IIP-XY: Update Community Treasury Multisig

iip: XY
title: IIP-XY: Update Community Treasury Multisig
status: Proposal
author: Matthew Graham (@Matthew_Graham) & Elliott Watts (@ElliottWatts)
created: 2021-10-03

Simple Summary

This proposal seeks to create a new Community Treasury Gnosis Safe Wallet and add signers from the community.

Treasury Account: ‘0x9467cfADC9DE245010dF95Ec6a585A506A8ad5FC

Create New Treasury Wallet: ‘TBA’


The existing Community Treasury multisig was created at genesis and holds the majority of the DAO’s wealth. The Community Treasury wallet is also the “operator” address for ALL Index Coop products, and as such is signer for all rebalancing transactions, metagovernance vote delegations to EOA (e.g. for FEI or DPI listing proposals), streaming fee updates etc… The wallet also has emergency powers in case a module is compromised.

It is sub-optimal to have community funds and developer permissions linked to the same wallet. We propose creating a new wallet and transferring all the INDEX to the new Gnosis Safe wallet address. As a result of INDEX 2.0 discussions, there is a general consensus within the workshops for the community to have control of the DAO’s capital.

This proposal suggests the newly created Gnosis Safe will have a 10 of 14 signer requirement. All vesting contracts that deposit INDEX into the existing treasury wallet are to be rerouted to the new Community Treasury Wallet. This includes Year 2, Year 3 and Methodologist Incentive vesting contracts. The Year 1 vesting contract will have ceased by the time these changes are implemented. All Index Coop contributors have demonstrated the ability to drive change and are currently in some form of leadership role.


The Community Treasury holds around $66M at the time of writing and receives product revenue streams, OTC sales funds and vested INDEX tokens. In time revenue streams and OTC sales funds will likely be transferred to the Operations and Investment Accounts leaving the Community Treasury with just INDEX tokens. As the existing community Treasury Wallet is also a developer wallet that needs to be agile and nimble, we are unable to add many community members and increase the number of signers without adversely affecting the wallets ability to support operations, especially if reacting to an event if something was to go wrong.

In order to put the communities funds into the control of the community, a new Community Treasury Wallet needs to be created and INDEX funds transferred across. The new Community Treasury will hold INDEX tokens and will receive INDEX tokens from all applicable vesting contracts. The distribution of USDC and other tokens within the existing Community Treasury wallet will be transferred to other wallets and this change will be implemented through separate IIPs. This IIP is solely to create a new Community Treasury wallet, detail the list of signers and transfer INDEX from the old to the new wallet.

The structure proposed improves upon the original genesis Community Treasury configuration to better reflect the Index Coop community we are today. With a requirement of 10 signatures from 14 signers improving the security of the wallet.

The nature of the transactions to date have not been time sensitive and given day to day expenses are funded via the Operations Account the Community Treasury transactions will not be very frequent. Transactions will be monthly and will largely be repetitive such as methodologist payments, quarterly community funding requests, full time contributor contract deployments and OTC INDEX transactions. All of the mentioned transactions are large in size and infrequent with exception of the methodologist payments.


The existing Community Treasury will continues to exist as a developer wallet with the following singers detailed below:

A new Gnosis Safe wallet address will be created with the following signers added.

All INDEX tokens held in the existing Community Treasury will be transferred to the newly created Community Treasury. The existing wallet will continue to service Index Coop’s developer operational needs.

The Year 2, Year 3 and Methodologist Incentives vesting contracts are to be re-routed away from the existing Community Treasury wallet to the new Community Treasury Wallet.



DO Create a New Community Treasury Wallet with a 10 of 14 signer requirement as per the names outlined in the earlier table. Year 2, Year 3 and Methodologist Incentive vesting contracts are to be re-routed to the new Community Treasury Wallet.


DO NOT change the existing arrangement.


Copyright and related rights waived via CC0.


Would recommend adding 3 more signers (updating to 12/17)

2 people from Set
1 person from Pulse

Given their historic involvement in the project as well as their substantial stakes.


First things first, thanks for bringing renewed attention to this!

We can all agree updating the treasury wallet multi-sig needs to happen. Looks like there are supposed to be Index 2.0 workshops dedicated to the topic per Index 2.0: Autonomy Next Steps :point_down:

Date* Workshop Theme Running workshop
[8th September] Multi-sig signers and Treasury transition Process Financial and Administrative capabilities TWG, Funding Council

For decisions like this, we have seen that when all relevant information and perspectives are accounted for (using a tool for clarity like RAPID), buy-in is maximized & execution is smooth.

I think it makes sense to get a series of Index 2.0 workshops schedule to tackle this exciting topic.


Hi @gregdocter

We are encountering delays in getting funds from the Treasury to the Operations Account and thus the need to change the signers on the Treasury sooner rather than later.

The request to transfer FLI products from the Treasury to the Operations Account has been through the IIP process, been added to thew EWG to do list and we still the funds are yet in the Operations Account.

If executing a transfer is this challenging and time consuming, then we have a need to pivot now and then pivot again later if need be.

If any Set Labs folks want to be a signer, the forum discussion has been up for over a week and I can only assume no one wants to be added as a signer.

@sixtykeys @mel.eth

Can we assign an IIP number and schedule a Snapshot vote for Monday 18th October 2021.


Other projects keep and publish stats on their signers, and responsiveness.

Being a signer is an important responsibility and while OpSec is critical if transactions aren’t getting executed that can signal a failure in one of 2 ways: 1) the signers are ignoring the outcome of a governance vote and using their soft power to veto it. 2) they are busy executing other tasks and have abandoned their duties to the DAO as signers.

I would encourage the present signers to explain the delay here or in another public forum, and for the community to think about what qualities we need in signers and what their responsiveness should be.


@Matthew_Graham, it sounds like you are are feeling blocked from doing your work and i want to learn how I can help ensure you’re unblocked. That must be frustrating… DM’ing you to continue this specific convo.

That said, the treasury multisig is a complex & very high-impact topic. I think this is why the Index 2.0 crew suggested that it get its own workshop.

This is a conversation that we should have as a community so that we can get all the information on the table & get clear on the vision & goals before landing on the best solution.

I recommend we get workshop(s) scheduled ASAP and start tackling this. Do you want to work with me to get the workshop(s) on the books?

Let’s work towards shared goals together :raised_hands: AND quickly – I appreciate your desire to make moves, we share that.

We also share the desire to decentralize and hand over control to, as you put it, “better reflect the Index Coop community we are today” and “put the communities funds into the control of the community.”

All this alignment makes me confident and excited :owl:

1 Like

I shared some of this context with @Matthew_Graham earlier, sharing here for wider IC visibility. On the Set side there is already some work underway to create a new dev operations focused multisig that will be the operator for all Index Coop products. Conflating product operations with broader IC Treasury Multisig Activity e.g. methodologist reward payouts/OTC Contract Funding and other ad-hoc transactions has been pretty sub-optimal and disruptive to our work as well.

We also aren’t sure what 3rd party integrators have our main IC Treasury Multisig as a hardcoded dependency (e.g. omitting itts holdings for calculating circulating supply), and what other internal contracts/tooling/documentation needs to be updated (e.g. Analytics dashboards, Full Time contributor vesting contracts for clawback would be affected as well).

For these reasons IMO it makes more sense to add additional signers to the existing multisig & move product maintenance operations out of the Treasury Wallet.


Hi @dylan,

Is it possible to get a timeline on when the product maintenance operations will be moved out of the Treasury Wallet ?

I am looking to present a revised IIP to change the multisig signers on the Treasury Wallet early in the new year. Please do advise, if this activity is at risk due to product maintenance still being linked to the Treasury Wallet.


Hi @gregdocter @dylan,

Can Set Labs commit this a date for completing this ?

As Index Coop has no control or ability to influence this on-chain, can Set Labs provide a date when Index Coop can expect the contracts permissions to be moved.

Note: All vesting contracts permissions shall remain with the Treasury wallet.


Hi All,

Just flagging we are experiencing funding issues, partially due to the nest budgets taking what feels like forever and a string of unexpected liquidity needs. However, we find ourselves with not enough to pay contributors wages as intended and seeking funds from the Treasury. This highlights the need for this multisig signer configuration to be changed ASAP. It is dampening our ability to respond, even if it is largely due to this Nest rollout.

Some 4 months has nearly passed since the original forum post was raised in October 2021, so like, when can we expected the product related contracts controls be removed from this wallet enabling us to then change the composition of the signers ?
Just noting, only the signers on the wallet can implement the needed changes.