Hey frens at Index Protocol (fka Index Coop ),
It’s your favorite retired contributor here, back with a bit of friendly curiosity. First off, big props to the team for continuing to push the boundaries of DeFi governance. That said, I’ve been trying to piece together what’s been happening with IIP-174: DPI Metagovernance Organization and Delegation, and, well… things are looking weird.
From what I can tell, we had a signer removed from the multisig in November ‘23, but there was zero communication about who was removed or why. I mean, of the original signers—funkmasterflex, MrMadila, and allan.g—it’s honestly not even clear who’s still on the multisig. Who’s calling the shots here? For a system designed to be decentralized and transparent, this silence is raising my eyebrows.
At this point, it feels like the whole thing might be, dare I say, captured. DPI’s metagovernance rights are a significant lever of influence in DeFi, and the lack of transparency around their execution doesn’t inspire confidence. I’m not here to throw shade, rather I’ve gotta ask:
- Who’s Running the Multisig Now?
- The Gnosis Multisig (0xec51be…) was central to executing metagovernance votes. Post-signer shuffle, who remains, and how are decisions being made?
- What’s Happening with Metagovernance?
- Have UNI and COMP delegation been activated as planned?
- Any progress on the MKR custom solution or broader token integrations?
- What’s the track record since IIP-174 passed? Any major votes or wins?
- Why the Silence?
- The removal of a signer and the subsequent blackout on communications is a major red flag. Is there something preventing transparency here?
- Accounting for Actions
- Was AAVE delegation ever transferred from ELEV8 Crypto to the new internal address?
- How are the multisig and its delegates balancing the INDEX Snapshot votes with execution?
I’m here with the best of intentions. DPI is still one of the coolest products in DeFi, and I want to see it thrive. But this radio silence combined with murky governance feels off, especially given how crucial metagovernance is to Index Protocol’s value proposition. If this system is truly serving the INDEX and DPI communities, a detailed update and accounting shouldn’t be too much to ask.
I’m wishing the remaining team all the best, and I hope this thread sparks some much-needed clarity. If there’s anything I can do to help as a former contributor or just a concerned degen, let me know—I’m always here for the cause.
Stay decentralized (and communicative),
mel.eth, StableLab