really transparent and easily accessible. 🙂 Details on ETH2x-FLI are [here](https://etherscan.io/address/0xaa6e8127831c9de45ae56bb1b0d4d4da6e5665bd) 943 COMP tokens at time of writing. Details on BTC2x-FLI are [here](https://etherscan.io/address/0x0b498ff89709d3838a063f1dfa463091f9801c2b) 117 COMP tokens at time of writing. ---
**Author:** ![Matthew\_Graham](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/matthew_graham/32/1336_2.png) [@Matthew\_Graham](https://gov.indexcoop.com/u/Matthew_Graham)\ **Post date:** [12 August 2021 17:55 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/9 "2021-08-12T17:55:18Z")
Hi @anon10525910, I think with DPI being list on Compound being just around the corner, then it is something better done sooner rather than later. To my knowledge we are not currently working on bettering the FLI range or the next product to be built is DATA. I would like to think this task can be realistically completed during August 2021. ---
**Author:** ![Don-ETH](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/don-eth/32/1652_2.png) [@Don-ETH](https://gov.indexcoop.com/u/Don-ETH)\ **Post date:** [12 August 2021 18:13 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/10 "2021-08-12T18:13:05Z")
COMP has one of the most active governance in DeFi. Strongly FOR on this IIP. ---
**Author:** ![anon10525910](https://avatars.discourse-cdn.com/v4/letter/a/97f17d/32.png) [@anon10525910](https://gov.indexcoop.com/u/anon10525910)\ **Post date:** [12 August 2021 19:21 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/11 "2021-08-12T19:21:35Z")
Totally – i’m not questioning the timing of this proposal 👍 I am wondering whether, and how much, extra work this adds to executing metagov votes. My assumption is “none” but wanna be sure, b/c executing these votes does take time. ---
**Author:** ![Matthew\_Graham](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/matthew_graham/32/1336_2.png) [@Matthew\_Graham](https://gov.indexcoop.com/u/Matthew_Graham)\ **Post date:** [13 August 2021 07:13 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/12 "2021-08-13T07:13:39Z")
Hi @anon10525910, @Pepperoni_Joe, May I please have an IIP Number assigned, a discord discussion channel created and a Snapshot vote scheduled for Monday 16th August 2021. Thank you in advance. ---
**Author:** ![Pepperoni\_Joe](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/pepperoni_joe/32/678_2.png) [@Pepperoni\_Joe](https://gov.indexcoop.com/u/Pepperoni_Joe)\ **Post date:** [16 August 2021 14:02 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/13 "2021-08-16T14:02:48Z")
> [@anon10525910](#): > > Totally – i’m not questioning the timing of this proposal 👍 > > I am wondering whether, and how much, extra work this adds to executing metagov votes. > > My assumption is “none” but wanna be sure, b/c executing these votes does take time. @ncitron / @cedrick / @Lavi - just following up on @anon10525910’s comments to confirm if this proposal is feasible and doesn’t require any further consideration before going to IIP? ---
**Author:** ![ncitron](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/ncitron/32/151_2.png) [@ncitron](https://gov.indexcoop.com/u/ncitron)\ **Post date:** [16 August 2021 14:54 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/14 "2021-08-16T14:54:15Z")
Executing this proposal will have some upfront work, but will add no additional recurring work. The execution of this proposal will require several multi-sig transactions and the deployment of one contract (just a new deployment, no new code needed). Here is a brief overview of the multi-sig transactions and contract deployments required: 1. Deploy a new `GovernanceAdapter` extension contract 2. Call `addModule` on `BaseManager` and pass in the `GovernanceModule` address 3. Call `addAdapter` on `BaseManager` and pass in `GovernanceAdapter` address 4. Call `addAllowedCaller` on `GovernanceAdapter` and pass in a trusted caller (probably the IC multi-sig) 5. Call `delegate` on `GovernanceAdapter` and pass in the `CompoundBravoGovernanceAdapter` address and the metagov multi-sig to delegate the votes to. Note: these steps must be redone for each FLI product. ---
**Author:** ![overanalyser](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/overanalyser/32/1319_2.png) [@overanalyser](https://gov.indexcoop.com/u/overanalyser)\ **Post date:** [19 August 2021 07:50 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/15 "2021-08-19T07:50:00Z")
While I can see the benefit of boosting the coops metagoverance power, I have concerns about the work vs benefit. At the moment we have ~ 1,060 in FLI products and DPI has 42,610. So, we would currently generate a 2.5% increase in voting power. However, my understanding is that the planned implementation for FLI will result in much smaller balances of COMP in each product. So while the Dev lift may be small, I really don’t see how it can be considered a high priority vs [everything](https://gov.indexcoop.com/t/set-engineering-retrospective-and-changelog/2388) else we are doing (unless it’s used as an on-boarding / training exercise for a new Dev). ---
**Author:** ![Matthew\_Graham](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/matthew_graham/32/1336_2.png) [@Matthew\_Graham](https://gov.indexcoop.com/u/Matthew_Graham)\ **Post date:** [19 August 2021 08:08 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/16 "2021-08-19T08:08:31Z")
The benefit of setting the right structure as early as possible means all future products are built and launched with a lesser need for amendments at a later date. At the moment the COMP number may be low, 20 leveraged products later it may not be. If we are seeking to list DPI on Compound, every vote counts and we don’t want to risk leaving votes on the table where ever possible. We also want to maximise the metagovernance value proposition of INDEX tokens as best we can. With no new products under development (post DG2) it feels like a great time to build out the best possible base for launching future products. The logic flows by getting this right now, we avoid having to amend many, many leverage products later. Thus, the most time efficient implementation and therefore cost effective strategy, is to incorporate this change before rolling out new products. To me it feels and reads like low hanging fruit from a technical perspective and it is a very nice value add to the Index Coop community. ---
**Author:** ![Matthew\_Graham](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/matthew_graham/32/1336_2.png) [@Matthew\_Graham](https://gov.indexcoop.com/u/Matthew_Graham)\ **Post date:** [20 August 2021 13:54 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/17 "2021-08-20T13:54:53Z")
Hi @Pepperoni_Joe, May we progress to snapshot for the 23rd August ? ---
**Author:** ![puniaviision](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/puniaviision/32/173_2.png) [@puniaviision](https://gov.indexcoop.com/u/puniaviision)\ **Post date:** [20 August 2021 13:57 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/18 "2021-08-20T13:57:27Z")
Yea this seems like a giant PITA for product and engineering with little benefit. ---
**Author:** ![ncitron](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/ncitron/32/151_2.png) [@ncitron](https://gov.indexcoop.com/u/ncitron)\ **Post date:** [20 August 2021 15:11 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/19 "2021-08-20T15:11:09Z")
Agreed. As is, this proposal will only increase our COMP power by ~4%, and if IIP-73 is passed, it will be even less. ---
**Author:** ![Matthew\_Graham](https://yyz1.discourse-cdn.com/flex027/user_avatar/gov.indexcoop.com/matthew_graham/32/1336_2.png) [@Matthew\_Graham](https://gov.indexcoop.com/u/Matthew_Graham)\ **Post date:** [20 August 2021 15:22 UTC](https://gov.indexcoop.com/t/iip-xx-fli-metagovernance-vote-delegation-to-multisig/2357/20 "2021-08-20T15:22:01Z")
Thank you for your input @ncitron and @puniaviision. @Pepperoni_Joe please don’t proceed to snapshot. Thank you for all the feedback team 🙂