1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
2. General DAO Updates Section
2.1 Updates from Karpatkey
- The endowment is at $133M.
- Stablecoins are approaching 20%
- Last week’s total result was around $4M, with $73k in rewards, resulting in an APR of 2.85%
- ETH saw the second-biggest week of ETF inflows with $1.95B, following the previous week’s $2.1B
- Tether announced plans for a US-based stablecoin in late 2025 or early 2026
- More Weekly commentary:
- Sold 570 Rocket Pool ETH for around $3.72k each, totaling $2.12M USDC, deposited into Compound, yielding ~5% APY
- Redeeming 15k stETH from Lido and 15k from the Genesis vault in wstETH to sell for stablecoins
- The goal is to get closer to the 40/60 mark.
- The DAO is holding $34M in stablecoins
- Proposed reviewing the calculation of the cash balance due to increased ENS labs funding
- Using last year’s expenses results in a minimum cash balance of $34.5M, while using this year’s expected expenses would require $45M
- Strategy update:
- next update almost finished, testing planned for next week
- Focused on adding more money market strategies for existing assets
- Potentially adding Morpho markets and/or vaults for higher stables yield
- Ratio Estimate
- Aim to be near 70:30 in the next month and a half, potentially reaching 60:40 if the price increases.
- To achieve 70:30 at current prices, 4.5k needs to be sold, with 500 already sold.
- Rebalancing will respect the guideline of every other week in clips of 1K.
- Considering reporting on higher-risk, higher-yield assets separately from the Endowment
- Opportunity to create a separate initiative focusing on higher risk appetite for the DAO
- Sharing opportunities, including custom deals and bootstrapping new protocols, with the DAO
- Sharing of opportunities to start as soon as next month.
2.2 OpenBox Proposal Committee Update
- Formal questions sent to Josh and his team based on previous conversations and community input.
- Urbelis is discerning the legal side of things.
- Another conversation with Josh is scheduled.
- Aiming to formalize findings in the format outlined in the original proposal.
- The investment committee had an initial conversation and estimated the process would take two to three months.
- The committee has a high bar for information and wants to present a detailed, well-formatted opinion to the DAO.
3. Open Discussion
3.1 Lighthouse Team Update
- James reports that not much has happened since last week other than Telegram chatting
- The next meeting is on Thursday at the same time as the MetaGov meeting
- The team is considering starting a new forum thread for updates
- The original idea came from needing a way to represent DAO and organizational data.
- They were calling it the DAO registry industry, but they need a name that is generalized enough to show that it can be applied to all sorts of stuff
3.2 Other
- The L2 reverse registrars executable proposal looks like it will pass.
- Next week will be the delegate all-hands call, and an agenda will be posted a couple of days ahead of time
3.3 Voting on technical proposals
- Some feel that having participants vote on an executable is a mere formality because not many people understand the code.
- Suggested the DAO give Labs autonomy to build and release technical protocol development after internal review.
- Questions who is accountable if something goes wrong: the DAO voters or ENS Labs, and suggests trusting ENS Labs with protocol development if they are trusted to build it.
- Some believe the current setup works well because the DAO only has a couple of protocol updates per year
- DAO serves as a security for the protocol.
- Potential solutions:
- AI integration with governance practices
- Experiment with optimistic governance on a case-by-case basis
- Labs representatives (devrel) could explain smart contracts on calls, with notes distributed via newsletter and social media.