Authors: Governance Operations Working Group
This forum post aims to facilitate the nomination for new (and old) Meta Governance Committee members. IIP-92 established a standard process for electing the MGC members and defined the starting date of the next term, which is on Block 13720000 (November 30, 2021).
The nomination process described in this post will allow potential new members to nominate themselves (or be nominated by someone) and marks the start of the next MGC term.
The MGC serves as a backstop to our Meta Governance voting structure. The committee is assigned with the task to vote, when quorum on meta governance votes is not reached (which happens more often than not). For any vote that does not reach quorum, the MGC ensures that the Index Coop participates in the vote: The MGC is given complete discretion to decide the outcome and vote on behalf of all $INDEX holders.
The MGC was initially proposed back in June via IIP-51. At the time, the committee sought to solve the fact that many of the Index Coop’s Meta Governance votes did not reach quorum, and the voting power possessed by the $INDEX token was being wasted. The MGC, which was elected through the passing of IIP-51, has served the Index Coop faithfully for almost five months and participated in 47 votes thus far.
Every MGC member is asked to provide their vote on all Meta Governance votes with either For, Against or Abstain. This is a role that requires active participation, as well as a good understanding of the underlying protocols of $DPI. Voting takes place via a chat on Discord. Members are expected to participate on each vote and provide their decision within the given time frame (usually 24 to 48hrs). Votes can occur 24/7.
Currently the following protocols are live: UNI, COMP, AAVE, BAL, YFI and BADGER. Expansion to add more protocols is planned.
Elected members serve 1,200,000 block terms (~6 months), with a 3-consecutive term limit and are elected via ranked-choice voting using Snapshot (voting with $INDEX tokens). Members can hand in their resignation earlier or be recalled by a community vote (see IIP-92)
There are currently 5 members of the MGC:
@Yuan-han-li (representing Penn Blockchain)
The members whose term is ending with block Block 13720000 are Penn Blockchain and @Oneski22. As per IIP-92, these two members can nominate themselves again. Since Penn Blockchain only just joined, this will technically be their first term and they will be re-nominated automatically.
Start & End Date
Nominations start with this forum post. The deadline is one week from today (November 15th).
Who is eligible?
All community members (internal and external) are welcome to come forward to express their interest in becoming a member of the MGC.
What do I need to do?
- If you are interested in joining the MGC, please leave a comment at the end of this post announcing your nomination. You can also nominate someone else.
- If nominated, please share your background, time zone, involvement with Index Coop, and why you would be a good fit for a seat on the committee.
My name is Owlie D Cooper (Owlie.eth on discord) and my background is in TradFi, I’m based in CST timezone (UTC-06:00).
I’m a silver owl and I have been a contributor to Index Coop for 5 months at the FinanceNest.
My experience with … would be of great use to the MGC, because…
- [Proof-of-human] New nominees are expected to attend a community call the week following this post, to introduce themselves and explain why they should represent the Coop (only required for non-core contributors). Otherwise the nomination is not valid.
- Ideally this intro takes place during the Weekly Standup on Monday or at the Leadership Forum on Wednesdays.
As indicated above, it was agreed in IIP-91 that Penn Blockchain is automatically nominated for the next term (which is officially their first term), after stepping in to replace former member Cedrick and only serving ~6 weeks so far.
Once all nominations for new MGC members have been submitted and introductions in community calls were successful. The Governance Working Group will publish a Snapshot vote highlighting the interested candidates and provide a brief background on the proposal submitted by those individuals.
Token holders can then vote via ranked choice to elect the members of the MetaGovernance Committee for the next 1.2M blocks.
If there are any questions on the process or regarding this post, please comment below.