Organize IBCX Advisor Committee (IAC) to contribute to IBCX’s operations

Ecosystem ION
1

Background

A proposal to revamp the IBCX methodology was uploaded on the ION forum on August 18th. The main rationale of this proposal is to calibrate the current portfolio operation methodologies for a more systematic, reliable framework.

Boosting up IBCX’s usage and solidifying its position as the index token that truly represents the Cosmos ecosystem is the key, and this goal is directly related to the growth of ION DAO. While working on drafting this proposal, we received help from a number of individuals in Cosmos who contributed their insights and opinions. As always, all of our discussions were done in open platforms like the ION Forum and the official ION DAO Telegram group chat. And naturally, we received numerous suggestions from a number of community members about forming and operating a group of advisors who can regularly contribute to IBCX going forward. We internally discussed the pros and potential risks involved, and I would like to share our thinking process and proposal.

What are the merits of having this committee?

We thought about how this committee could benefit IBCX and ION DAO. There are largely two aspects:

1. Portfolio management
The committee will participate in managing the IBCX portfolio by contributing their qualitative and quantitative insights, essentially filling in the gap which the proposed IBCX Methodology cannot 100% cover. Some of such areas include:

  1. Analysis on the tokenomics of the IBCX portfolio assets
  2. Analysis on the public sentiment and general acceptance of portfolio assets and composition
  3. Analysis of the Osmosis AMM market data. Quantitative insights for asset weight %s based on the respective asset’s performance on Osmosis
  4. Constant tracking and analysis of each portfolio asset’s development processes and expected moves. Gauging on how well they deliver vs. what they promised

2. Business development
The committee will also actively act as ION DAO’s core evangelists and contribute to forging strategic relationships with the current and upcoming projects and teams.

  1. Business partnerships with chains, protocols, and applications
  2. Marketing (i.e., uploading marketing posts, participating in community calls, etc.)

How exactly will this committee operate?

Apart from the qualitative contributions the committee will make on an ad-hoc basis, we’re planning to set a clear KPI of requiring an advisor report every four months. Here’s how a full 4-month cycle will be operated:

  1. Based on the new IBCX Methodlogy, the dev contributors will upload a rebalancing proposal every two months. As a reminder, the rebalancing will only be executed if and only if the rebalancing proposal is passed by the ION DAO governance.
  2. During the four-month period involving passing of one rebalancing proposal, the committee will conduct its analysis on various aspects including IBCX performance, portfolio asset performance, and public’s reception on each of the portfolio assets. Before the next proposal is uploaded on the 4th month, the analysis report with recommendations on the portfolio rebalancing will be uploaded to the community.
  3. The report will contain information and suggestions including, but not limited to, the following:
    1. Excluding or reducing weight %s of any assets that were deemed to have negatively impacted the overall performance of IBCX.
    2. Adding or increasing weight %s of any assets that the committee believes will positively impact the overall performance of IBCX.
  4. The report should have detailed quantitative, qualitative data and rationale behind making the suggestions, and it should also explain how each suggestion could potentially impact the performance of IBCX in a clear, concise manner.

Basically, the committee will produce a report that’ll inform the ION DAO community before the 2nd, 4th, and 6th proposals out of the 6 proposals every year. We believe that this schedule will provide enough time leeway for the committee to make meaningful analysis while keeping the required workload doable on the committee members’ end.

We would like to emphasize that the reports published by the committee will only be used as public information with which the ION DAO participants could utilize to make decisions on the voting processes. Again, the bimonthly rebalancing proposals will need to pass the ION DAO governance to be executed, just like any other on-chain proposals on ION DAO.

Committee members’ time commitment

We propose to ensure that each of the committee members puts in at least ten hours every four months to execute the analysis and prepare a report.

Candidates we have so far

During the course of the last 6 months, we were fortunate enough to have numerous smart, experienced experts advising on IBCX. Below is a list of such individuals who have already shown interest to join the committee:

And these are some of the folks will reach out to:

Performance evaluation & compensation

We propose to pay each committee member $120 an hour in ION. We’ll defer to the community to gauge the justification of each payment by uploading the advisor committee compensation proposals, and the payments will only be executed if the said proposals are passed by the ION DAO governance. These proposals will have detailed rationale on the tasks carried out and values delivered during that particular 4-month period, and they will also have detailed info on the BD side of contributions that were made. The actual amount of ION will be determined based on the market price of ION at the moment of the on-chain date of each funding proposal.

Tell us what you think!

So that’s what we have in mind for the IBCX Advisor Committee (IAC). As always, we’re all ears on what the community thinks about this idea. Please don’t hesitate to share your thoughts on all of our venues, including this Forum thread.

Thank you very much!

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Hi!

Thank you for hard work team.

I agree with people chosen glad to see Luisqua among them he is very active in TG chat. It feels right to put final decisions to ION DAO, so we all have a saying. And that all reports(agree with every 4 months so advisors have time to make them good, hope some will still do every 2 months) will be provided for us to see, so some will not manipulate with hours input. As for 120$ in ION per hour seems ok to me but as said it has to be proven that it was actually hour of hard work(saw too many manipulations in RL)

Three question remaining for me.

  • What happens if advisor leaves or we vote him off the comitee(hope this doesn’t happen,but is possibility if they don’t do their work transparently)? Advisor has no time contract right?

  • When and where will there be a way for us to participate in discussion as well?

  • And this “The actual amount of ION will be determined based on the market price of ION at the moment of the on-chain date of each funding proposal.” Sorry I don’t understand this. When will the payout for advisors actually happen? After the report?

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I think this is a very nice step forwards on securing the progress for ION and IBCX.
I won’t be able to assess on the team members too much or the exact content, since I am not far enough into the details of ION / IBCX. What kind of surprises me is the proposed pay. What is the reasoning to go for $120? For me that sounds quite excessive. We have seen many many rounds of reduction on the OSL, why not take those learnings into account here? I think we are not even close to that hourly wage for that tbh.

If we want to stick to that number (which is also ok for me), then you should make a very very clear description of what you will exactly expect these members to do and how much time it should take. As @SasoLithops rightfully states, you must leave as little room for manipulation as possible and it must be easy to assess the performance.

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Hey, @SasoLithops! Thanks for clarifying the questions you might have. We do appreciate it and are happy to answer :slight_smile:

Q: What happens if advisor leaves or we vote him off the comitee(hope this doesn’t happen,but is possibility if they don’t do their work transparently)? Advisor has no time contract right?

Re: We think there could be several options.

  1. Elect a new member: Finding and onboarding new members is not going to be too tough, given that the new member will have reference works or templates that the existing members already did in the past.
  2. Keep the committee with fewer members: Compensations could be adjusted if needed.

There must be a follow-up discussion if we decide to find and elect a new member.

Q: When and where will there be a way for us to participate in discussion as well?

Re: All places like Telegram, Discord, and here. The reports will be uploaded on this forum as well. We expect that most of the discussions regarding content in the reports will be happening here.
Please note that the reports will force nothing on ION DAO and IBCX. The committee will show better opportunities and suggest better options for ION DAO to choose from.

Q: And this “The actual amount of ION will be determined based on the market price of ION at the moment of the on-chain date of each funding proposal.” Sorry I don’t understand this. When will the payout for advisors actually happen? After the report?

Re:
Let us describe the remaining steps to process the launch of the committee and pay the first compensations will be like:Launch of the committee

  1. Forum discussions and revise the draft proposal if needed
  2. ION DAO on-chain governance

Compensation payment

  1. The reports are published

  2. A compensation payment proposal will be uploaded on the forum first

  3. ION DAO on-chain governance

  4. The exact amount will be determined on the upload date of the proposal (n ION ≈ $120*hrs)

  5. With the passing of the proposal, ION will be directly sent to each wallet of the committee members

Please feel free to leave further questions if you want!

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Thank you for clarification.
To be honest I can’t wait for all to start to see the input from comitee. Smart, experienced advisers if they see common goal are a strong addition to DAO.
Let’s make IBCX the best basket of Cosmos ecosystem assets.

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Thank you, @LeonoorsCryptoman, for visiting our proposals frequently and being active in discussions :slight_smile:

We’re happy to hear that you also think this plan is a very nice step for ION/IBCX, and keeping the compensation amount could be okay for you.

First of all, we think the compensation part can be further discussed later, given that each compensation will be done after they work and when ION DAO can evaluate their actual deliverables.

If we want to stick to that number (which is also ok for me), then you should make a very very clear description of what you will exactly expect these members to do and how much time it should take.

If you’re talking about establishing quantitative criteria that helps ION DAO evaluate the committee’s performance besides the proposed things in the proposal, we will consider providing it after having discussions with some of the candidates. We’ve been reaching out to them.

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I think having clear targets being met always has positive outcomes, while still leaving room for creatitvity of the committee member in general for unexpected things :slight_smile:

Regarding compensation; if it is done backwards, it is already a big improvement in comparison to the “standard”

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