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1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
- Endowment at around 130M
- 105M from ETH, 25M from stables
- Total results from last week around 22M
- Endowment is at an all-time high in value
- At around 100% allocation
- Expected expenses for this year are around $15M.
- IPS states to hold 3 years of runway based on last calendar year expenses
- Weekly commentary:
Endowment Performance & Potential Changes
- The Endowment has beaten inflation by a small margin for 2023 and 2024.
- ETH staking yields have been decreasing since 2023.
- Potential changes to the IPS:
- Allow kpk to shift the ETH/stablecoin percentage.
- Adopt a more aggressive approach.
- Kpk should give the DAO suggestions, outlining pros and cons of each path, for the DAO to choose from
- Question about matching the 40/60 ratio and increasing stablecoin allocation for higher yield.
- Two constraints: target allocation and holding 3 years of runway in stables.
- The endowment has increased by over 30M in value, exceeding five years’ worth of yield
- Rebalancing may be needed to aim for higher stablecoin yields and hedge against ETH risk
- PUR 6 may include higher APR stablecoin allocations, the introduction of another LST, and holding LUSD.
2. General DAO Updates Section
2.1. Updates from Karpatkey
2.2. OpenBox Proposal Committee Update
- Initial conversation with Josh and his team has occurred to understand current positioning.
- A Google form has been created to gather questions from DAO participants and the community.
Links:
2.3. Tally Proposal Update
- The proposal was voted against.
- Snapshot link.
- Tally will proactively engage with Metagov stewards to define clear scopes of work, milestones, and budgets, based on needs and analysis.
- Tally will remain active in the DAO and communicate new governance-strengthening features for ENS
2.4. Blockful updates
- https://anticapture.com/ens
- Join their Telegram.
- Working on governance, security, and improvements.
- Since May, the total non-ENS treasury is higher than the ENS delegated supply.
- Security Council is important to have in place.
- Working on a delegation notification system that can allow delegates to have an easier view of proposals and delegation changes.
- First beta version is live.
- Goal to make the Governor upgrade
- Governance should not depend on a single provider; multiple frontends improve security
- Tally, Snapshot, and Blockful each serve different roles
- Client diversity is valuable
2.5. SPP2 Stream Update
- One more signature needed.
- A forum post from Metagov will detail all the transactions, steps, and calculations.
- Going through the terms of service and then finalizing updating the stream allowance post.
3. Open Discussion
Lighthouse update
- First meeting outside of ENS had 10 participants.
- Brainstorming workshop results have been posted in the forum under the original post.
- Regulatory stuff is becoming more important.
- A system to publish data publicly could be a powerful use case for DAOs under regulatory scrutiny.
- More updates will be provided next week.