[EP 5.5] [Executable] Funding Request: ENS Public Goods Working Group Term 5 (Q1/Q2)

Abstract

The ENS Public Goods Working Group requests funding of the below to support operations until the September 2024 funding window.

The Public Goods working group funds projects and builders improving the Web3 ecosystems. This funding stream is authorized in Article III of the ENS DAO Constitution. This funding supports initiatives related to open-source software, tooling, research and any practical implementations that broadly benefit a wide range of users of Ethereum and Web3.

This social proposal is submitted to satisfy the requirements set out in Rule 10.1.1 of the Working Group Rules (EP 1.8) and further required by this snapshot proposal in Nov. 2023 modifying steward rules. If this proposal is passed, the funding request will be included in a collective executable proposal put forward by all three Working Groups.

Specification

The current balance of the Public Goods multisig contains 147.2k USDC and 33.5 ETH. The working group requests an additional 450.3k USDC and 21.5 ETH from the DAO to accommodate this proposed budget.

Current Balances (March 2024)

USDC ETH ENS
147.2k 33.5 200

*Balance information can be found at https://enswallets.xyz

Expected Spend (Through September 2024)

Initiative USDC ETH
Large Grants 387.5k 0
Small Grants 0 50
Bounties 45k 0
Events + Hackathons 115k 0
Discretionary 50k 5
Total 597.5k 55

*Mult-sig contains 200 ENS that has no planned use. This may be transferred back to the DAO wallet during the term.


Description of Initiatives

Large Grants

Grants up to 50k USDC with applications accepted on a rolling basis throughout the year-long term. Large Grants will resume in Q2. With five grantees completing milestones from last term, the budget includes remaining payouts yet to be disbursed. We plan to add at least two more grantees during Q2 while piloting new grants management software. In the second half of the year, we will run another full-size round supporting up to 10 grantees at a time with a 200k USD total prize pool.

Small Grants

Multiple micro-grantsvoted on by the community. Small Grants will resume during the first half of the year shortly after ETHDenver. We have added the amount expected to spend through the end of the year with no increase from last term. This is approximately 12.5 ETH per quarter. With market fluctuations, stewards may right-size and lower the amounts distributed during round

Events and Hackathons

The working group will support Public Goods events and hackathons. Funds have included expenses related to the funding of hackathons, events, and related participation in events (judging, panels, speaking) where necessary.

The current earmarked events are:

This list is not guaranteed as several events are still in the planning stages. The PG stewards will continuously assess opportunities to expand the public goods conversation and collaborations.

Discretionary

The funds in this initiative are reserved for additional grant opportunities and expenses that arise during the term. Spending on this initiative is at the discretion of the working group stewards.

4 Likes

Voting is now live on Snapshot and Agora.

1 Like

Great Proposal, I support it!

I’m going to vote now, but would still love 2 quick clarifications.

#1 The bounties budget is for ETHGlobal hackathon bounties or is there another bounty program I don’t know about?

#2 Is there any plan to do any treasury management with the funds?

$600k in sDAI would make $7500 a month, and thats just one of many options. We could restake the ETH in Eigen layer and get some POINTS!!! Kidding but sort of not kidding. :smiley:

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This is one example https://x.com/ENS_DAO/status/1768697204703653936?s=20

Also, keeping open the possibility of supporting efforts across hackathons that manifest for instance in events within Road to Devcon (as in prev year) which is still in the works by the EF and local organisers is something we must be mindful of since we are asking for budget for a longer stint. I would rather not skimp out on supporting PG for the sake of having a mini budget since PG funding is incredibly difficult as is.

2 Likes

How can I participate In ETH SF in tandem with the participating stewards outside of being a competitor in the hackathon ?

As the founder of a project that has received an ENS large grant end of last year I will abstain from voting here to avoid any potential for conflict of interest.

1 Like

Sorry, but hasn’t the DAO already decided on treasury management? I’m not sure if it is prudent for Working Group multisigs to have their own fund managers. Think about how it would add layers of complexity to stewards’ responsibilities, on top of their existing ones. As far as I am concerned, treasury management has been resolved.

This sounds like a sufficiently low-lift strategy, but I’m concerned about how much bandwidth Public Goods stewards have to execute this, aside from delegating it to existing fund managers such as @Karpatkey or another qualified firm.

This proposal has had it’s EP number re-assigned and has been progressed to Tally as an executable proposal.

Please participate in voting on Tally | ENS Proposal.

1 Like

This proposal has executed.