☎️ MetaGov Working Group – 2023 Meetings and Minutes Archive

🗳️ Meta-Governance Meetings
32

Agenda and Minutes for Meta-Gov Meeting, August 1st, 2023

Details

Time/Day – 11pm ET (3pm UTC), every Tuesday.
Google Meet Link – meet.google.com/ihz-hdvb-bbq

Stewards: @katherine.eth (ENS | Twitter), @nick.eth (ENS | Twitter), @5pence.eth (ENS | Twitter)

:information_source: Read up on the minutes from prior calls above.

Minutes by @184.eth

Agenda

  1. MG WG Budget Discussion
  2. Endowment Update
  3. DAO Tooling
  4. Reserved for Open Discussion

Attendance

katherine wu, nick.eth, 5pence.eth, alisha.eth, ben difrancesco, danial jacobs, elbagococina, greg skriloff, limes.eth, lyt.eth, marcus (estmcmxci), sanitnomics, senad dilji, tomas, yungsb, 184.eth

1. MG WG Budget Discussion

@katherine.eth (ENS | Twitter) & @5pence.eth (ENS | Twitter)

  • Q3/Q4 2023 Budget: ENS MetaGovernance Working Group is posted to the forum.
  • All working groups are making the most of existing balances in wallets. The MetaGov WG will not request additional funds from the treasury to fund this term.
    • ‘MetaGov WG Discretionary’ is the amount left over and has been assigned for unexpected expenses and experiments that may arise.
    • ‘Endowment Management Fees’ is an extrapolation, and if Assets Under Management (AUM) increase, this amount will also go up.
  • The ‘$ENS Governance Token Distribution’ section of the budget includes token distributions from the last term [to Tally, Parcel & Metropolis].
    • The MG philosophy is to issue Governance Tokens to partners and stakeholders, and increase participation from key DAO-related projects that build DAO infrastructure and have a deep understanding of the space.

MG Sponsorship & Events

  • Q1/Q2 initiatives included sponsoring DAO-specific hackathons, such as Aragon and DAOTokyo.
    • If you know of a hackathon or events that you think are important for ENS to have a presence at, please raise this with stewards.
    • We are always happy to sponsor initiatives that result in building better tools for DAOs and making the governance process easier.
  • Suggestions for sponsoring events or attendance can also be made on the ENS feedback platform at ens.canny.io
    • These submissions have visibility from ENS Labs and stewards.

Security Advisory

2. Endowment Update

  • Tomas | @karpatkey provided updates on the Endowment and the Executable Proposal.

Endowment funds are unaffacted by current Curve situation

  • The Endowment removed liquidity from Curve a while ago and had no exposure during this event
  • In lending markets in general, there is, however, a large CRV position in Aave & Frax, and it’s possible this could have an unwinding effect. The Endowment is monitoring the situation closely and being extremely cautious.
  • @katherine.eth asked about Karpatkey’s strategy to monitor during these events.
    • Karpatkey shared about their system which monitors relevant metrics: they track protocols, financial aspects, governance, and exploits or hacks. They receive alerts on abnormal situations and promptly meet to evaluate the situation.
    • They take the conservative measure to withdraw liquidity if they have any doubts - considering that the upside of this is avoiding a problem, while the downside is limited to gas fees + opportunity cost in interest. This framework is used to evaluate every situation.

Karpatkey’s Dune Governance Dashboard

  • Keep an eye on the Forum for a post with links to the dashboard.
  • The main objective of the dashboard is to be a central source of truth. It is designed mainly for the ENS DAO.
    • It contains data on general stats, delegation stats, non-delegated wallets, and many other variations.
    • Includes charts displaying the current number of delegates, delegation percentage over circulating supply, and more.
    • Presents information about delegates, delegation power changes, voting age, and identifies and categorises tokens that are not delegated.
  • The intention is to make this the go-to place for any question related to delegates, voting power, concentration changes in delegation, and more.
    • Previously, information was scattered, and they have now combined and added new elements to keep it simple and useful.
    • While this is perhaps beyond the scope of a treasury manager, Karpatkey thought they could add value by doing this, as they were exploring this themselves and found it useful.
    • Karpatkey will move forward with the forum post. Reach out to them if you are interested in providing feedback.

3. DAO Tooling

@bendi (ENS | Twitter) from ScopeLift

  • Ben DiFrancesco last shared during MetaGov Meeting - May 23rd
  • Read up on the Introducing Flexible Voting: A Powerful New Building Block for DAO Governance
  • @alisha asked about any developments with other DAO communties in the recent months?
    • Flexible voting contracts were audited again as part of Frax DAO Governance system being audited. This is expected to go live in coming weeks.
    • Gitcoin has a snapshot vote up to approve the upgrade proposal, and the onchain proposal is expected in the coming days.
    • PoolTogether DAO is following a similar process; having completed the engineering they are now going through internal review.
      • Internal review involves audit by an engineers who was not involved in product.
      • Upon completion they will deploy the candidate governor, and go through the process of (temp check, etc).
    • There are others DAOs they’re also working with through these earlier stages.
  • Ben shared two use case categories:
    • Integrations: where token holders are enabled to participate in governance while using their tokens for other purposes. Examples:
      • Yield Farming and Voting: Token holders can deposit their tokens in yield farming protocols like Aave or Compound and still participate in governance using their share of the pool that remains deposited.
      • Layer 2 Voting: Token holders can vote on L2s, by recoridng votes using bridge tokens, and then message pass down to L1 the roll up of votes on L2.
        • This MVP is currently being built with a grant from the Ethereum Foundation (EF).
    • Experiments around Voting: where you can trial different voting schemes and features to enhance governance. Examples:
      • Shielded Voting: Voters can deposit their tokens into a pool using zero-knowledge proofs and submit their votes anonymously, ensuring privacy.
      • Chained Delegation: Delegates can represent other delegates, enabling multi-level delegation structures. E.g. Person A delegates to Person B, who delegates to person C - If A&B dont vote and Person C does, Person C represents the sum of votes in that chained delegation.
      • Incentivized Voting: Providing rewards or incentives for active participation in governance.
      • Quadratic Matching Voting: Using quadratic matching algorithms to give more power to smaller voters based on additional delegated power.
  • Additionally, there’s the possibility of building governance dashboards for exchanges to use flexible voting as infrastructure to allow their customers to participate in governance.
  • Scopelift are actively seeking funding and grants to build out some of these use cases, and expect more adoption of flexible voting in the near future.

PSA Telegram channel for Proposals is live

4. Reserved for Open Discussion

Over time.

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