Discussion - Fei Protocol Metagovernance
Title: Discussion - Metagovernance Fei Protocol’s INDEX Holding
Author: Matthew Graham (@Matthew_Graham)
To support this metagovernance committee initiative, it would be great for a small group of volunteers (1-3 people) from Index Coop and Fei Protocol to come together and support Fei Protocol’s snapshot for Index Coop votes. These individuals will need to provide context to the broader Fei Community and also try to realise any synergies/opportunities between the two communities. Contributors with exposure to growth and business development working growths are best placed to help integrate both communities.
Fei Protocol would like to be active within the Index Coop community and participate in Index Coop snapshot proposals with the 100,000 INDEX acquired earlier this quarter from DeFi Pulse. Currently, Matthew Graham is a temporary resource facilitating the Fei Protocol snapshot voting and then implementing this vote on behalf of TRIBE holders. The Fei Protocol’s metagovernance process is not yet fully defined and currently, is likely to follow a very similar process to how Index Coop votes with tokens held within DPI. The only difference is if Fei Protocol participates in every Index Coop vote or just relevant votes. Each time Fei Protocol’s INDEX tokens vote, it will reflect the TRIBE holder’s snapshot vote. With Fei Protocol launching a Grants process, there is an opportunity for the two communities to create a metagoverance committee that oversees all the INDEX snapshot votes.
To illustrate how the current process works, let’s consider the proposed FRAX listing on Aave V2.
- AIP-29 is published on Aave Governance website
- Index Coop holds a snapshot vote on how to vote using the AAVE holding within DPI
- Fei Protocol holds a snapshot vote on how to vote using the INDEX holding
- Fei Protocol vote closes and then @Matthew_Graham votes with Fei Protocol’s INDEX holding on behalf of the Fei Community via the Index Coop snapshot vote.
- Index Coop’s metagovernance committee votes on Aave’s AIP using the AAVE holding within DPI.
We are currently going through this process with FRAX listing on Aave V2 and that will be the first trial using this approach. If one was to express interest in helping out, a team of 3 can probably expect to spend 10-15 hours each per month working on this initiative once it is set up and working smoothly.
Notes: The existing process has time constraints through 2 snapshot votes being a subset of another for time. So the challenges Index Coop faces may compound for the fei community. This may lead to some kind of metagoverance committee fall back option like what Index Coop has but any development like this will need to be driven from the Fei Community side.
As both communities scale and Fei Protocol acquires other strategic assets, the volume of Fei Protocol snapshot votes will increase. The Fei Protocol metagovernance committee will cover all Index Coop votes and potentially other metagovernance votes applicable to the PCV holdings.
Currently, Fei Protocol is offering grants and anyone interested in helping out on this proposal is encouraged to comment below and the be apart of the group that applies for a grant. This is an opportunity for the two communities to work more closely together.
The delegation of Fei Protocol’s INDEX votes to @Matthew_Graham is temporary and although any INDEX vote is to be reflective of TRIBE’s snapshot vote, if it is a concern these votes can be redelegated.
This forum post is intended to clearly articulate that Fei Protocol intends to vote on Index Coop snapshots, what the process currently is and also to recruit resources to help create a more sustainable and integrated process. This forum post also aims to clarify what is @Matthew_Graham’s role in all this.
If you would like to be a part of the metagovernance group that then applies for a grant from Fei Protocol please do comment below. If the nature of how these votes are delegated is an issue, please do comment on this post. If the delegate address is to be changed as a priority, please do say so in the comments as this can easily be changed.
Link to Index Coop’s forum: Discussion - Metagovernance Fei Protocol's INDEX Holding - The Index Coop