I built this simple Dune dashboard to track ENS DAO’s core financial and governance metrics in one place.
dune.com/bcvfinance/ens-dao-ltm-financial-and-governance-dashboard
The goal is simple: make the basic health of ENS DAO easier to follow for tokenholders, delegates, and anyone interested in the protocol.
For a protocol to remain strong over the long term, two things I want to monitor here are financial resilience and active voting power decentralization. This dashboard focuses on those two areas in a simple and recurring way.
After the May close update
ENS still has a meaningful endowment, which remains the strongest part of the picture. But compared with the stronger financial position in 2024, recent operating performance has weakened. Revenue has declined, expenses have increased, and LTM net margin has moved close to or below breakeven. This raises a reasonable concern around fiscal discipline, especially if the recent cost base becomes persistent.
The increase in non-DAO-controlled ENS supply is also worth monitoring. Even if this is mostly related to past unlocks rather than new issuance, this is not a sustainable long-term dynamic for a DAO ownership token if it continues at a high rate.
On governance, active voting power remains concentrated in a small group of voters. This does not mean ENS governance is failing, but I do think it shows why broader delegation, active delegate development, and lower voting power concentration should remain priorities.
As a tokenholder and delegate, what I would like to see for ENS is straightforward:
- stronger and more sustainable financials
- broader active delegation
- less voting power concentration over time
I plan to keep updating the dashboard monthly.
Feedback is welcome, especially from delegates, tokenholders, and contributors who think there are better ways to present these core metrics while keeping the dashboard simple.