ENS Monthly Community Update - September 2026
Introduction
This is the September 2026 Community Update to the broader ENS Community, aimed at increasing transparency and awareness around treasury activities.
A September Dashboard is available on Syncrone.
DAO Financial Update
Endowment Update
Asset allocation:
- Assets under management (AUM): $98.70M with a capital utilisation of 99.9%.
- Endowment allocation: 59.9% ETH ($59.08M) and 40.1% stablecoins ($39.62M). ETH exposure returned to the 60/40 mandate target through sales of ETH into stablecoins, with the underlying position down to approximately 22,000 ETH from approximately 25,000 ETH.
- Key transactions and rebalancing activities: the Endowment moved approximately 3,350 ETH into stablecoins. ETH from StakeWise withdrawals, a Stader ETHx redemption and the liquid balance was sold for $6.02M USDC, and 951 stETH from Lido for $2.31M of USDC and GHO, with the proceeds supplied to Fluid and Compound. A further 2,500 ETHx was in the Stader withdrawal queue at the period cut. On the stablecoin side, $3.20M was withdrawn from the Sky Savings Rate on 16 September, swapped into USDC and supplied to Fluid, $1.62M moved from Aave to Fluid on 14 September, and on 24 September $5.00M USDC moved from Fluid to the Morpho kpk USDC Prime V2 vault. 41 transactions were recorded. $51K was held in liquid ETH at the period cut.
- Yield generation: the Endowment generated $246,752.
- Marked-to-market valuation: increased by $4.69M, driven by ETH appreciation of 8.7%, from $2,469 to $2,684. Together with the yield above and net external inflows of $0.65M, mainly 259.9 ETH of .eth registrar revenue received on 21 September, this accounts for the increase in AUM from $93.12M.
Yield of $246,752 compares with the $230,305 published for August, an increase of 7%.
Protocol Distribution
The Endowment held positions in 9 protocols at the end of September, as in August. Fluid absorbed most of the ETH sale proceeds and the Sky and Aave withdrawals. Morpho grew on the 24 September transfer. Sky and Lido are now residual. No single protocol exceeds 30% of total Endowment exposure, with the largest, ether.fi, at 22.4%.
Community Updates
- Endowment permissions to KPK Update #10 remained under discussion through September. On 14 September we posted a revised execution: the permissions are unchanged, and the update now moves the Endowment to a new Roles module on the patched Zodiac Roles release. Blockful published its review of the revised calldata on 24 September and confirmed the module ownership transfer on 27 September. It had not been executed by the end of the period.
- Following our forum post Expanding the Endowment Mandate: Onchain Options, we presented the KPK Options Hub to the community. It is a public dashboard that tests whether an option quote is worth taking: it converts a provider’s quote into implied volatility and compares it with realised volatility and with the listed Deribit market for the same option.
- What to expect next: a rolling options strategy to perform the rebalancing more efficiently. When the ETH weight drifts from the 60/40 target, part of the trade the IPS already requires would be executed by selling a covered call or a cash-secured put, so the Endowment collects a premium on a trade it would make anyway. Options are not a permitted strategy under the current IPS, so this requires an amendment and a permissions update.