After a turkey-filled end to last week, the Owls gathered for the Weekly Standup and welcomed the fine folks from Forefront to introduce their plan for a social token index. Tuesday kicks off a day full of open meetings with F.Nest - Money Talks, followed up by Wizardry, and TOC.
Time is running out to vote for the Index Council so be sure to get your ballot in before the deadline of Nov 30 at 2300 UTC. And while you’re voting, head on over to Snapshot and make your voice and $INDEX heard by voting on a fresh batch of IIPs.
- VOTING LIVE:
- Wise Owls / Index Council Elections - Check your email inbox for your Choice Voting ballot, if you need an assist contact: @sixtykeys
- IIP-111: Create an Operations Account on Polygon Network @Matthew_Graham
- IIP-112: Update Investment Account Multisig @Finance.Nest
- IIP-114: Transfer USDC from Treasury to the Investment Account and Deploy Productively @Finance.Nest
- IIP-115: Authorize the Investment Account for Aave, Compound, Balancer, Element Finance, Notional Strategies, Ribbon Finance… @Finance.Nest
- IIP-116: Redirect DPI, MVI, DATA and BED Revenue to Operations Account @Finance.Nest
- IIP-104: DG2: Launch ETH2X-FLI (Polygon) @ChrisG
- IIP-105: DG2: Launch MATIC 2x Flexible Leverage Index (Polygon) @ChrisG
- IIP-110: Forming a Liquidity Pod @edwardk
- IIP-113: Index Coop Product Launch & Maintenance Gas Costs @dylan
Weekly Stand Up (43 attendees) slides
Rockin’ some new earbuds @jdcook walked us through last week’s reporting and revenue numbers. With the market down across the board over the past few days, there has been an impact on our products. Total # of holders is up primarily due to the success of $MVI. Even with significant drops in prices or trading volume, protocol revenue is staying stable and relatively high above $15k. Unit supply for every product except $MVI has been flat or on a downward trend. $DATA has shown some slow, steady growth since launch.
@Lavi noted that a record of IIPs (9) are on the docket and ready for Owls to cast their ballots over on Snapshot. IIP-118 did not reach quorum. Congrats to @oneski22 & @yuan-han-li (Penn Blockchain ) on winning the recent MGC elections. There was a bit of confusion over the final vote tally (it appeared that one candidate’s votes were not taken into account), but this result was consistent with the method of Snapshot voting selected. Index Council/Wise Owl election is now happening; check your inbox or reach out to @sixtykeys for help. With Arcx Governance passports, you’re able to check/track your governance score.
@catjam and Women + NB of Index have made progress with planning some collaborative efforts with TOC. The WG has several events upcoming in December and is looking forward to contributing to the Coop’s joint educational efforts.
@DocHabanero updated the group that $LDI and $GMI are each about ready to move to DG2. With $PAY they’re waiting on some engineering work to be completed along with some methodologist conversations. They are working on a PRD for $TTI currently before handing it over to EWG. Where to launch $TTI either on Balancer or on Set is a current topic of discussion. @afromac gave a big shout-out to @ChrisG from DeFi Pulse for improving the methodology and user experience associated with the FLI products.
@edwardk promoted the new Coop website and gave a job very well done by @alerex and the rest of the team that shipped it out the door. If you notice anything or have some feedback to the team, you can give them a head’s up over on Discord at Design → Website. 2.0. A quick tutorial on coop.tax was also served up. This live, real-money experiment created by @edwardk @0xModene & @ncitron will be a great resource to test out ideas and involve the whole Coop as testers.
@caf & @MrMadila provided a quick recap for GWMG. IC’s campaign with Dharma is running and a great way to buy Polygon and earn some ETH. So check it out. Congrats to meme maestro @jujube on winning the $MVI #frensgiving contest. Index Coop will be a sponsor/partner at Blockworks’ Permissionless conference next May in Miami. And this will serve as the first IRL meetup for the Coop at large. @Static121 also gave kudos to those who helped build and launch the new website design. Along with providing some props to @humblefish & @seblavoie who’s video magic will be seen sooner than later. He also suggested a meeting to coordinate education efforts with @jujube, @catjam, and others.
@blurb filled in for @mrvls_brkfst and updated us on Italian, Indonesian, and Malaysian translation trials. A strong contingent of Japanese contributors (@Etsuran @Kanji @shugo @kohei) has joined the Index Coop and helped expand our awareness. @pujimak_in and the APWG team have some AMAs coming up with Polygon and local influencers. Shouts this week to @Vanita and the South team and @mrvls_brkfst for getting a JP Twitter account set up.
@Mringz & BD continue to make progress setting up deals in the ETH, L2, and Polygon world to help position Index Coop for success in a multi-chain future. @Metfanmike recently appeared on the top-rated Animal Spirits podcast, and the episode is now available. This interview is an excellent opportunity to spread awareness of our mission and products to those who have and haven’t yet fallen down the crypto rabbit hole. It’s also looking like BitGo will soon support $MVI, $BED, and $DATA.
@Pepperoni_Joe wouldn’t let illness or technical issues stop him from sharing some updates from TOC including revisions to the compensation framework and guidance about setting up the Nests in Q1 2022. Cordinape circle and Collab.Land are being tested currently with $INDEX tipping. Shoutouts to talent coordinators: @Louisaraj @TheYoungCrews @funkmasterflex & @Lfeld.
@ElliottWatts wrapped up the proceedings with updates from the @Finance.Nest going over the IIPs currently up for voting and encouraged people to stop by for Money Talks tomorrow in Discord. Month-end comes to a close on Wednesday to get in your contributor rewards submissions by 11:30 pm UTC that day and financial reports will be written and issued over the next 10 days.
Forefront Social Token Index Community Call (23 attendees) slides video
@overanalyser led proceedings and welcomed Carlos, @jaesmail, and Qhawe from Forefront to introduce and jam on their definition of social tokens, Forefronts unique value adds, introduce the Social Token Index, go over the methodology and design and answer questions.
Forefront aggregates insights across the social token landscape with on-chain data and off-chain signals. They vet, review tokens, and create a listing process and dedicated market for community tokens. They also curate content across this ecosystem as well. Forefront’s content arm includes features, market stats, resources, education, podcast, and newsletter.
@jaesmail explained that the mission of Forefront is to be the port of entry for the social token community at large. They estimate the market at $1.4B currently with ~200% increase in the number of wallet addresses holding social tokens in 2021 compared to 2020.
For the composition of the index, Qhaew stated while liquidity could be a limiting factor, they are looking to weighting allocation formula similar to $MVI. They like a square root market cap with a weighting towards young and new tokens. They took care to match index criteria to some of previous Index releases indices and overall are open to our expertise and suggestions.
@DocHabanero asked why they settled on 7 tokens for their initial weightings and Qhawe explained that they drew a line at $50k/day and above of trading volume for inclusion. @bradwmorris asked how do social tokens get added to Forefront. They currently have a listing process that allows people to submit to be included.
They expect millions of tokens in the future so curation is vital.
@TheYoungCrews asked about whats happens to the FF index token holders compared to FF token holders. Will they be granted different the same or different community access? At this time the Forefront team will take this on a case-by-case basis.
Other questions around holder dilution, what happens if tokens move to L2, the definition of social token vs. a DAO token, how to track/remove indices, what’s the major selling point, and what about hiding the asset value and governance influence of the underlying tokens. If you made it this far…you might as well go watch the video
Tuesday Meetings: (UTC/1-hr, UON)
0400 - APWG || Business Development
1600 - Money Talks F.Nest AMA ([discord: Money Talks F.Nest AMA ] )
1900 - Wizardry Weekly Call
2000 - TOC Tea Time (discord: [ TOC Tea Time ] )
Daily DAOwlpha: Many have predicted that DAOs will eclipse centralized organizations. How does that happen, and how do DAOs successfully scale to that size? Through SubDAOs - @coopahtroopa