Agenda and Minutes for Meta-Gov Meeting, October 3rd, 2023
Details
Time: Tuesdays at 11am ET (3pm UTC).
Google Meet Link: meet.google.com/ihz-hdvb-bbq
Stewards: @katherine.eth (ENS | Twitter), @nick.eth (ENS | Twitter), @5pence.eth (ENS | Twitter)
Agenda
- General DAO Updates
- September DAO Voting
- Endowment Discussion (@karpatkey + @Steakhouse)
- DAO Tooling
- Pairwise
Notes by @limes
Attendance
katherine.eth, nick.eth, 5pence.eth, limes.eth, charlie feng, coltron.eth, greg skriloff, marcus estmcmxci, slobo.eth, tomas, vegayp, 184.eth, elbagococina, Eskender, ETH Daily, Griff Green, James Waugh, Jordan Sutcliffe, Lightwalker.eth, Pablo Villaba, Santinomics, Sebastien Derivaux, Zeptimus, Dave Montali, Jeff Lau, Lata Persson
1. General DAO Updates
September Voting Window
September DAO Voting Window
- Two onchain proposals as of October 3 are in the voting period
ENS Small Grants
ENS September 2023 Small Grants Update
- ENS Voting cards have been distributed on Optimism
- ENS Small Grants voting will be announced when the site is live
2. Endowment Discussion (@karpatkey + @Steakhouse)
A conversation regarding [EP4.2][Executable] Fund the Endowment (second tranche) commenced as several members of the ENS community have voiced concerns around Karpatkey’s investing stratagies that use LIDO’s stETH token. Their concerns are that LIDO has too much ether compared to the percentage of the total staking network. As of today, October 4, 2023, LIDO is staking 32.26% of all staked ETH.
- Karpatkey’s current liquid staking strategy employs a 70%/30% stETH/rETH split and a goal of 20%/50%/30% stETH/rETH/Other LSTs was established by Karpatkey
- Santi noted that the difference between liquid staking tokens in yield is nominal, but the issue is that you’re leaving the most battle tested LST with the highest liquidity for smaller less tested tokens
- Karpatkey is commited to divesting from LIDO to the greatest extent possible in a safe manor. To do this, Karpatkey is closely monitoring new liquid staking alternatives that expect to launch later in 2023
- Discussions occured to potentially make a governance vote to cap the percentage exposure to stETH but majority were not in favor
- A discussion about asking Karpatkey to completely divest from stETH ocurred but majority was also not in favor. Attendees were generally not in favor of 0% and wanted a middleground of 20%
- It was discussed to put up a social proposal to decrease the exposure to stETH to 20% of the liquid staking positions but it was determined a social proposal is not within scope
- Karpatkey has indicated that they have plans to reduce LIDO exposure to 20% by the end of October
- Karpatkey is making a post detailing their plan and opening up the post to comments and feedback
Note: Karpatkey’s detailed next steps and presentation can be found here.
3. DAO Tooling
Pairwise | @Griff
Pairwise is a voting tool that takes the complex task of weighing decisions with many variables (Such as choosing between small grants projects) by simplifying the decision to many “This-or-That” decisions between two projects. After answering these series of these decisions, you receive a proposed ranked list that you can then submit!
- Pairwise is currently in a prototype stage
- ENS is exploring using Pairwise for the next small grants round to simplify the process for voters
- Consider supporting their small grants post