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.
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