Meta-governance refers to the ability for $INDEX token holders to vote on governance proposals for other protocols. Governance tokens held within the $DPI index can be used to vote on their respective proposals. Currently this is limited to Uniswap, Compound, YFI, Balancer and AAVE. You can head to the Index Coop snapshot page if you hold $INDEX to check for open proposals and cast your vote!
How does it work exactly?
Meta-governance voting is carried via the GovernanceModule in the following steps:
A governance vote is called for AAVE, Compound, Uniswap, Balancer, or Yearn.
$INDEX holders vote on the meta governance proposal via snapshot.
The meta governance voting period will end 24 hours before the underlying (AAVE, Compound, Balancer, Yearn, Badger DAO or UNI) governance vote ends.
At the end of the voting period if a 5% quorum is reached, the Index Coop multisig will vote according to the related snapshot proposal majority. Votes will not be split proportionally, so reaching quorum 'for' a proposal will use the full weight of tokens held by DPI in favor and likewise if majority 'against'.
With the implementation of IIP-51, the Meta Governance Committee (MGC) will step in and vote on behalf of the community, should the 5% quorum not be reached. The MGC is a body of 5 members elected by the community (for 3-month terms). Currently community members TrotNixonLine (David), Matthew Graham, Penn Blockchain, ncitron, and Lavi form the MGC.