IIP-21 Treasury Committee Grant #3

iip: 21 title: Treasury Committee Grant #3 status: Proposed author: @DarkForestCapital, @dylan created: 2021-03-25

Simple Summary

Grant the Index Coop Treasury Committee additional funds from the Index Coop Treasury to continue rewarding Index Coop contributions and fund Working Groups.

Abstract

The Treasury Committee is seeking a grant of 35,000 INDEX tokens from the Index Coop Community Treasury. The funds will be used to:

• Reward Index Coop monthly contributors
• Pay full-time/core contributor salary
• Fund working groups
• Fund the bounty program
• Support future initiatives at the discretion of the Treasury Committee. For example pulling funds to pursue centralised exchange listings

This grant is expected to sustain Index Coop contributor rewards until the end of Q2 2021 (end of June). The detailed breakdown:

1. 21,500 INDEX - In the 5 months of distribution since launch we have given out an average 6265 INDEX per month to contributors including both rewards and bounties. This figure covers another 3 months at the same average rate and includes 15% extra to account for price volatility.
2. 12,500 INDEX - The Growth Working Group is requesting $400k for growth initiatives, outside of contributor rewards (which would come from item 1). At the rolling 7 day average of $37 (as of March 29th) plus 15% this comes to 12,500 tokens
3. 1000 Index - Treasury and Analytics working groups are anticipated, but spending for these will be constrained mainly to contributor rewards (covered by item 1). 1000 tokens are allocated for miscellaneous expenditure (subscriptions, engineering costs for smart contract work etc) and can be carried over if unspent.

The Treasury Committee’s wallet transactions are available for audit here.

In IIP-10 the Index Coop Treasury Committee was entrusted with distributing 50,000 in INDEX rewards for contributions to the Index Coop. The Index Coop Treasury Committee contends it has distributed those rewards according to principles of Fairness, Sensibility & Flexibility set out originally in IIP-4. This proposal adheres to the same aims and goals outlined in that IIP, as such a vote for this proposal is essentially a vote to continue down the path outlined therein.

Motivation

The treasury committee intends to request funds through this process every 3 months, it allows Index Coop to continue growing, but ensures the treasury committee doesn’t have access to large amounts of INDEX without good reason.

As part of rolling out the working group model we will also be seeding the working groups so they can better direct funds towards meeting their goals.

In terms of resources we are seeing the number of contributors rise steadily each month, for illustration 42 people received rewards for contributions in February. It is important we factor in this recent growth and request enough funds to cover it in future.

FOR

Grant the Index Coop Treasury Committee 35,000 INDEX to continue reward distribution to Index Coop contributors.

AGAINST

Do not grant the Index Coop Treasury Committee additional funds to continue reward distributions to Index Coop contributors.

Copyright

Copyright and related rights waived via CC0.