ENS Financial Reporting by Steakhouse

🗳️ Meta-Governance Treasury Management
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As you know, the endowment RFP selected the joint proposal of @karpatkey and @Steakhouse. While karpatkey focuses on managing the endowment, Steakhouse will provide the financial reporting.

Karpatkey will provide a weekly operations report with the transactions being made. On our side, we will provide a monthly report.

While we have been quiet, work is being done in the background to be ready as soon as possible to follow the performance of the endowment. Thousands of lines of code have already been written.

Getting strong financial reporting is quite a complicated process but we are confident to get there. We are following an improved version of our accounting framework that we already used with MakerDAO.

State of the reporting

Our plan is to provide monthly reporting for ENS. While our mandate is limited to the Endowment, we want to get beyond and provide a more general view on ENS financials. We think it would be difficult for ENS community to take a decision on the Endowment without more general figures.

On top of that, we plan to have a real-time dashboard on Dune Analytics (same data). All is open sourced and the community will be free to fork them as they see fit.

Dune Analytics just changed their main query engine earlier this month, we migrated our queries but some blocking performance issues remain. We are working closely with Dune to get those solved in a timely fashion. Until those are addressed, we can’t move forward on the ENS dashboard.

The documentation of ENS accounting is here with all the links to the Dune queries (again still WIP).

Data is still not yet correct (but we are getting there!) but you will find below some examples of what we aim to produce. As we are working on the underlying queries, the style of the presentation wasn’t worked on yet.

Financials

Profit & Loss statement

This table will provide you with the complete income statement of ENS Protocol.

As customary at ENS, we split cash inflow from domain names between earned revenues and unearned revenues (that are accrued over time).

On the financial earnings, we split the variation between the currencies (USD, ETH, …), currencies M2M, investment P&L (profits from investments) and Swaps P&L (variation due to the daily price system). On the Investment P&L, you can track the performance of all investments in their base currency (excluding ETH fluctuation for ETH investments).

Balance sheet of the protocol

This view presents the assets and liabilities of the protocol.

EnDAOment

Composition

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Evolution of assets

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Detailed composition of EnDAOment financials

Granularity of the P&L goes down to each day and each strategy enabling complete transparency.

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Next step

Our goal remains to be fully operational by the end of the month for a first monthly reporting early April.

Feel free to answer any questions.

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Congratulations and Thank you for providing these stats and break downs.

I see you don’t have a huge Twitter following yet and so I will gladly share this with my network if that helps.

Also, would you be interested in speaking / hosting some Twitter spaces? Happy to help direct you to connect with the relevant groups and or Spaces hosts as well.

While I am no financial expert, having clear and regular data presented like this really does make a huge difference. I know many many people who will love this as well.

Cheers and keep up the great work.
:handshake::+1:t2:

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Thanks for this!

Maybe you guys already thought of this, but presenting on the Ecosystem WG call (CC: @slobo.eth) could be really good, with a highlight of the main points. Transparency exercises like this one, should be given also distribution and access.

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I like the presentation idea @vegayp!

Though given that Meta-gov oversees treasury management and the fact that the @karpatkey + @Steakhouse teams show up every week to the MG calls to field questions etc (thank you guys!) I think the best forum for this is in the weekly MG calls that happen at 11am ET every Tuesday-- hope to see you there sometime!!

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Thanks for all those comments.

I think a call when the v1 is launched to help community navigate those numbers, answers questions and get feedbacks will be useful. We also expect making a lot of rooky mistakes by misunderstanding ENS history or philosophy.

As @katherine.eth mentioned, we are usually present during the meta-gov call and happy to answers question or give more detailed updates there.

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Hello there!

So sorry, I am bad at explaining myself sometimes. As you and @katherine.eth mentioned, that’s much needed! And thanks for doing it there!

I mentioned Ecosystem WG call, because of the quorum of people who joins, and there were raised many questions during the SVB situations around the finances of ENS, so for the sake of spreading the word (rather than asking people to join a new call) and go where the crowd is: Ecosystem WG call have a lot of contributors, community members and lurkera who rarely shows up in any of the other WG calls and it would surely helps to bring transparency around their doubts as well as spreading the word about your efforts.

Again, it’s just a suggestion, you have done a great work just by sharing this on Meta Gov and this forum post.

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I appreciate the desire to get more awareness on important topics, however the primary goal of the Ecosystem WG call is to support builders and explore ENS use cases.

As you know, most weeks we have enough material that a one hour call is barely sufficient.

Outside the occasional budget discussions in the Ecosystem call, it seems preferable to keep the financial reporting in Metagov.

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March 2023

March 2023 slides

As a reminder, this report is complementary to the weekly ones which are more operation in nature and focus only on the endowment while this report provides a more broader financial perspective of ENS.

We also provide a PowerBI report where people can navigate and slice and dice.

Dune Dashboard is still TBD waiting on fixing some items on Dune side. But for those that want to dig the Dune Query feeding our models is here.

As a reminder, the current documentation is here.

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April 2023

April 2023 slides

This report is complementary to the weekly ones which are more operation in nature and focus only on the endowment while this report provides a more broader financial perspective of ENS.

We also provide a PowerBI report where people can navigate and slice and dice.

Dune Dashboard is still TBD waiting on fixing some items on Dune side. But for those that want to dig the Dune Query feeding our models is here .

The current documentation is here .

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May 2023

May 2023 slides [pdf version]

This report is complementary to the weekly ones which are more operation in nature and focus only on the endowment while this report provides a more broader financial perspective of ENS.

We also provide a PowerBI report where people can navigate and slice and dice.

Dune Dashboard is still TBD waiting on fixing some items on Dune side. But for those that want to dig the Dune Query feeding our models is here .

The current documentation is here .

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Following the Meta gov call, here are some answers on the questions:

Here is the PR to updating the ens.view_registration and renewal.

@karpatkey and us are also working on the new opportunities offered by tokenized tbills on-chain. You can track those (some) on a dashboard we maintain. It’s still seem a bit early for ENS but that could evolve quickly.

CC: @katherine.eth

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June 2023


May 2023 slides [pdf version]

This report is complementary to the monthly ones which are more operation in nature and focus only on the endowment while this report provides a more broader financial perspective of ENS.

We also provide a PowerBI report where people can navigate and slice and dice.

Dune Dashboard is still TBD waiting on fixing some items on Dune side (the new Spell in DuneSQL should help). But for those that want to dig the Dune Query feeding our models is here .

The current documentation is here .

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Steakhouse

Aug 7

July 2023


July 2023 slides [pdf version ]

This report is complementary to the monthly ones which are more operation in nature and focus only on the endowment while this report provides a more broader financial perspective of ENS.

We also provide a PowerBI report where people can navigate and slice and dice.

Dune Dashboard is still TBD waiting on fixing some items on Dune side (the new Spell in DuneSQL should help). But for those that want to dig the Dune Query feeding our models is here .

The current documentation is here .

2 Likes
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August 2023

August 2023 slides [pdf version ]

This report is complementary to the monthly ones which are more operation in nature and focus only on the endowment while this report provides a more broader financial perspective of ENS.

We also provide a PowerBI report where people can navigate and slice and dice.

Dune Dashboard is still TBD as we are spending resources on adding the new assets for the Endowment.

The current documentation is here .

6 Likes