Financial Statements
Income
We had no additional income beyond the ENS DAO SPP stream.
Expenses
Our biggest expense remains our team pay (see our Team page).
Progress
Grails launch 
We launched Grails (grails.app), a new ENS manager and market on November 16th, 2025 (launch tweet). Built from scratch with a brand new codebase, Grails is fully open source under an MIT license (Github) and has 0% market fees.
By making Grails open source under an MIT license, we ensure ENS won’t be in the position again in the future of not having a dedicated secondary market or bulk management tool, as happened when Vision shutdown in September 2025. As explained in our Q3 report, we began exploring creating Grails in response to the impending shutdown of closed-source Vision.
Since launch and Devconnect, we’ve had weekly updates, highlighting new features, categories, fixes, etc: Dec 1, Dec 8, Dec 15, Dec 22, Dec 29, Jan 5.
Features include:
- Dynamic Homepage: Live Activity, featured recent Listings, Bulk Tools, Top Categories, Twitter Bot, Recent Sales, Recent Listings
- Market actions: List / Buy Now, Offer / Accept
- Grails and OpenSea markets aggregated
- Uses Seaport contracts for sales
- Register .ETH names, including those in Premium
- Bulk Tools
- Bulk Search
- Bulk Extend (in increments of years, months, weeks, days, or to custom date)
- Bulk Transfer
- Bulk Listings (with the ability to edit individual listings)
- Bulk Cancel Listings
- Profile pages
- EIK profile card with ENS name and profile, EFP followers/following, EFP followers you know, Grails badges
- Names, Listings, Received Offers, Sent Offers, Watchlist
- Bulk Tools
- Name pages
- Name details
- Transfer
- Extend
- Listings, Offers, Activity
- View count
- 32 categories (and counting), including Digits, Ethmojis, Prepunk, Palindromes, etc
- Tool that auto-generates nicely designed images to promote your Listing or Offer
- Explore: Names, Activity
- Basic Filters and Sort
- Cart
- Watchlist
- Notifications: in-app and email
- Link preview images for all pages
- Sign in with Ethereum for authentication
- Heavy use of EIK components throughout
User highlights:
- Biggest sale on Grails so far: robert.eth for 7 ETH (link)
- 1,418 Early 2025 POAPs claimed for completing a market action from launch Nov 16 before the end of 2025
- 3,340 years of registration added with the Grails app in December worth 18 ETH, mostly with our Bulk Extend tool on profile pages
ENS Holiday Awards Referral Program
Grails participated in the ENS Holiday rewards program run by Namehash with great success!
Grails came in first place by a wide margin, facilitating 3,340 new registration years (80% of the total program) from hundreds of users worth about 18 ETH for the ENS DAO, and winning $8,536 from the program (to be paid out in Q1 2026). Many users made use of our Bulk Extend tool, in some cases renewing hundreds of names at a time.
Grails Holiday Promotion
To encourage users to extend their names with Grails during the ENS Holiday reward program, we ran our own parallel promotion called Grails Holiday (tweet).
For the month of December, every year of registration someone added (by extending or registering) counted as an entry into a drawing. Three winners will win $1k each plus a Grails t-shirt or hoodie of their choice (winners to be selected in January 2026).
Devconnect Buenos Aires
Our whole team attended Devconnect Buenos Aires with a big booth in the Ethereum World’s Fair, popular tshirts, and a presentation on the history of Ethereum identity.
Booth
We had a big booth with both “Ethereum Follow Protocol” and “Sign in with Ethereum” on the sign right next to the ENS booth and the main entrance.
It was a big success! We had hundreds of people visit our booth, hear about our projects, get our POAP, and snag a t-shirt.
In particular, we had a lot of coordination with the ENS booth nearby, often sending people between our booths, e.g. once we saw how in-demand our t-shirts were, we told people they had to go get a new ENS name before they could get one.
We also brought sticker printers where people could get a sticker of their ENS name and avatar, which were a big hit, and we also covered our desk with them.
Presentation: “The Past & Future of the Ethereum Identity Stack”
Brantly.eth presented “The Past & Future of the Ethereum Identity Stack” on the Ethereum World’s Fair stage, tracing the history of Public Key Cryptography in the 1970s, cypherpunks, Bitcoin, Namecoin, ENS, SIWE, EFP, and beyond.
—> Watch it here
Sign in with Ethereum
In Q3 2025, we took over management of Sign in with Ethereum, finally shepherding EIP 4361 to Final, as well as creating new brand assets, website, twitter, etc.
Updates from Q4:
- SIWE featured at our Devconnect booth, and there was a lot of interest in SIWE in particular
- Many new SIWE integrations completed and added to the ecosystem page, including Scaffold-ETH 2, Ambire, Talent Protocol, and more
- Used in our new Grails app
—> Website
ENSMarketBot
ENSMarketBot is a Twitter bot that tweets out important ENS sales, offers, and registrations, launched in Q3 2025.
Updates in Q4:
- GrailsAI Insight: in reply to the main tweet, our system uses an LLM to provide useful analysis of the event based on account history, name history, market conditions, etc. (example) (GrailsAI Insight launch)
- Tracks all registrar contracts
- Much faster, tweets within seconds of onchain events
- Added support for Grails market events
- Most engagement of any ENS sales twitter bot and site of most important twitter conversations about important ENS sales, offers, and registrations
—> @ENSMarketBot
Ethereum Identity Kit
- Grails added to options for socials on wide profile cards, mobile profile cards, and the socials component
- Smaller “Sign in” SIWE button with customization
- Extensive use of EIK in our new Grails app
—> Ethereum Identity Kit website
Ethereum Follow Protocol
- Featured at our Devconnect booth
- Link to user’s Grails profile added to EFP profile pages
- Other improvements to EIK are pushed to the EFP app
- Deep EFP integration in our new Grails app, with more coming
- 10 new integrations
- 76 total integrations
- New integrations include: Scaffold-ETH 2, Swiss-knife Apps, and more
- Surpassed 1 million onchain actions (tweet)
—> EFP app
SPP KPIs
From our SPP2 application: “Per quarter: a minimum of 3 new EFP integrations with ENS improvements as needed, at least 1 new feature shipped in EIK, at least 1 new feature shipped in EFP app”
All of these were fulfilled this quarter.