Summary
Next Era of ENS DAO: Empowering the ENS Foundation put the Endowment and the Endowment Manager relationship with the ENS Foundation. The current Investment Policy Statement (IPS v2.0, EP 6.46) states only a DAO vote can change the policy and names MetaGov as the oversight body.
This proposal amends the IPS to reflect the roles already ratified in Next Era. The Foundation Board can amend the IPS by resolution after a 7-day forum discussion, and the Foundation replaces the Meta-Governance Working Group as oversight body and counterparty to the Endowment Manager.
Importantly, the DAO retains the Minimum Runway and the authority to make changes to Section 3, so the Foundation cannot alter the amendment process or its own role. The DAO can also reverse any Board amendment by Social Proposal.
Abstract
Next Era of ENS DAO: Empowering the ENS Foundation, executed 11 August 2026, delegated “the Endowment and the Endowment Manager relationship” to Foundation governance and made the Foundation’s timelock the owner of the Endowment Safe. The IPS (EP 6.46) was adopted in June, so the Board now holds the Safe and the manager relationship while the policy that sets the manager’s mandate still points at MetaGov and still needs a Snapshot for every change to strategy or allocation.
What changes:
- the Board adopts amendments at its reserved-matter threshold (four of five Directors), after a 7-day public comment period on the forum with a written rationale for each change;
- amendments are disclosed within 14-days by the Foundation on the forum;
- the Board, exercising the stewardship delegated to it by the DAO, becomes responsible for adopting and amending the IPS, setting the Endowment’s strategy and allocations, agreeing fees and terms with the Endowment Manager, reviewing its reports, and appointing or terminating it. MetaGov’s role, including the Section 8 power to terminate the Endowment Manager or wind down, passes to the Board.
What doesn’t:
- the Minimum Runway, and any withdrawal that would breach it, still need a DAO vote;
- Section 3, the amendment power and the Board’s role, still needs a DAO vote;
- the DAO can reverse any Board amendment by Social Proposal; and
- the Endowment Manager’s monthly report to the community continue on forum.
Specification
The current IPS v2.0 is amended as follows:
1. Section 3, IPS Adoption and Amendment Process: replaced
The paragraph beginning “This IPS is adopted by Social Proposal” is replaced with:
This IPS was adopted by ENS DAO Social Proposal. Future amendments are adopted by resolution of the Board of The ENS Foundation, passed by at least four Directors or, where any Director does not vote because of a conflict of interest, by all Directors entitled to vote (the threshold for reserved matters under Bylaw 7 of its Bylaws). The ENS DAO executable proposal “Next Era of ENS DAO: Empowering the ENS Foundation”, executed onchain on 11 August 2026, delegated “the Endowment and the Endowment Manager relationship” to Foundation governance.
A proposed amendment is published on the ENS governance forum for a minimum 7-day discussion period before the Board acts, with a written rationale for each change (from the Endowment Manager where the change concerns its mandate), flagging any relaxation of a prior constraint. Adopted amendments are disclosed in the Foundation’s next report to the ENS DAO, and the amended IPS is published by the Foundation.
The ENS DAO may amend or reverse any amendment made by the Board by Social Proposal.
Matters reserved to ENS DAO. Only a vote of ENS DAO may change the Minimum Runway (other than its annual recalculation under Section 6), approve a withdrawal that would breach it, or change this Section 3. The Endowment Manager relationship rests with the Foundation, as delegated by that proposal.
2. References to ENS DAO and MetaGov: substitution
Throughout this Policy (including Section 3, Responsibilities of ENS DAO and IPS Review Schedule; Section 5, Risk Categories; Section 7, Withdrawal Guidelines; and Section 8, Reporting Requirements and Performance Review), except for the matters reserved to ENS DAO in Section 3, references to “ENS DAO, through the Meta-Governance Working Group”, “the Meta-Governance Working Group”, “MetaGov” and “Meta-Gov” are replaced with “the Board of The ENS Foundation”, and references to adoption or approval “via Social Proposal” are replaced with “by resolution of the Board”.
References to MetaGov meetings are replaced with “delivery to the Foundation”; the Board reviews the reports.
In Section 8, references to the DAO terminating the Endowment Manager or directing a wind-down are also replaced with references to the Board. The Endowment Manager’s reporting obligations to the ENS DAO community under Section 8 are unchanged; reports are delivered to the Foundation and published on the governance forum.
3. Section 10, Adoption: replaced
The first sentence is replaced with:
This IPS was adopted by ENS DAO via Social Proposal (EP 6.46) and is amended under Section 3. The current version is published by the Foundation.
4. Effect
This Amendment takes effect when the ENS DAO Social Proposal adopting it passes.
It is independent of Amendment No. 1: neither is conditional on the other. Once one or both pass, the Foundation will publish the revised, consolidated text of the IPS as v2.1, reflecting this Amendment and Amendment No. 1 if it also passes, making only non-material corrections (numbering, cross-references, typographical errors).
Voting
Single-choice:
- For
- Against
- Abstain
Next Steps
- 7-day discussion period on this thread.
- Snapshot vote (5 days).
- If passed, the Foundation publishes IPS v2.1 incorporating this and any other amendment adopted in the same window, including No. 1 if it also passes.