Overview
Keeping up with the progress in a DAO can be hard work! Our newsletter aims to share what we’ve been up to week by week in the Coop, highlighting progress across products, governance and the Index community as a whole.
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Weekly Summary
Organisational Structure
Token Terminal Through DG1
Treasury Management
Meta-governance alongside the big brains
Assets under vault: $141.08m (+15.5%)
Across 2 products:
$DPI: $458.27 (+1%)
$CGI: $112.74 (+9.3%)
Index token: $17.15 (+4.4%)
Figures correct as of 14th March, (7 day change shown in brackets)
Organisational Structure
Building on what is already a strong organisation (#stayhumble), we’ve recently been laying out the framework to scale further from here. This week saw posts discussing:
The direction we are headed together with North Star Metrics
Empowering community leaders by rolling out the Working Group model
The Growth Working Group v2 as the first example of this model
Offering a fee menu for methodologists
The newsletter always starts with the same phrase “keeping up with the progress in a DAO can be hard work”, in reality shaping and growing a DAO is even harder! We’ve encountered the usual bumps on the road, but through a combination of engaged community members, strong founders and a fantastic set of products to rally around, it feels like this week has shown what we can achieve, and I look forward to being a part of it.
Token Terminal Through DG1
A quick update to say that with 78 unique addresses voting 90% FOR, the Token Terminal Index has passed Decision Gate 1.
The index now enters a phase where Token Terminal will once again work with the business analysis team at Index Coop to make sure the fundamentals are in place ready for the upcoming launch. Having taken the time to address some concerns with rebalancing this should now be fairly straightforward.
Treasury Management
Alongside the efforts to arrange our organisation we’ve also been hard at work planning how to manage our assets. Treasury management tends to be considered less interesting (or outright boring as one Sushiswap team member commented!) but it’s no less important for the function and long term survival of a project like Index Coop.
The first step we took as a community was to lay out the goals of the treasury in a forum post. The TL:DR is that we want to Grow, Sustain and Preserve the treasury through a variety of initiatives, some of which you’ll have seen already like the diversification into ETH or the Smart Treasury proposal.
In terms of next steps, expect a flurry of activity as the plan to move forward gets laid out in more detail over the next few weeks. Now if only there was some kind of working group model to help focus all the efforts…
Meta-governance alongside the big brains
A picture paints 1000 words but I’m sure we’ve written more than that on the subject of meta-governance. Despite that, it seems the market is sleeping on what it means to hold INDEX tokens beyond governing the Index Coop. The ability to impact governance votes on the underlying tokens in our index products is only going to become more important as crypto takes over tradfi. Just look at the heavyweights either side of us to see what the high IQ play is.
Let’s also consider the fact that at current prices, buying INDEX tokens to swing a meta-gov vote is roughly 6x cheaper than holding the equivalent amount of COMP! It will be interesting to watch this “governance arbitrage” dynamic play out as market participants begin to wake up to the fact it exists…
We always welcome new members to the community, if you like what you see come and join the discussion in our social channels. @darkforestcap