Treasury Committee - Handover Roadmap

Finance Treasury
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Prior reading: Gov 2.0

Summary

This post lays out a roadmap for delegating decision making power and responsibility to Index Coop members when it comes to funding decisions. Transitioning control over this particular part of the Coop from Set Protocol to the Index Coop community.

Concern Raised

The Treasury Committee is a centralised decision maker within the Coop, albeit an impartial one. This doesn’t seem to be a problem, and if anything the crypto space seems to be waking up to the fact that some kind of exec committee is required to keep things moving quickly, and perhaps that’s why traditional companies have exec boards (see → Chesterton’s fence). The issue being raised here is not that the TC shouldn’t function in this way, but that the makeup of the committee needs to better reflect the nature of the DAO. We need a roadmap to share, and eventually hand over, decision making to Index Coop contributors.

Today the Committee is made up of 4 decision makers - @dylan, @puniaviision , @anon10525910, @DarkForestCapital. The only Index Coop member is DFC, with the others employed by Set Protocol. The ‘decision maker’ role also just feeds info to decisions, actual execution rests with the multi-sig. This is a 1-of-3 m/s with Dylan, Felix and Alex Soong as signers.

Roadmap

Screenshot 2021-06-16 at 13.50.52
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The aim here is that Coop members are added periodically and that in 12 months time, Index Coop members have majority control over the Treasury Committee multi-sig. This timeline may even be accelerated (but could also take longer) depending on how things develop. The responsibility for executing this roadmap will rest with the current treasury committee members, with the community holding us accountable for meeting it.

General Specification

TC’s mandate remains unchanged, details here.

Format remains decision makers → signers, to allow time for trust and rep to be built up as an objective decision maker before moving to signatory level.

IIP required to change m/s signers.

The TC multi-sig only has control over TC funds.

Benefits

  • Index Coop has more influence over funding direction
  • Index Coop has more actual control over funding
  • Reduced signatory burden on Set employees, not high leverage for Felix to be doing this
  • Move towards further decentralization

Side note

Plan is to change the name from Treasury Committee to Funding Council to better reflect the nature of the group, and reduce confusion with the Treasury Working Group.

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Fantastic post @DarkForestCapital
I am super glad to this level of forward planning emerging within Index Coop. For me this is a super critical topic that will shape the future of the DAO.

I would like to express an interest in applying for the 5th decision maker role.

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Awesome post and roadmap. This goes a long way towards clearing up any confusion. In order to effectively operate as a DAO we need to build deep layers of trust within our community, and this simply takes time. As trust grows so too does responsibility. Our community is still growing and evolving - every obstacle we overcome as a community builds increasingly deeper ties of trust and understanding.

The reality is that you can only put people in positions of trust after significant amounts of time (that is why you see the same 10 people on lots of the DeFi multi-sigs - they have been around forever and are very trusted). Within decentralized and semi-anonymous organizations trust is the one true currency.

Trust is complicated and hard to define - but in my eyes it boils down to showing up, contributing, and going above and beyond the call of duty time and time again. As individuals grow in our community the commensurate trust levels also grow. Every community member should strive to build their trust within our organization.

If Index Coop is to operate in a fully decentralized manner at a global scale - we need to focus on building a culture of trust and integrity.

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Would like to second Matt’s nomination to become the next person onboarded to the advisory role.

His work with the Treasury has been leading within the crypto space, and I think he can bring a fresh perspective on spending within the DAO, which should make for some balanced inputs to Funding Council decisions.

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I would also like to second Matt. He’s doing god’s work around here :pray:

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Also second Matt for nomination.

His output has been incredibly high and the level of thought and attention to detail on TWG and the wider DAO has been consistently high quality if not straight-up visionary. A natural fit for the future TC.

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Another vote for Matt here. Great leader of TWG.

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I’m also supportive of @Matthew_Graham as the next person to be onboarded to the advisory role. His outputs are exceptional and he would bring a lot of valuable insights.

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Great post @DarkForestCapital - thank you for continuing to push this forwards, all of you on the FC.

I would also like to support @Matthew_Graham as the 5th member of the FC, for all the reasons cited above, and adding one more: geography - having important roles like this NOT just in one country could be helpful. If MG is voted on, we would have 3 FC members in the US and a rise from 1 to 2 in the UK.

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Support @Matthew_Graham for the FC too. High value insights and opinion.

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