Prior reading: Gov 2.0
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.
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 , @gregdocter, @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.
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.
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.
- 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
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.