ENS Monthly Community Update - February 2026
Introduction
kpk is pleased to present its February 2026 Community Update to the broader ENS Community, aimed at increasing transparency and awareness around treasury activities.
ENS Token Update
ENS token holder distribution among the top holders remained broadly stable in February, with ownership concentrated primarily in the Timelock contract (53.5%), centralised exchanges (23.2%), and ENS-affiliated wallets, including the DAO and ENS Labs (20.8%). No material shifts in holder composition were observed during the month.
ENS declined 14.6% over February, closing at approximately $5.94 from an opening price of $6.95. This represented a relative outperformance compared to both BTC (-16.4%) and ETH (-19.9%) over the same period. The broader market experienced sustained downward pressure throughout the month, with ENS tracking the general trend but demonstrating marginally greater resilience, particularly during the mid-month recovery around February 13–14.
Trading volume for ENS during February totalled approximately 7 million ENS ($68M) across 28 trading days, with an average daily volume on Binance’s ENS/USDT spot market of approximately 227.6k ENS/day ($2.19M). Trading activity remained stable compared to January.
DAO Financial Update
Endowment Update
Asset allocation:
- Assets under management (AUM) of $89.22M with a capital utilisation of ~97%.
- Endowment allocation split into 55.0% ETH ($49.04M) and 45.0% stablecoins ($40.18M). This is broadly in line with the 60/40 mandate and minimum stablecoin runway requirements.
- Key transactions and rebalancing activities: multiple rebalancing operations were executed during the month to maintain the 60/40 allocation. Allocation changes aimed at optimising yield and remaining within the mandated allocation caps for each protocol were also executed.
- Yield generation: the Endowment generated $218,045 for the month of February.
- Marked-to-market valuation: decreased by approximately $13.16M, driven by ETH price decline of approximately 19.9% over the period (from $2,383 to $1,909).
Protocol Distribution
The Endowment continues to diversify protocol exposure across 7 distinct protocols, maintaining a balanced distribution between staking and lending strategies. The largest position is Sky at 25.0% of total funds. On the staked ETH side, Stader (20.0%) and StakeWise (19.9%) remain the primary staking exposures. Across all positions, no single protocol exceeds 30% of total Endowment exposure, ensuring concentration risk remains controlled.
| Protocol | Allocation % | USD Value | Strategy |
|---|---|---|---|
| Sky | 25.0% | $22.3M | Lending |
| Stader | 20.0% | $17.8M | Staking |
| StakeWise | 19.9% | $17.8M | Staking |
| Aave | 18.4% | $16.4M | Lending |
| Rocket Pool | 9.0% | $8.0M | Staking |
| Morpho | 6.1% | $5.4M | Lending |
| Compound | 1.6% | $1.4M | Lending |
What’s Next
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.
The initiative reflects a proactive approach to supporting DAO operations while continuously refining capital efficiency and long-term sustainability.