🏛️📞 MetaGov Working Group – 2025 Meetings: Tuesdays at 2pm UTC (Currently 10:00 am ET)

🗳️ Meta-Governance Meetings
50

Details

Time: Tuesdays at 10:00 am ET (2pm UTC).

Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. Updates from Karpatkey
    2. OpenBox Proposal Committee Update
    3. Tally Proposal Update
    4. SPP2 Stream Update
  3. Open Discussion

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1. Weekly Endowment Updates (@karpatkey + @Steakhouse )

  • Endowment is near all-time highs, around $110 M!
  • Check out ENS Dashboard
  • Last week’s total result was ~$11.3 M, mostly from ETH price appreciation
  • $61k in yield results, $44k in net yield results
  • Almost always 100% invested
  • Weekly commentary section:

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  • Bitcoin reached a new all-time high
  • Bitcoin, Eth, and Sol ETFs all with positive inflows
  • GMX saw a hack on Wednesday, around $40M was stolen, but the hacker returned 90% and kept $5M
  • Pump.fun presale raised $500M in 12 minutes.
  • DAO is expected to spend around $15M this year
  • According to the IPS, 2 years of runway have to be held in stablecoins, which would be around $30M
  • Currently have around $32M between the DAO wallet and the endowment
  • Eventually, in the second half of the year, another TWAP will have to be set

Financial Discussion

  • Q2 closed with $3.7M: ENS Revenue Reports - #3
  • A rough estimate of the DAO’s expenditures for the year at $15.5M.
  • Expenditures include:
    • 10M for ENS labs
    • 4.5M for service providers
    • 1.5M for working groups
  • If quarterly revenue is multiplied by four, it’s less than the expenditures, meaning the DAO is losing money year over year as it is right now.
  • Quarter over quarter, the revenue has been significantly declining.

2. General DAO Updates Section

2.1. Updates from Karpatkey

2.2. OpenBox Proposal Committee Update

  • Thomas and Coltron are the DAO representatives on the committee.
  • The committee has scheduled its first meeting with Open Box.
  • They have compiled questions from the forum and have their own questions.
  • The process will involve calls with Open Box to gather information for a report to the DAO.
  • There is a Google form for submitting questions anonymously to the committee
  • For more information you can check Open Box EP forum thread.
  • Use the forum to communicate with the committee about anything!
    • Thomas and Coltron will be available for questions and will post updates on the forum.

2.3. Tally Proposal Update

  • The title of the proposal is being updated to “enhancing ENS governance with Tally’s enterprise support” to clarify that it is not an exclusivity agreement.
  • Two new work streams will be included:
    • Indexing offchain proposals from Snapshot.
    • Enhancing proposal transparency with full call data preview, action bundle export, and readable bytes 32 views.
  • The proposal is being changed to a social proposal requesting funding from the Metagov budget.
  • Payments will be milestone-based, with the Metagov reviewing performance.
  • Mixed views on funding Tally directly from the DAO vs. Metagov
  • MetaGov has the autonomy to fund governance tools like Tally using its existing mandate and budget.
  • Metagov has a discretionary budget for DAO tooling and governance infrastructure, and may soon need to request more funds.
  • Some see this as a no-brainer support, and some prefer multiple governance frontends.

2.4. New corrected proposal for L2 subnames

  • The corrected L2 proposal ETA is today or tomorrow
  • The proposal will run for seven days
  • Waiting on one more confirmation address from a new stream recipient

2.4. SPP2 Stream Update

  • All of the new streams were updated
  • Top up payments should be expected soon

3. Open Discussion

3.1. Lighthouse update

  • Last week, they pitched the DAO organizational identity at different working group meetings
  • There was good feedback and ideas from people
  • This thursday there will be first call for people interested in getting involved.
  • There is a public Telegram group with 20+ participants.
  • More about the proposal: Making ENS the standard for organizational identity