Details
Time: Tuesdays at 9:00 am ET (1pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw
Stewards:
- @5pence.eth (5pence.eth | X), Lead Steward
- @netto.eth (netto.eth | X)
- @daostrat.eth (daostrat.eth| X)
Agenda
- Weekly Endowment Updates (@karpatkey + @Steakhouse )
- General DAO Updates Section
- SPP update
- Stream allowance proposal update
- Review - OpenBox proposal FAQ
- Open Discussion
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1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
- Looker studio Dashboard Link.
- Endowment at ~$95M (75% ETH, 25% stables)
- Ranging in 95M for a while
- Added ‘other’ category for other assets (everything except eth and stables)
- New categories added to the Summary of performance and strategies include: Liquid investments, cash-like, unclaimed rewards, and crypto.
Weekly commentary:
- Highlighted Spark airdrop of 200k tokens (around 12k $ total)
- TWAP: 6k ETH sold at an average price of 2.5k
- MetaGov to look further into Spark airdrop and Spark governance potentially
2.General DAO Updates Section
2.1 SPP update
- Pending final review with Spence and should be sent to SPs after that
- Everything is moving along swimmingly
2.2 SPP2 Stream Implementation proposal update
- Proposal overview
- Spence prepared material to increase the allowance for SPP2.
- Waiting to get some input from AvsA
- Executable proposal hopefully this or next week
- Spence proposes to do 1 year + 3 months (doesn’t cover 2-year streams)
- Netto believes it would be “operationally clean” to have the allowance of the whole SPP2 program under the next executable and set the end dates of the streams as specified on EP 6.3.
- Thomas adds that the executable code generates a year’s funding plus a 6-month buffer, while the 6.3 proposal accounts for a 3-month buffer but funds the full 2 years upfront. The actual number is around $6.4 million allowance.
- Netto is adamant about being strict in implementing what was approved in the 6.3 proposal, which clearly states 3 months of runway. Anything else needs to pass through a proposal again.
- Spence’s GitHub – SPP2 Streams.
- Stream Allowance SPP2 Ops Calculations.
Opt-in streams in sUSDS proposal
- Netto’s proposal was discussed briefly about allowing SPs to receive a streaming grant in sUSDS, which is a yield-bearing asset that would yield at least $210k extra with 4.5% APY.
- There are blockers regarding IPS from kpk, which exposes the DAO to more risks by holding sUSDS rather than USDC.
- The yield from this investment would only go to the streams and not be used for other activities.
- There are potential legal issues to consider.
- Complexities added around operations, accounting, IPS updates, requiring a vote, risk concerns, etc.
- Need to weigh the risk versus opportunity, including the cost of coordination, to determine if “the juice is worth the squeeze.”
2.3 Review - OpenBox proposal FAQ
- There’s an update on the OpenBox proposal, with FAQs post posted in the governance forum.
- Social proposals to create a committee for further privately evaluating this proposal, doing due diligence, etc. expected to come this week.
- After that, there will be an executable proposal for the final Yes/No on the proposal.
3. Open Discussion
2.4 Tally Proposals
- Clifton from Tally introduces their proposal, noting Tally didn’t receive funds from SPP2 but has been working with Nick on items like supporting Namechain and ENS integration.
- The proposal aims to formalize the ENS DAO’s partnership with Tally, which has been a go-to governance platform for many on-chain boards since 2021
- Scope of work overview:
- Customizable Webhooks – triggers, real-time alerts, etc.
- Integration – Namechain support, indexing offchain ENS names, etc.
- Terms:
- 180k first year (split between USD and ENS tokens)
- 60k recurring fee (same split USD and ENS tokens)
CTA
- Get on the forum and get active.
- Post all your comments, all your questions.
- Reach out to MetaGovif you need anything.