The Indigo Labs team would like to propose that the Indigo DAO authorize the creation of a Protocol Working Group (“PWG”). Section 3.5 of the Indigo Constitution authorizes the creation of Working Groups by a vote of the DAO Members.
Working Groups are commonly used in DAOs as a way for selected Members to collaborate on important issues or projects, and to give detailed guidance and advice to the greater DAO membership. In this way, Working Groups can help ensure that the most thoughtful and thoroughly debated suggestions are presented as Temp Checks and then as on-chain governance Proposals for a vote by the full DAO membership
We propose that the PWG be authorized by the DAO to focus on suggested improvements to the protocol – that is, improvements to the rewards structures, fees structures, economic incentives, safeguards, etc., that form the features and desired economic logic of the Protocol. System solvency and security are of paramount importance for the longevity of the Protocol so all changes should be thoroughly considered by the community. The PWG members may issue final reports to all Members, and may draft new Temp Checks on issues that the PWG members agree to put forward to the Members. The Labs Team would not be a member of the PWG but will be authorized to attend meetings and to provide assistance as requested by the PWG. For example, since the PWG may propose design changes to the Protocol, Labs can help ensure that any changes are technically feasible and assist with any audit process.
Several participants in the Indigo Discord server have already invested a good deal of effort and expertise in analysing the Protocol, and have identified important issues and bugs (such as rewards calculation errors). We think it is in the best interests of the DAO and the Protocol to take advantage of their insights and efforts by asking them to be initial members of the PWG. We suggest that the DAO discuss and nominate these individuals in the comments to this Temp Check and that the ones with the most support be formally nominated to be a PWG member in a new Temp Check (and thereafter be voted on in a Proposal).
Participating in this proposed PWG would be a voluntary, unpaid position. The PWG would be authorized to be in place for the remainder of 2023, but its authorization could of course be extended by a further vote of the Members. Any PWG member could resign at any time, and the DAO could vote to remove any member at any time. The PWG members would agree to have calls at least bi-weekly but otherwise would be free to organize their efforts as they see fit. This Temp Check does not require that any PWG members personally identify themselves, as anonymity in social channels is understandably important to some Members of the DAO community.
We believe that this proposed PWG would greatly benefit the Indigo Protocol by harnessing the collective expertise and dedication to Indigo of the community, while at the same time furthering our standing as the most decentralized DeFi protocol on Cardano. We ask for everyone’s support and look forward to answering any questions.
I love this proposal. I know there are a lot of people passionate and knowledgeable about the protocol who would have great ideas. It would be good to have a group of them working on those ideas in a more organized structure that is also coordinated with the team.
Can we integrate a quarterly or semi annual vote for the members so as not to stagnate as well as offer the opportunity to others and gain educational experience? And how many members are planned for a group 5… 7… 2… Thank you for the proposal .
Good initiative. The Indigo discord has been one of the most intellectual place lately to talk about DeFI on Cardano. I am sire that such a group will provide new insights for the protocol.
Good proposal that definitely has merit.
Two points that I think would be important to make the PWG as effective as possible:
the Labs Team should commit to delegate a person to attend at least the bi-weekly calls. This will improve the efficacy of the communication by a lot from my experience and ensure the PWG is not in a silo cooking its own soup.
while probably not technically feasible right now I would strongly encourage discussion on compensating (whichever form that might take) members of the working group in the future. As implied in the name it is „work“ that they will be doing that should produce added value for the protocol. Compensation will not only give the roles more gravitas and attraction for talent but also makes it a professional setting in which it is clear that accountability and performance is expected. I myself would be more than happy to divert or forego a small percentage of my rewards in favor of compensating smart heads giving their time to improve the protocol, ofc assuming it’s a net positive expected value.
While I would expect 1. to be a condition from the start 2. might best be evaluated after experience the PWG in action.
The Labs team certainly agrees that it’s participation is needed for the PWG to have maximum impact, and Labs is committed to participating. Though we want to give the eventual PWG members leeway to decide exactly what Labs’ involvement looks like, so we did not want to suggest more than what is already at the end of the 3rd paragraph.
As for potential payments to PWG members, DAOs paying working group members or core contributors certainly has been done before and can be implemented by the Indigo DAO; but we agree that that is something best addressed down the road after the DAO has seen the PWG in action.
4-5 seems the right number to start - enough to spread the workload but not so many that coordination and communication among members becomes a challenge. Once a Proposal is in place for voting on the PWG (and assuming that the votes are trending in favor) would seem to be a good point at which to initiate a separate Temp Check with specific nominations.
