On Wednesday, the Index Council walked the community through our updated approach to product strategy. On Thursday, Gov Nest held their bi-weekly breakdown of operations, while Growth Nest fostered a brainstorming and discussion session around bringing in TVL given the new product strategy.
No meetings tomorrow or on Monday. Tomorrow, though, you can look forward to the sCoop Weekly, where @kindeagle runs down everything that’s happened in the Coop this week and learn where the Owls are flying next.
- (Final: 86.62, 13.38%) IIP-153: Implement Dynamic Quorum for Metagovernance
- (Final: 96.04, 3.96%) IIP-154: Delegate Aave to Governance House EOA for DPI Aave ARC listing
- February Owl Pulse Survey Results @MaryQ @shawn16400
- Cost of POL for Index Coop @overanalyser
- Treating Flexible Contributor Rewards As Small Projects with Clear Deliverables @Matthew_Graham @ElliottWatts @bradwmorris
Leadership Forum | Slides
@anthonyb.eth led us through the numbers and reasoning behind a large shift in our project strategy. Despite our efforts, we have been unable to make thematic index products profitable. A number of factors have contributed, including liquidity mining incentives, depreciation of protocol-owned liquidity, gas costs for rebalancing, asset decay, etc.
For the sustainability of the DAO, we need to focus the product strategy on products that can grow TVL and make a profit.
The sliver lining has been that our first yield product, icETH, has found product-market fit and been our fastest growing product today. At last count, it was over $21 million in TVL on Mainnet & zkSync.
There is clear market demand for these yield products. We’ll focus on whales, crypto treasuries, high net-worth individuals and passive investors.
We have a great brand and partnerships team that can help us make these diversified yield products the industry standard for yield with wide distribution. This is a network effect because yield strategy designers will want to get into the diversified product to get TVL.
Stay tuned for more specifics as we continue to build out this new product strategy.
GovNest World…Voting Time…Excellent
Governance Nest | Slides
At the top of the list, GovNest is helping Index Council members gain context about current and future governance and metagovernance proposals. As many of you might be aware, Set & 1kx delegated the voting power of 375k $INDEX (75k each) to our Index Council members. This provides a huge opportunity for creating traction and reaching quorum on all our of IIP and metagovernave votes. By working with the ICC, GovNest will make sure that our Council understands the nuances and details to have a clear understanding before exercising its governance power.
Additional initiatives being spearheaded by GovNest include helping set up the 2 Snapshot spaces needed to facilitate JPG governance. This is a new initiative within Index Coop as JPG and NFT holders retain some governance rights to help control the future of that index.
GovNest is also looking into ways to broaden awareness and a better understanding of the vote delegation process. By creating a transparent look into the voting activity and preferences of delegates, those who choose to delegate can select the person that most closely aligns with their interests.
They’re also looking into the future of how GovNest looks beyond Season 1 to see if the current model will need to be modified and what a subDAO structure might be defined and look like. The importance of building a strong GovHouse/GovNest collaboration will be crucial to future success in this regard.
Growth Nest | Video
The changes discussed on Wednesday’s Leadership Forum trickled into the Growth Nest weekly call as @DevOnDeFi led a productive brainstorming and discussion session.
The main goal was to hear from Growth contributors about the strategies, channels, and initiatives we can put forth to grow TVL with our target customers and product strategy.
A few that came to mind include a more proactive approach to our LinkedIn activity and outreach. Fund managers, financial professionals, and a lot of high-net-worth individuals are very engaged on that platform. And while we’ve done well on Twitter @TheYoungCrews pointed out why this channel is a great opportunity to allocate additional resources.
@caf reiterated the importance of PR and building relationships with those in the media. Not just around press releases, but to be available as resources for them on topics in Index Coop’s orbit when it comes to DeFi, crypto education, and financial opportunity.
As we continue to gain clarity about how regulators view our products, @jordan.t highlighted the demand for stablecoin yield products from hedge funds as an opportunity for growth on the institutional side.
A number of other solid ideas were shared and noted by @DevOnDeFi as Growth look for new and innovative ways to gain awareness and adoption of our offerings.
Daily DAOwlpha: DAOs need explicit, clear structures. We’ve developed this myth that ambiguity is good for decentralization In reality, ambiguity centralizes power to those “in the know” - @chasechapman