While @coolhorsegirl recovers from rollin’ deep at ETHDenver, I’m back behind the wheel with a banger, boomer video and hopefully a decent sCoop. Today, Leadership Forum took an in-depth look at the Season 1 Nest budgets, an overview of Index Council’s first term and next steps to better understanding of Index Coop leadership and decision making after February 28th.
Tomorrow, Governance Nest kicks off the day with their biweekly meeting, followed by BD Office Hours and WIC + NB sharing a time slot and the day wraps up with an overview of our Content Pod’s strategy in the weekly Growth Nest gathering.
- MGC Election - February 2022
- IIP-134: Index Coop Retrospective Airdrop @Metfanmike @Finance.Nest @Matthew_Graham @Hammad1412 @prairiefi @ElliottWatts
- IIP-133: Change MetaGovernance Committee’s Aave Address @oneski22
- IIP-132: Update Meta Governance Multisig Signers - @GovNest & MetaGovernance Committe
February Owl Pulse Survey -Deadline Feb. 28th
Leadership Forum (43 attendees) slides
@Pepperoni_Joe braved sub-zero, Colorado temps to remind us to take a few minutes to fill out the Owl Pulse Survey. And provided an update that Nest proposals are moving forward with the hopes of final sign-off being completed by week’s end.
@Matthew_Graham shepherded us through the Season 1 financial forecast and breakdown of the Nest budgets.
For all the numbers and percentages be sure to check out the meeting slides. These projections are coming in lower than Q4 forecast and we look to have them lower than actuals by being prudent with our spending. When it comes to sustainability, the Finance Nest is working on projections for the runway. A number of the moving parts are coming into view, including the Core Hires and using investment accounts to gain yield on the stablecoins in our treasury. The goal is a 24-month stable balance for operations and word continues to be done in this area.
@Metfanmike provided a summary and examples of the decisions and progress made by the Index Council over the course of their term. These ranged from developing a united vision for Index Coop to determining and implementing a high-level strategy for operations that support that vision.
During their tenure, they conducted the Priority Hiring process, opened up consistent lines of communication with Set Protocol, negotiated a deal with DATA methodologists, and approved emergency spending on liquidity for FLI products and GMI launch. Along with leadership and decision making, the Council delegated the development of Season 1 priorities to the individual Nests, Tokenomics to Finance Nest, and Liquidity to the Liquidity Pod.
Some of the lessons learned from this first run of Index Council were more clearly delineating the responsibilities of the Index Council. Find ways to better delegate decisions to high-context groups and bring relevant parties into the conversation. And the need for better communication to support the Index Council.
So moving forward into Season 1, how do we want to set a strategy and support it with the allocation of our resources. Having clear processes in place and ownership when it comes to accountability and how we delegate decisions when no clear owner exists is vital.
@Pepperoni_Joe laid out the pros and cons of three different structures across the spectrum of decentralization to help us execute better moving forward:
- Nest Led
- CEO Led
- Index Council Led
A robust discussion was held on the opportunities and challenges that each of these structures provides. While some shared uncertainty of the current vision and saw the benefits of clearer hierarchy of decision making, a large number of others value the ability to delegate those responsibilities to high context co-contributors who serve for a limited-time mandate.
Moving forward, @Pepperoni_Joe sees a clearer mandate for Index Council to determine strategy, allocate resources & capital, ensure next & contributor accountability, and delegate decisions when there’s a lack of a clear owner.
A proposal for a new session of the Index Council was floated running for the entirety of Season 1 with 7 members and the inclusion of 2 Accountability Secretaries to help support and provide additional communication/transparency. A post will be published on the forum soon to provide additional information and stimulate debate.
Daily Owlpha: “Better to build decentralized applications than be mired in the oily residue of tradfi.
All custodians will, swiftly or slowly, become indistinguishable from banks.” - @ErikVoorhees