Introduction
This is the June 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 concentrated in the Timelock contract (approximately 54% of tracked supply), centralised exchanges (approximately 27%), and ENS-affiliated wallets including the DAO and ENS Labs (approximately 17%) during June. No material shifts in holder composition were observed during the month.
Trading volume for ENS during June totalled approximately 4.9 million ENS ($23M) across 30 trading days, with an average daily volume on Binance’s ENS/USDT spot market of approximately 162.9k ENS/day ($0.77M).
DAO Financial Update
Endowment Update
Asset allocation:
- Assets under management (AUM:) $68.44M with a capital utilisation of ~99.9%.
- Endowment allocation: 60.7% ETH ($41.55M) and 39.3% stablecoins ($26.88M). This is in line with the 60/40 mandate and minimum stablecoin runway requirements.
- Key transactions and rebalancing activities: 44 on-chain transactions were executed across the Endowment’s DeFi positions during June, consistent with routine rebalancing and yield-optimisation activity aimed at maintaining the target allocation and remaining within mandated protocol caps.
- Yield generation: the Endowment generated $175,236 for the month of June.
- Marked-to-market valuation: decreased by $10.82M, driven by an ETH price decline of approximately 21.9% over the period (from ~$2,009 to ~$1,570), which drove an $11.00M negative market impact, partially offset by +$175,236 of positive strategy performance.
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 StakeWise at 24.1% of total funds. On the staked ETH side, StakeWise (24.1%) and Stader (23.3%) 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 |
|---|---|---|---|
| StakeWise | 24.1% | $16.5M | Staking |
| Stader | 23.3% | $15.9M | Staking |
| Aave | 16.2% | $11.1M | Lending |
| EtherFi | 13.3% | $9.1M | Staking |
| Morpho | 10.2% | $7.0M | Lending |
| Fluid | 7.8% | $5.4M | Lending |
| Sky | 5.0% | $3.4M | Lending |
Community Updates
- In June the 2026 Investment Policy Statement passed social vote and is pinned on IPFS.
- We opened a discussion, Expanding the Endowment Mandate: Onchain Options, in which we introduce the availability of covered calls for the endowment using Myso or Rysk.