ENS DAO Newsletter #72 — 10/22/24

DAO-Wide Newsletter
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ENS DAO Newsletter #72 - 10/22/2024

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:sunny: Welcome

:newspaper: Newsletter Roundup

  • ENS Labs: Lightning Talk Applications, Search ENS on Google, frENSday Speakers
  • Community: Highlights, ENS on Opensea, Auto-Renewal Module
  • Meta-Gov: DAO Tooling Updates, ENS Ledger, Endowment Report
  • Ecosystem: Gitcoin Grants Round 22, Service Provider Updates, Project Highlights
  • Public Goods: P256 EVM Update, Octant & Public Goods Funding

:date: Calendar

Refer to the ENS DAO Calendar for working group calls and events.

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:classical_building: Term 5 Proposals

ENS October 2024 Voting Results

The first voting period has closed with near-unanimous support for all proposals:

  1. Meta-Governance: $254k USDC allocated for governance tools and operations.
  2. Ecosystem: $836k USDC allocated for ecosystem initiatives, grants, and hackathons.
  3. Public Goods: $236k USDC allocated to support Web3 infrastructure.

These will be included in an upcoming Executable Proposal.

About Proposals

Proposals are the means by which changes are made to the status quo. There are two types of proposals:

  1. Social Proposals: Off-chain proposals seeking the DAO’s agreement on social considerations that cannot be enforced on-chain.
  2. Executable Proposals: On-chain proposals that execute code related to the ENS Protocol and ENS DAO smart contracts, as voted on by the DAO.

Proposal Threshold: A minimum of 10k $ENS is required to submit social proposals, while 100k $ENS is needed for executable proposals.

For a list of recent proposals, visit the Term 5 dashboard or the ENS DAO Governance documentation.

Temp Checks

  1. Governance Distribution Program (Pilot)

    • ENS distribution program for grant recipients with a 3-year vesting period to decentralize governance.
    • Details: ENS Forum

  2. Make Wrapped Names Immutable

    • Remove ENS DAO’s ability to reclaim wrapped names, making them immutable after fuses are burned.
    • Details: ENS Forum

  3. Compensating Blockful for Preventing a Potential Attack on the ENS DAO

    • Compensate Blockful for identifying a $150M governance vulnerability, leading to the creation of the Security Council.
    • Details: ENS Forum

Resources

Stay updated on DAO governance and proposals by regularly checking the Term 5 Dashboard and the Voting Period Bulletin. For detailed governance information, refer to our Governance Docs. To see real-time voting power distribution, visit votingpower.xyz.

:cyclone: ENS Labs Updates

frENSday Lightning Talk Applications

ENS invites builders to participate in frENsday 2024, hosting lightning talks in Bangkok. Applicants have an opportunity to present their latest ENS-related projects in a 10-minute slot (3-5 minutes for the talk, followed by Q&A). These talks will be recorded and potentially shared on ENS’s social platforms. Apply Here.

Additional Speakers for frENSday 2024

ENS has welcomed six more speakers to the frENSday 2024 stage, bringing diverse expertise and perspectives. They will present on November 11, 2024, in Bangkok.

  • Devan Mitchem: Global Product & Partnerships, Google Web3.
  • Tascha P: Founder & CEO, INFINIT.
  • Josh Brandley (josh.box): President & Founder, Intercap / Box Domains.
  • Moises Jaramillo (moisesj.eth): Principal Engineer, Dentity.
  • Slobo.eth: Founder, Namestone & Ecosystem Working Group Lead Steward, ENS DAO.
  • Evin.eth: Founder, Disco.xyz.

ENS Now Searchable on Google

ENS Labs announced a major milestone: Google has integrated ENS Domains into its search capabilities. Users can now search any .eth name, like “vitalik.eth,” on Google and view associated wallet balances and blockchain data directly in the search results. This integration simplifies access to Web3 and makes it easier for mainstream users to explore decentralized finance (DeFi). Google pulls balance and transaction details from Etherscan, offering seamless blockchain accessibility to the public.

Multi-delegate Manager Update

A new contract scheme will enable proxy NFTs to simulate voting, allowing split delegation within a single transaction, making governance more dynamic and accessible. Code is complete and in final testing phases. The goal is to release this feature soon to simplify participation in ENS governance.

ENS Offers $10,000 in Prizes at ETHGlobal San Francisco

Members of ENS Labs, including the Developer Relations Team, participated in the latest ETHGlobal event and awarded a $10,000 prize pool at ETHGlobal San Francisco for projects using ENS.

Best use of ENS

  1. :1st_place_medal: $2,500 – Qiao: The Qiao Protocol offloads computation to offchain resources, enables cross-chain delegations, and offers a universal resolver for smart contracts to ensure seamless interoperability
  2. :2nd_place_medal: $1,500 – DAZU: Allows invoices to be stored on the blockchain for the first time. Generating invoices on blockchain solves for a number of business to business payment needs
  3. :3rd_place_medal: $1,000 – Power Agents: AI agents that spawn and chat with in an XMTP Group Chat.

Most creative use case

  • 2 teams winning $2,500 each:
    • Beertalik Brokerin: A tool for event organizers to let customers trade beer. The more users purchase beer, the higher the prices rise.
    • BenderBite: an AI-powered assistant designed to enhance the ETHGlobal hackathon experience by serving as a virtual employee with multiple interactive features.

:globe_with_meridians: ENS Media Alerts

:busts_in_silhouette: Community Updates

:speaking_head: Call for Community Feedback

Help improve the ENS ecosystem by providing feedback on Canny, where ENS Labs members and Working Group stewards will address your submissions. You can submit Feature Requests, Integrations, Bug Reports, or upvote and comment on existing posts. Share your feedback on Canny here.

Newsletter Contributions

Submissions for the ENS newsletter are open! Share updates on projects, events, achievements, or community changes for inclusion. Submit your segment by visiting the Newsletter ddocs site here and leaving a comment.

Community Highlights: PayPal and ENS Integration

Mely.eth highlighted the 2024 integration of ENS with PayPal and Venmo, simplifying crypto transactions by allowing users to transfer cryptocurrency using their ENS names. This collaboration introduces millions of users to decentralized finance (DeFi) while making crypto addresses user-friendly. ENS aims to become the global naming system for financial transactions, with over 2 million names registered and 750 integrations already in place.

ENS Integration on OpenSea Search Bar

Devin Finzer, co-founder and CEO of OpenSea, responded to a user request by adding ENS domains to the search bar. Users can now easily search for ENS domains like “crypto.eth” directly on OpenSea.

ENS Renewal Module for Auto-Renewal

Destiner.eth introduced an ENS Renewals module, allowing smart accounts to automatically renew ENS domains they own. The module works by installing it in a 7579-compatible account, where users can specify domains and renewal criteria. The module could lead to broader use cases, like automated payroll and token conversions. An open challenge remains on how to incentivize external accounts to execute these modules. More details are available on the GitHub repository ENSRenewal GitHub.

Worldcoin App v3 with ENS Subname Integration

Luc.eth revealed that the upcoming World App v3 by Worldcoin will feature native ENS subnames under the world.id domain. This update allows users to create personalized subnames, such as “@tiago.world.id,” making identity verification and credential management more seamless and decentralized within the app.

ENS Integrated with Ethereum Faucet for Sepolia and Holesky

Nalin announced that their Ethereum faucet for Sepolia and Holesky has integrated ENS. Now, users can simply enter an ENS address to receive faucet drips of ETH, enhancing accessibility and ease of use within Ethereum’s testnets. This integration simplifies obtaining testnet ETH for developers and users, bringing ENS’s utility further into Ethereum’s ecosystem.

Devcon Website Fully Decentralized

The Devcon website is now fully decentralized, hosted on Swarm, ENS, and eth.limo. The Swarm team developed a Decentralized Improvement Proposal (DIP) to align the Devcon website with Web3’s ethos.

Unified Identity Frameworks: P256 in the EVM

@estmcmxci published an article on implementing the P256 precompile in the EVM, highlighting its potential to improve Ethereum’s compatibility with WebAuthn, DNSSEC, and ENS. This integration is key to unifying identity frameworks in Web3, aligning with existing web standards. Read more here.

:pushpin: Working Group Bulletin

Term 5 Lead Working Group Stewards + Secretary Appointment

The responsibilities of the Lead Stewards & Secretary are set out in Rule 9.8 and Rule 9.9 of the Working Group Rules.

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ENS DAO Working Group Schedule (2024)

Working Group Time Schedule Location
:balance_scale: Meta-Governance 1pm UTC Tuesday Google Meet
:seedling: Ecosystem 4pm UTC Thursday Google Meet
:sunny: Public Goods 5pm UTC Thursday Google Meet

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:bar_chart: ENS Q3 2024 Revenue Summary

In Q3 2024, ENS generated $6.3M in total revenue:

  • $4.72M from registration fees,
  • $838k from temporary premium fees,
  • $738k from DeFi returns on the ENS endowment.

Year-to-date revenue stands at $22.6M, driven by registration, premium fees, and DeFi yields. For more details, read the full report.

:balance_scale: Meta-Governance

The Meta-Governance Working Group provides governance oversight and support for working group operations through DAO tooling and governance initiatives.

Meeting Minutes:

Term 5 Meta-Governance Stewards:

ENS DAO Steward Compensation Structure - Term 6

The proposed compensation structure for Term 6 includes $4,000 USDC per month for stewards and $5,500 for lead stewards, alongside a new $ENS token distribution equal to their USDC earnings, vested over two years. Tokens are distributed based on the price on July 1st, and 25% will have vested by that date. The proposal will be put to a DAO vote.

Read more here.

DAO Tooling: ENS Ledger

The ENS Open Ledger is a newly launched platform for tracking and visualizing DAO budgets. Through an interactive Sankey diagram, users can view fund allocations and transfers across working groups and categories.

The tool allows filtering by quarter or year, providing a detailed, intuitive view of ENS financial data, including recipient information. Charts and data are updated every two hours and can be exported for further analysis. Explore the Open Ledger here.

DAO Tooling: x23.ai

During a recent Metagov Working Group call, x23.ai presented updates on their latest product developments:

  • Community Newsfeed: A newsfeed offering general updates about the ENS community and its ongoing activities.
  • ENSWizard: A newly introduced Telegram bot designed to assist in onboarding new contributors and addressing any ENS-related inquiries.

The team behind x23.ai encourages the community to explore these tools and provide feedback. More details can be found at x23.ai.

DAO Tooling: Dhive.io

Since its MVP launch, Dhive.io has introduced several key features:

  • ENS Domain Search: Users can now search profiles via ENS domains.
  • DAO Reports: Detailed insights into DAO activities, proposals, and voter participation.
  • Active Proposals: Tracks voter participation for both on-chain and off-chain governance, with encrypted vote support.
  • New DAOs: Dhive.io now supports 16 DAOs.
  • Ranked-Choice Voting: New custom Sankey chart for ranked-choice proposals.

Explore the new features and share feedback on their platform.

September 2024 Financial Report

Financial Overview:

  • Revenue > Cash Burn, Runway: 157 months
  • Revenue: $1.6M (vs. $1.9m last month)
  • Cash Inflow: $.8M (vs. $1M last month)
  • Normalized Cash Burn: $0.7M
  • Reserves: $117M (ETH: 105M, USDC: 12M)
  • Total Endowment: $82.5M
  • P&L: 2.3M (ETH mark-to-market)

Review the full report prepared by @Steakhouse here.

September 2024 Endowment Report

Balance Overview:

  • Total funds in the endowment: $81.7m
  • Capital utilization: 100%
  • Monthly DeFi results: $216,758

Review the full report prepared by @Karpatkey here.

:seedling: Ecosystem

The Ecosystem Working Group strengthens the ENS Protocol by facilitating developer relations, identifying and funding high-potential projects that enhance ENS, and supporting ENS-aligned initiatives.

Meeting Minutes:

Term 5 Ecosystem Stewards:

Term 5 Grants Summary

  1. ENS Data (pugson.eth)
    Pugson.eth received a 10,000 USDC grant to maintain the ENS Data API, which now handles over 70 million lookups. The grant covers infrastructure costs and performance improvements, with updates like linking ENS names to Farcaster, gradient avatars, and IPFS media rendering. Monthly costs have risen to $175.

  2. Fast ENS API for Web3 (frolic.eth)
    Frolic.eth was awarded 15,000 USDC to enhance the fast ENS API, handling millions of requests monthly. The grant supports rising infrastructure costs (~$350/month) and a major API rewrite to improve performance and introduce a strongly typed SDK. Yearly expenses are expected to be around $4,200.

Gitcoin Grants Round 22: ENS Ecosystem

The ENS Ecosystem Working Group is participating in Gitcoin Grants Round 22 with a 70k USDC matching pool. This round supports projects building on ENS, using Gitcoin’s quadratic funding model, which rewards both the total amount raised and the number of contributors.

  • Application Period: 2024/10/14 12:00 UTC - 2024/10/23 12:00 UTC
  • Donation Period: 2024/10/23 12:00 UTC - 2024/11/06 23:59 UTC
  • Chain: Arbitrum
  • Eligible Projects: Must be building on ENS

Apply Here

Service Provider Updates

  1. Namestone Q3 2024 Update:
    Namestone saw significant growth in Q3, with over 10,000 subnames created and 1.9M total resolutions. Product updates include support for Layer 2 (Optimism, Base, Arbitrum, Polygon) and the open-sourcing of ENSPro. Notable events include SheFi’s gasless subnames at their Singapore summit and strong hacker adoption at ETHBrussels and ETHRome. Read the full report.

  2. Eth.limo Q3 2024 Update:
    Eth.limo has completed the migration of the eth.link service to its platform, now handling 64% of traffic. User growth surged, with over 4,000 new contenthashes added in August for dWebsites. Next steps include launching serverless WASM tools for ENS domains and a trustless IPFS content verification service worker. Read more here.

  3. Namespace Q3 2024 Report
    Namespace’s Q3 report highlights significant progress in L2 subnames for Base and Optimism, with ongoing improvements to the platform. Key updates include marketplace functionality, off-chain subname registration, and UI/UX redesigns. They also launched successful partnerships and integrations, enhancing user experience and scalability. A new L2 minting infrastructure is in development, along with enhanced tools for subname minting and management. Read the full report

Project Highlights

  1. Rescue.Name
    Decentralized ENS renewal manager by Daniel Zarzecki. Users create a vault to renew names with ETH; others can renew for a reward.
  2. Voting Power
    Added governance stats for on-chain voting, including historical data.
  3. Awesome ENS
    A curated repository with tools for ENS integration.
  4. Persona by Daniel Adebimpe
    Converts PFPs into unique Web3 identities using ERC-6551. Sepolia deployment; Mainnet and Base integration coming.

Bi-Weekly ENSIP Update

  • GitHub Repository: ENS Improvement Proposals
  • ENSIP0 Focus: Codifying contribution standards for ENSIPs.
  • New Drafts:
  • EOA/Reverse Resolution:
    ENSIP-19 enables reverse resolution across EVM chains, adds default address support for L2s, and proposes fallback addresses.
    More info
  • Editor Recommendations: Suggests adding two new editors.
  • Get Involved: Reach out to @nxt3d on Twitter or join the Telegram Dev Chat.

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:sunny: Public Goods

The Public Goods Working Group supports the Ethereum ecosystem by identifying and funding open-source development.

Meeting Minutes:

Term 5 Public Goods Stewards:

Octant & Public Goods Funding Discussion

Octant, spun out of the Gollum Foundation, helps fund public goods by staking 100k ETH and donating the yield. Octant is exploring collaborations with ENS for community events and themed grant epochs. They have 1,000 users with a 50% participation rate and are running a raffle to fund projects each round. A demo day is planned for October 24th.

Learn more here

:green_book: Resources

ENS DAO offers several resources for understanding and participating in its ecosystem:

Thank you for reading! Goodbye. :wave:

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