ENS Monthly Community Update - August 2026
Introduction
This is the August 2026 Community Update to the broader ENS Community, aimed at increasing transparency and awareness around treasury activities.
An August Dashboard is available on Syncrone.
DAO Financial Update
Endowment Update
Asset allocation:
- Assets under management (AUM): $93.12M with a capital utilisation of 98.8%.
- Endowment allocation: 66.5% ETH ($61.88M) and 33.5% stablecoins ($31.17M). ETH exposure sits above the 60/40 mandate target for a second month. The weight rose despite a reduction in the underlying position, which fell to approximately 25,058 ETH over the period: ETH appreciated faster than the stablecoin book grew, so the sale was not enough to bring the weight down.
- Key transactions and rebalancing activities: the Endowment rotated stablecoins into two new venues and reduced its staking exposure. On 5 August $4.00M USDC was redeemed from Fluid and redeployed, with $2.50M supplied to Aave and $1.50M supplied to Compound, which had not previously carried a material position. Stader ETHx redemptions totalled $2.20M, and $2.48M was withdrawn from the StakeWise Genesis Vault on 24 August. The proceeds were supplied to Aave in four tranches between 24 August and 27 August. On 28 August and 31 August $1.24M USDS was supplied to the Sky Savings Rate, and on 12 August $0.37M was added to the Morpho kpk USDC Prime V2 vault. 25 transactions were recorded across the period. $1.05M was held in liquid ETH and WETH at the period cut, pending redeployment.
- Yield generation: the Endowment generated $230,305 for the month of August 2026.
- Marked-to-market valuation: increased by $15.78M, driven by ETH appreciation of 32.5% over the period, from $1,863 to $2,469.
Yield of $230,305 compares with the $201,762 published for July, an increase of approximately 14%.
Protocol Distribution
The Endowment diversified protocol exposure further during August, from 7 protocols to 9. Aave returned to the book after July’s full exit and Compound entered for the first time. Fluid fell from first to fourth place following the 5 August redemption. The three staking venues, StakeWise, ether.fi and Stader, gained on ETH appreciation rather than new deposits. Across all positions, no single protocol exceeds 30% of total Endowment exposure, with the largest, StakeWise, at 22.0%.
Allocation percentages are expressed as a share of total Endowment value ($93.12M) at period-end (1 September 2026, 00:00 UTC). The nine protocol positions account for 98.9%; the remainder was held in liquid ETH and WETH balances.
Community Updates
- On 14 August we posted the KPK H1 2026 Review for the ENS Endowment, covering the first half of the year across NAV, yield, protocol revenue and fees.
- Endowment permissions to KPK Update #10 remained under discussion through August, with the calldata security review published on 7 August. The update expands Endowment access to real-world-asset and fixed-income positions, adds a set of curated Morpho yield vaults and the Aave v3 Horizon market, and enables Maple (Syrup) swap routing. It had not been approved by the end of the period.
- [Executable] Next Era of ENS DAO: Empowering the ENS Foundation was executed on 11 August. The proposal changes oversight of the Endowment, and we expect little impact to day-to-day operations. We are eager to work with the new Foundation.