Today, owls had a full slate. We talked Season 1 budgeting, HC&C Pod, meeting cadence, and the future of Index Council during this week’s Leadership Forum. Product also held a community call for the sexiest token in crypto history, $FIXED.
Tomorrow, we have an even busier day. Thursday kicks off with Gov Nest followed by BD Office Hours and Women + NB at the same time. Finally, Growth Nest rounds out the day with a spotlight on BD Pod and DAO Treasury updates.
- YIP-67: Contribute $400,000 to Nomic Foundation
- [Balancer] - Refund wstETH Liquidity Providers
- [Balancer] - Commission Quarterly Financial Reports through the Messari Hub
Governance | Finance:
- Key Takeaways: Council V1 Retro @chasechapman
- Monthly Governance Reporting Thread @mel.eth
- IIP-XYZ - Season 1 Budget Approval @Finance.Nest
Product | Set Relations:
- Bankless DeFi Innovation Index (GMI) - March 2022 Rebalance @bgiove
- Set’s Intentions and Next Steps @setoshi
Leadership Forum (30 attendees) slides
Three topics to cover: Season 1 Budgeting, HC&C Pod, meeting cadence, and the future of Index Council.
1. Season 1 Budgeting
2. Human Capital and Culture Pod
An update on the Season 1 Proposal for HC&C Pod: They’re working with Level 7, a group that works to facilitate synergy among individuals in an organization from a bottom-up approach to talent cultivation and culture-building, presented their plan to support Index Coop.
HC&C Pod’s North Star is to work with existing contributors to discover what would make Index Coop a great place to be. Long-term approach is to nurture the development of high performing people and teams at Index Coop. Shorter-term, Season 1 approach is three-fold:
- Environmental Scan - identify organizational tensions and have a shared vision emerge for the DAO
- Culture Report - present findings to create a shared context within the DAO
- Transformation Strategy - propose a meaningful strategy that our community is excited about
3. Meeting Cadence
The weekly meeting cadence is a’changin. New Nest “point people” will provide the direct line of communication between each Nest. Point people are expected to attend the Nest Weekly meeting. They are also expected to have a meeting with their complementary point person on a regular basis. Point people are listed on the slides here.
Highlights of the new schedule are as follows; Weekly Standup will be bi-weekly, Product Nest will be bi-weekly, and Money Talks monthly. The complete cadence is included in the slides.
4. The Future of Index Council
To gain clear directional indication on whether we should move forward with v2 of the Index Council or continue discussion on the subject, the Council has proposed a contributor vote starting Thursday 10th March at 6pm UTC running to Monday 14th March at 6pm UTC. The vote is designed to provide clarity and direction on the following five questions:
- Should we move forward now with a V2 of the Index Council?
- Should we implement a maximum term limit of two successive 6-month terms?
- Should the remaining four Council members elected in November automatically serve out a full 6-month term ending May 30th?
- If a Council member leaves, should a new contributor be nominated to step into their seat until the next election?
- Should two members of the Index Council be nominated to serve as “Council Steward” and “Council Secretary”?
After some discussion, we took a temperature check on whether we are ready to vote “yes” or “not right now” on Index Council v2. Results demonstrated that contributors are ready for this vote. As decided, the vote will go live tomorrow. Previous discussions regarding the future of the council are linked on the slides.
FIXED Community Call (12 attendees) slides | recording available shortly
Joined by Teddy from Notional, @allan.g walked us through the massive size of bond and fixed income products in traditional finance. The bond market is about 16% larger than equities. Currently, however, in DeFi most users who want low-risk returns are forced to deposit into variable interest rate protocols like Aave or Compound, or exit DeFi altogether for centralized services like BlockFi or Celsius.
In comes Notional, leading the way in fixed income DeFi products. The barrier to entry is still very high due to gas costs. For example, a Notional user lending USDC for 6 months at a 9% fixed rate would have to deposit ~$6,666 just to break even. With $FIXED token holders can access yields of 8% without having to actively manage and maintain lending positions. Similar to bond ETFs in traditional finance, FIXED indices will have various maturities, underlying assets, and income-generation potential.
The first of the fixed suite, a DAI denominated product, will contain a mix of 3 Month and 6 Month fDAI positions. Capital from matured assets will be rolled forward into new fixed rate positions each quarter. DAI-FIXED will be minted with DAI and secondary markets will also support buying and selling index products directly.
Product is excited to launch this suite of indices as the anticipated demand will come from a range of investors from institutions to DAO Treasuries. Stay tuned for more fixed products and look out for $FIXED on a DEX near you.
Cheers to @funkmasterflex for the help writing up the $FIXED call. He’s very, very stoked on the product, and you should be, too.
Daily Owlpha: “web3 is the democratic internet and communities are the citizens.” - @chaserchapman