ENS Monthly Community Update - January 2026
kpk is pleased to present its January 2026 Community Update to the broader ENS Community, aimed at increasing transparency and awareness around treasury activities.
ENS Token Update
Token holder distribution among the top 50 token holders remained stable in January, with ownership concentrated primarily on centralised exchanges and ENS-related wallets, including the DAO and ENS Labs.
The ENS token declined by approximately 28% over the month, underperforming both BTC, which fell around 11%, and ETH, which declined about 20%. ENS price action largely tracked ETH’s trend, but with slightly weaker performance.
Trading activity for ENS increased in January compared to the previous month, with total monthly volume reaching approximately 7.05M ENS traded ($68.04M). On centralised exchanges, Binance’s ENS/USDT spot market recorded an average daily volume of 227.6k ENS/day, up from December’s activity (166.82k ENS/day).
DAO Financial Update
Endowment Update
Asset allocation:
- Assets under management (AUM) of $102,393,655, with a capital utilisation of 100%.
- Endowment allocation split into 53.5% ETH ($54.8M) and 46.5% stablecoins ($47.5M). The entire crypto market experienced significant volatility, including downward price movements of ETH, at the very end of the month. In early February, following the market turbulence, kpk performed a rebalancing to maintain the 60/40 mandate and minimum stablecoin runway requirements. Similar readjustments will be executed in the forthcoming weeks.
- Yield generation: the Endowment generated $280,181 for the month of January
- Marked-to-market valuation: decreased by $11.47M, driven by the decline of ETH price.
Protocol distribution
The Endowment continues to diversify protocol exposure across 8 distinct protocols, maintaining a balanced distribution between staking and lending strategies.
The largest position remains sUSDC (Sky Savings Rate) at 26.5% of total funds. On the staked ETH side, Stader (16.5%) and StakeWise (16.5%) remain the primary staking exposures.
In January, the Endowment increased allocation to kpk’s curated vault infrastructure, consolidating stablecoin liquidity into actively managed strategies while selectively deploying capital into Compound v3 where yield conditions were temporarily more attractive.
These adjustments:
- Improved yield efficiency across stable/ETH holdings
- Reduced exposure to lower-performing lending markets
Across all positions, no single protocol exceeds 30% of total Endowment exposure, ensuring concentration risk remains controlled.
What’s Next
kpk will facilitate a governance proposal to enable a one-time internal transfer of 2.5M USDC from the ENS Endowment to the DAO timelock, ensuring smooth execution of previously approved funding decisions and maintaining operational continuity without requiring ETH sales.
In parallel, kpk will introduce a new proposal to explore incremental enhancements to the Endowment’s yield strategy within the current IPS framework. The discussion will focus on improving capital efficiency through structured, risk-controlled strategies designed to optimise stablecoin deployment while preserving runway security and mandate alignment.
These initiatives reflect a proactive approach to supporting DAO operations while continuously refining capital efficiency and long-term sustainability.