Apr 7 | 4 min read
This proposal was for the approval of funding for Season 1 of the newly formed Index Coop nest structure. The budget being requested was $3,627,852.27 for a 5 month period. This amount was moved from the Treasury Account to the Operations Account and will be distributed/managed by the Finance Nest in line with the approved nest budgets.
Proposal from the Product Nest to launch a suite of the first fixed-rate yield tokens to give token holders passive exposure to high, fixed interest rates. DAI-FIXED will be the first of these tokens to be launched. This suite of products is targeted towards DAO treasuries and retail users who want high, predictable returns on their assets. Holders will pay a 0.75% streaming fee. There will be no mint fee and a redeem fee of 0.30%. Post-gas, fee income will go 100% to Index Coop with 10% of that directed to the Product Pod.
The Index Coop’s latest product, designed by the Product Nest. $icETH is now live and available for purchase. This product intends to provide enhanced yield on ETH using a leveraged liquid staking strategy. icETH is a relevant product for all customer types that the Coop currently serves: retail, DAO treasuries, and institutions. Because ETH is a core component of almost every crypto portfolio, all of these investor types stand to gain from a low-risk, high yield ETH product.
Holders will pay a 0.90% streaming fee, and there will be a mint fee of 0.15% and a redeem fee of 0.35%. Post-gas, fee income and protocol rewards will go 100% to Index Coop with 10% of that directed to the Product Pod.
This proposal has been the first step towards launching the new rewards program - existing rewards are being cut by 50%. Those rewards has become outdated and does not support current holders and users as it should.
TerraUSD (UST) is an algorithmic, seigniorage-based stablecoin. UST’s market capitalization has grown to almost $8.5B since its inception in October 2020. UST is designed such that each UST can be redeemed for $1 of LUNA and vice versa. This mechanism has kept the price close to the peg. Adding UST to Aave should drive additional stablecoin liquidity and borrow demand to the protocol. This proposal recommends a 0% collateral factor for UST.
MATIC has significant usage on Aave Polygon at $280MM in liquidity but isn't supported by Aave's mainnet contracts. This is an opportunity for Compound to become the mainnet destination for MATIC.
INDEX voter participation rate (%) percentage of circulating supply held outside of Index Coop
12% of $INDEX circulating supply held outside of Index Coop internal wallet addresses were active in governance during the month of March, this represents a 1% increase from the previous month. On average vote participation was 302,727 INDEX during the month of February, with an average circulating supply of 2,540,037 INDEX.
100% error-free execution by adherence to established governance processes (Lower control limit: 95%)
100% of these votes were executed per established processes.
35 votes were executed through Operational Governance:
23 MetaGovernance11 IIP and 1 Election (Index Council V2).
INDEX voter participation rate (%) percentage of circulating supply held outside of Index Coop
1.71% of $INDEX circulating supply held outside of Index Coop internal wallet addresses were active in MetaGovernance during the month of March, this represents a 0.7% increase from the previous month. On average, voter participation was 43,155 INDEX in March, with an average circulating supply of 2,524,443 INDEX.
Metagovernance request for assistance:
No requests for assistance. Regarding the Governance House proposal, until an Index Coop decision has been made, the Governance Nest will continue operations as normal.
SixtyKeys published “Governance Alerts Explainer”
Mel.eth and Static121 built the “What is Metagovernance” video
Mel.eth & Puncar joined Chase @ WIC to talk governance
Shawn16400 wrote “Leveraging Metagovernance for Change”
mel.eth — Governance Nest Coordinator
shawn16400 — Governance Communications Coordinator
sixtykeys — Governance Operations Pod Coordinator
Lavi — MetaGovernance Committee (MGC) Coordinator
Puncar — MetaGovernance Ambassador Program Coordinator
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