Great post prior to this @anon10525910 and this one too. Thank you for putting together. 
While I can see some potential issues with TVL and Volume, I think their pros outweigh the cons. As @dylan says, TVL has become quite enshrined via DFP. I would like to see these and maybe a couple of other metrics displayed live on the homepage above the fold for browsers of our website too: great social proof and a focusing point to refer to.
I think the internal KPIs are solid.
Good points from @DarkForestCapital re less directly linked work re KPIs. Hopefully we can account for the value of good content, good design, and language ops too) - I can think of a few qualitative and quantitative tests we can run there. But, I’d +1 re analytics, community, general infra, treasury management, governance, compliance/legal, and of course engineering etc. I wonder if these areas can also break out into named working groups for leaders who petition the treasury committee (or a wider committee of working group heads) for INDEX budget, which is then allocated as the working group leads see fit each month. This way each working group has a community at the ground level and a leadership on top of it, which can represent its value and explain why the group deserves a % monthly allocation of INDEX.