ENS Monthly Community Update - November 2025
The November 2025 Endowment Report is now available on kpk’s website.
kpk is pleased to present its Community Update for November to the broader ENS Community to increase awareness and transparency of its activities.
ENS Token Update
Token holder distribution among the top 50 ENS holders remained stable in October, with ownership concentrated primarily in centralised exchanges and ENS-affiliated wallets, including the DAO and ENS Labs.
The ENS token declined roughly 20–22% over the month, modestly underperforming both BTC, which fell approximately 17–18%, and ETH, which declined around 21–22%. The relative performance reflects a continuation of the defensive rotation into larger, more liquid assets, with ENS maintaining a similar but slightly weaker trajectory compared to ETH.
Trading activity for ENS softened in November, with total monthly volume reaching 9.38M ENS (~$119.84M). On centralised exchanges, Binance’s ENS/USDT spot market recorded average daily volumes of 312.7K ENS/day, down from October’s elevated activity (412.2K ENS/day).
DAO Financial Update
Endowment Update
Please refer to the November kpk monthly report for further details.
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Asset Allocation
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Assets under management (AUM) of $114,40M, with a capital utilisation ratio of 100%.
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Endowment Allocation split into 61.4% ETH ($70,22M) and 38.6% stablecoins ($44,17M), in line with the 60/40 mandate and minimum stablecoin runway requirements.
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Yield Generation (“DeFi Results”): $306,40k gross yield generated in November.
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Marked-to-market (“MTM”) valuation: decreased by $19.7M, driven by the decline in ETH price.
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Protocol Distribution
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The Endowment’s largest position (protocol exposure) consists of sUSDS (Sky Savings Rate), which accounts for 23.5% of the total funds. On the staked ETH side, staking in Stader (18.2%) and Stakwise v3 (18.0%), continues to be the largest ones.
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In November, the Endowment continued rebalancing actions to maintain the 60/40 target allocation, resulting in the following adjustments:
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Migrated $5.1M USDC from Compound to Morpho following risk concerns, bringing total USDC deposits on Morpho to $13.26M.
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Sold WETH and rETH for $3.49M USDS, which was deployed into Aave to reinforce the stablecoin side of the portfolio.
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Exited lower-yield USDC positions on Morpho and swapped $2.64M USDC for 883 stETH ( exec price: 2,997.0292 USDC per stETH) to preserve the target split and increase ETH exposure.
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These moves further diversify the Endowment’s protocol exposure and allocate capital toward more attractive yield opportunities.
- Across the Endowment’s various positions, no single protocol exceeds 30% of the Endowment’s total exposure.
kpk published the Permissions Update Request #7 to evolve the diversification of lending markets where the funds can be deployed. The vote is live.
As a complement to our financial accounting, please refer to the Financial Reporting Dune Dashboard and the November Steakhouse monthly report, which now presents financial statements both with and without $ENS tokens.