Hi everyone! I have been working on “meta-governance” recently, meaning that our DAO will be able to use TRIBE to proxy-vote in other DAOs using the governance tokens held in the PCV, or more generally “play the game” of other protocols in a way that favor the Tribe. As of today, we hold AAVE, ANGLE, BAL, COMP, CRV, CVX, INDEX, and TOKE. I will release each meta-governance updates separately (1 token/protocol each time) to create a clean forum thread to discuss the proposed strategy each time, and introduce new contracts in the system gradually.
Context
The DAO currently deploy 16,395 ETH on Compound, 13M DAI, and holds 1304 COMP (~158k$).
Compound is a lending protocol, not sure if we need an introduction here, it’s one of the most famous DeFi protocols
Summary
Allow permissionless movement of COMP farmed by our DAI PCVDeposit and ETH PCVDeposit to a new COMP delegator contract
The COMP delegator contract does an on-chain delegation to a target address. Other than this, it just holds COMP tokens.
COMP holdings will be reported in the Collateralization Ratio Oracle and visible on the analytics page.
The DAO and OA Timelock can change the COMP delegatee.
Initial delegatee of the protocol’s COMP tokens will be Index’s metagovernance committee multisig. The Index multisig votes are per INDEX snapshot when quorum is reached, and if not, then the meta-governance committee votes on the communities’ behalf. The TribeDAO holds 100,000 INDEX, which are almost enough to reach quorum.
Motivation
Our COMP tokens are currently sitting idle. There is currently a vote to add FEI on Compound, but we can’t vote in favor of it. It would be nice to be able to use the protocol’s COMP holdings on votes important for the TribeDAO in the future.
Specification
Delegation is a simple on-chain delegate(address) call on the COMP token.
Voting
The proposal will use simple choice voting. Voting options :
Why this two-stage algo: delegate to the Index’s metagovernance committee multisig and then seek ways to protect Fei’s interests through vote on Index.
Rather than create something akin to OA, or give this mandate to OA, acting in Fei’s interests, and delegate to it? Only to save a few $ on gas?
When we vote with INDEX, we vote with ~49,000 COMP (can you confirm the number @Matthew_Graham ?).
Setting up an additional multisig / committee / process for ~1,300 COMP seems overkill to me, especially since their community already have active channels to discuss all proposals of tokens that are in DPI, and that they vote in a way that benefit our DAO already since we are large INDEX stakeholders.
I’m open to something else, but it seems to be the most convenient choice, and OA can delegate to someone else when we set-up something else.
OK, it might be ok as an ad hoc solution. Still I mean Fei will eventually need some metagovernance policy anyway. It’s a growing portfolio of assets, it’s not only COMP, and even as for COMP, today it’s 1.3k, what will it be in 6-12 months?
100% agree we’ll need some meta-governance policy/committee and that our power will only increase over time, I just think it’s not worth it for now, and the proposed system allow easily to transition to a more sophisticated policy later
It is great to see Tribe getting more active in metagovernance. I am a big supporter of INDEX and TRIBE holders working together wherever possible. Both communities have an invested interest in being good actors, building relationships, trust and voting to support the continues growth of the ecosystem. Given both communities have already been working together for a long time (in defi terms) and both communities have acted to help each other whenever possible, it makes sense to combine our metagovernance influence and become a more influential steward of the ecosystem.
Index Coop does not just vote on proposal with its metagovernance influence. Index Coop actively works with communities to help them implemented change. Aave is a great example of this, Index Coop has proposed four AIPs, which have all passed, and has a couple more ARCs on the forum with the community for feedback. The proposal power is key, as so few have it and Index Coop is building a reputation for helping community attain proposal power. Similar to Aave, the same can be done with Compound and Index Coop has been working with the team there for some time now.
AIP-31: Add DPI on Aave V2 AIP-33 : Add FEI on Aave V2 AIP-47: Aave V2 - Liquidity Mining Program (90 days at 30% reduced rate) AIP-56: Add Assets to Aave Polygon Market and Update WMATIC Risk Parameters
Index Coop holds around 43,137.77 COMP tokens and to be able to propose a change on Compound, 65,000 COMP must be held/delegated to a single address. Index Coop does not yet have enough COMP to propose a change and together, we will reach this threshold sooner.
The opportunity here is not so much to streamline metagovenance process, it is recognising that both communities have very similar values and intentions when it comes to metagovernance voting. Tribe holds 100,000 INDEX and the minimum participating criteria is 109,069 votes. Rather than vote with both holdings separately, it makes sense to pool our voting influence and act together as stewards of the ecosystem. Index Coop has all the processes and guid rails in place and Tribe has the INDEX to shape the vote. The metagovernance committee elections are open to everyone to express interest. Index Coop and Tribe DAO working together is more than just delegating, Index Coop wants Tribe DAO to succeed and through metagovernace collaboration we can accelerate the adoption of FEI.
If there is hesitation, perhaps start with AAVE and COMP, delegate and then see how things go as a trial. I am sure it will go well and both communities will be pleased to continue working together in this fashion.
Hey all,
I’m part of Index Coop’s MetaGov Committee and happy to support if you’d have any questions about the group or our approach.
Quick summary: Index Coop’s MGC is a group of 5 ppl of community members & advisors - one of which represents Penn Blockchain Club. It’s the MGCs responsibility to take all MetaGov decisions for the community, in case quorum is not reached.
Through this framework we have increase vote participation over the past 6 months to almost 100%, ensuring these tokens don’t just sit there idle.
As Matthew points out, combined MetaGov voting and thus increased influence would bring additional benefits, especially in the case where two communities are strongly aligned.
Great to see more MetaGov related discussions! Here to show support for this initiative and happy to help connect the dots to Index’s MGC.
Hey folks, Shawn here from Index Coop, I love the expansion of this idea and it’s great to see another player move into the Metagovernance space. We are still very early but with Index and Fei pushing forward, I think we can drive the value and impact of metagovernance. I support these moves.
