ENS Monthly Community Update - July 2026
Introduction
This is the July 2026 Community Update to the broader ENS Community, aimed at increasing transparency and awareness around treasury activities.
A July Dashboard is available on Syncrone.
DAO Financial Update
Endowment Update
Asset allocation:
- Assets under management (AUM): $76.34M with a capital utilisation of 99.9%.
- Endowment allocation: 64.7% ETH ($49.37M) and 35.3% stablecoins ($26.97M). ETH exposure sits above the 60/40 mandate target following ETH appreciation over the period, with the underlying ETH position broadly unchanged at approximately 26,500 ETH.
- Key transactions and rebalancing activities: the Endowment rotated both sides of the book during July. On 7 July $3.51M was withdrawn from the Morpho kpk USDC Prime vault and $4.88M of DAI was supplied to Aave. On 15 July the full $16.01M Aave DAI position was withdrawn and redeployed, with $9.50M USDC, $1.50M GHO and $1.01M USDT lent on Fluid and $4.00M USDC returned to Morpho. On the staking side, 1,225 ETH was withdrawn from StakeWise across 15 and 21 July and 2,000 ETHx from Stader on 23 July, against 2,170.7 weETH added to ether.fi on 20 and 23 July and a new 1,023.8 stETH position opened on Lido on 23 July. Net ETH exposure was unchanged at approximately 26,500 ETH. 44 transactions were recorded across the period.
- Yield generation: the Endowment generated $201,762 for the month of July.
- Marked-to-market valuation: increased by $7.78M, driven by ETH appreciation of 18.7% over the period, from $1,570 to $1,863, applied to a broadly unchanged position of approximately 26,500 ETH.
Yield of $201,762 compares with the $175,236 published for June, an increase of approximately 15%.
Protocol Distribution
The Endowment continues to diversify protocol exposure across 7 distinct protocols, maintaining a balanced distribution between staking and lending strategies. Protocol composition changed more than the headline allocation suggests: Aave, which held $11.1M of DAI at the end of June and was topped up to $16.0M on 7 July, was fully exited on 15 July and is no longer represented. Across all positions, no single protocol exceeds 30% of total Endowment exposure.
| Protocol | Allocation % | USD Value | Strategy |
|---|---|---|---|
| Fluid | 22.8% | $17.44M | Lending |
| StakeWise | 22.7% | $17.31M | Staking |
| ether.fi | 20.0% | $15.28M | Staking |
| Stader | 19.5% | $14.88M | Staking |
| Morpho | 9.8% | $7.52M | Lending |
| Sky | 2.6% | $2.01M | Lending |
| Lido | 2.5% | $1.91M | Staking |
Community Updates
- In July we posted Endowment permissions to KPK Update #10, a routine update expanding Endowment access to real-world-asset and fixed-income positions, adding a set of curated Morpho yield vaults and the Aave v3 Horizon market, and enabling Maple (Syrup) swap routing. We intend to move this forward in coordination with the Foundation.
- We have been following [Executable] Next Era of ENS DAO: Empowering the ENS Foundation. This proposal is a significant change in regard to the oversight of the endowment, however, we expect little impact to our operational day-to-day. We are eager to work with the new Foundation.