INDEX Delegation Intentions and Next Steps

Authors: @setoshi (Set), @heychristopher (1kx), @AcceleratedCapital (1kx) @gregdocter (Set)

This forum post picks up on one of the actions noted in last week’s Open Letter

It reflects our current viewpoints. We welcome questions and additional information to sharpen these views.

On Delegation

1kx and Set believe that decentralized organizations thrive when their most informed members are empowered in the governance process.

Token delegation is one important tool for empowering such members. We view delegation as a key way to expand the set of participants who have a meaningful impact on governance. Done well, delegation should reduce the surface-level concentration of voting power, and enhance the quality and diversity of perspectives impacting governance. The cumulative impact, ideally, is a higher-quality governing body over the long term. This requires that delegates are high-context individuals who are deeply involved in the organization. They should also be empowered to vote independently from the token holder, and they should vote for the benefit of the organization as a whole.

Thus far, neither 1kx nor Set has delegated INDEX for voting.

  • Set took a hands-off approach in Snapshot voting from the very beginning. In retrospect, we believe this was a mistake that created a power vacuum in the Coop that in turn created a need for politicking to get things done.
  • 1kx intended to delegate to members of ICC v1 at the start of 2022. However, by the time we were internally ready to delegate, the council term was nearly complete, so we chose to abstain until the subsequent election concluded.

Now, as mentioned in the Open Letter, we will soon delegate tokens to contributors. Separately, Set intends to delegate to member(s) of its team as well. Put simply, our primary objective is to foster the conditions necessary for Index Coop to achieve & maintain long term success. We expect to start small, treat this as an experiment to learn from, and iterate as needed. That said, we envision reaching a sustainable, steady state where delegation decisions are made only a few times a year and coincide with the Council process. While voting and DAOs are political by nature, we hope that the degree of politics in the Coop decreases as more community leaders gain a meaningful say in governance.

Principles & Criteria

Here are core principles and criteria we are keeping in mind for this first iteration.

v1 Core Principles

  • Delegate independence - Delegates are empowered to vote independently from token holder views, and in benefit of the organization’s ultimate goals. Delegates will under no circumstances be required to vote in alignment with either token holder (Set / 1kx) or any of either token holder’s delegates.
  • Elevate Community Leaders: We believe that the best way to achieve the-above stated goals is to empower Index Coop leaders who best imbue the DAO with leadership and reflect the values necessary to collectively thrive. We aim to delegate to those who have context and continue to create context for those who have voting power.
  • Provide ongoing transparency - The Index Coop Community has visibility into the relevant parties (delegates and delegators) and how we select delegates. We encourage other major INDEX holders who delegate to community members also follow this principle.
  • Delegate responsibly - We do not aim to overwhelm IC governance by delegating too many tokens. We do not aim to leave delegates without a voice by delegating too few tokens. Further, we will not delegate beyond our operational abilities. This means that on day 1, we do not expect to delegate to every single person who might fit the criteria below.

v1 Delegate Criteria

  • Elected to the Index Coop Council
  • From core create / grow / maintain functions
  • Displays honesty, engages in debate with good faith, and takes a collaborative approach to improvements
  • Directional alignment with what it takes for long-term Index Coop success.

What to expect next

We plan to start by delegating to members of the Index Coop Council who meet the criteria shared above and who agree to receive such delegation. We plan to execute delegations 1 week from this post.

We will follow up in this thread to transparently acknowledge delegations & the number of INDEX delegated, once those decisions have been made.

Please note that we (as token-holders) still maintain autonomy of how / whom we delegate to and reserve the right to revoke delegations.

Onwards :owl:

We believe that empowering core contributors in Index Coop governance is an important step in the Coop’s evolution and are excited to learn what does and doesn’t work about how we’re approaching delegation.

Let’s keep pushing to prove that DAOs are the next vanguard of human coordination.

18 Likes

Thank you to all of the authors of this post.

This is an incredible step forward, both in the maturation of Index Coop as a organization, but also in our relationships with our key stakeholders in 1kx and Set.

In my recent weeks working with Index Coop Council, I have found myself in the company of a thoughtful and effective team who are confident in - and committed to - the future success of Index Coop.

We are a team of builders and doers - our entire unit is comprised of Product, Engineering and Growth leads. Index Council has become an opportunity to create alignment and collaboration across the DAO in a way that was previously impossible. Empowering this team now with the ability to execute on a vision is an opportunity that will not be wasted.

As a team we have elected to disagree but commit in all decisions. This is how we best serve the Coop. For this reason, we ask that a delegation of votes is shared evenly across all members of the ICC so as that we each face each other as equals, but with the responsibility to follow through with what we collectively decide is the right direction forward.

Signed:
@catjam @anthonyb.eth @edwardk @dev @Metfanmike @afromac

13 Likes

Nice work in putting action to the intent. To note, the delegation of tokens implies active participation in IC governance and I am assuming metagovernance. If delegates participate in metagovernace votes, we will have a much better chance at hitting quorum. Recall that if we can reliably hit quorum we can eliminate the Metagovernance Committee - which would be a simplification, reduce costs, and deliver decentralized decision-making.

5 Likes

Given this sentiment and the criteria we shared above, for this first iteration Set and 1kx will delegate the following INDEX to the current ICC members.

  • Anthony B - 75,000
  • CatJam - 75,000
  • Cormac - 75,000
  • Dev - 75,000
  • Ed - 75,000

Further, we believe that clear agreements > unclear expectations.

In an effort to start from a place that sets up all sides for maximum success and minimum confusion, here are some agreements we’d like to make in addition to the principles / criteria shared above:

  • Delegate composition - While for this first iteration we are choosing to delegate evenly across current ICC members, this does not necessarily mean we will do this in the future. For example, in the future we may delegate to some, but not all, ICC members.
  • Active, informed, experts - Delegates are expected to be active and deeply informed Index Coop contributors. Such participation certainly includes voting on IIPs that reach Snapshot, and may also include posting opinions and/or proposals to the forums.
  • Ending Delegation - At any time, with or without cause, either the delegate or tokenholder may decide to end delegation with written notice to the other party. In such instances, the tokenholder will revoke delegation in full within a reasonable amount of time. Delegates are expected to not use their delegated INDEX to vote on proposals in any interim period.
  • Increasing or decreasing delegated tokens - Parties may mutually agree to increase or decrease the delegated tokens by any amount at any time.
  • No other relationship - Delegation should not be construed as creating a relationship between tokenholders and delegates beyond delegation for Index Coop governance. There are no other promises or conditions in any other agreement.
16 Likes

ICC is happy to accept this delegation.

Addresses:
@afromac 0xB639DAd047432727309e2BBBaB74cE204E3a9623
@catjam 0x0C91cC3e672a78D49049d0b45E5a6D0A9Cd5c916
@dev 0x03F623De8464124fEFF439A6BDB3f9793b6Ed34c
@anthonyb.eth 0x0F7A95B51D598023A699c7aD7d215aF45B934BDb
@edwardk 0x385921c3B8c044885D6DfD67e013567cD010B4AC

8 Likes

Set and 1kx have completed their delegations.

Set

  • Anthony B - 75,000
  • CatJam - 75,000
  • Dev - 75,000

1kx

  • Ed - 75,000
  • Cormac - 115,000

1kx was unable to split the INDEX still vesting to their wallet and so had to delegate in this way.

11 Likes

Hi @setoshi – I’ve stepped off the Index Council effective end of July, and would like to return my delegated votes. Please let me know how I can help with next steps.

Discord is catjam#6271 if needed!

1 Like

hey @setoshi pinging again on this, I feel guilty that the votes are still delegated to my wallet vs actively being used. lmk how I can help with a transition.

1 Like

Undelegation has been complete. Thanks for pinging me

2 Likes