1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
- Endowment at $123M, down $10M due to ETH price decline
- Stables now 24% allocation (previously 18%)
- 94M in ETH, $30M in stablecoins
- Continue selling ETH to rebalance
- APR at 2.83% (low due to LST redemptions)
- Weekly commentary:
- Portfolio rebalancing progress:
- Sold 1.6k ETH at ~$3.7k each for $6.12M USDC
- Deployed in Compound and Aave
- Shifted 10% USDS into Aave (5% APY)
2. General DAO Updates Section
2.1 OpenBox Proposal Committee Update
- The committee sent Josh and his team a number of questions based on their own queries and submissions by DAO participants.
- Currently awaiting a response to the latest questions and will be able to give a more detailed update soon.
3. Delegate Open Discussion
Token Treasury and Usage (proposal)
- ENS has one of the largest treasuries owned and controlled by the DAO.
- Unlike other ecosystems, ENS hasn’t used its tokens for public-facing partnerships, deals, or security mechanisms.
- The DAO is now at a reasonable stance and market cap to consider distributing more responsibility and empowering communities and partnerships.
- The proposal aims to explore nuanced experiments using tokens (a few hundred thousand to a few million dollars) to inspire the community and drive registrations.
- The proposal will be posted on the forum in the next couple of days.
- James wants feedback from delegates and contributors.
- Seeking ideas for cool experiments, incentives, partnerships, or programs to run with tokens to inspire community and drive registrations.
Ideas and Suggestions
- James from Lighthouse suggested the Signals protocol, where people put up ideas and lock their tokens, similar to conviction voting.
- The DAO could have a prize pool of ENS tokens to distribute to community members who are the most active and participate the most.
- The new register controller and ENSIP-19 update added a referral parameter to the events that will be emitted, allowing tracking and having referral fees for .eth registrations.
- Ideas for incentivizing projects, such as those using onchain contracts with ENS names/subnames via ENScribe.
- A test will be run for 500 days to see how it goes, and then report back.
Concerns, gamification, user alignment
- ENS has two distinct communities: DAO participants and domain marketplace users, who need to be value-aligned.
- James expressed concern that incentivizing can lead to gamification and grifting, attracting users for the wrong reasons.
- Some people have left the ENS ecosystem because they don’t consider it a welcoming or well-incentivized ecosystem to work in.
- Thomas mentioned an airdrop of 10 ENS tokens to founders in Kenya, which led to them building on ENS.
Other
- Thrive protocol was mentioned, which has worked with ecosystems like Polygon, Boba, Swell, and ApeCoin DAO to incentivize community members for creating real value.
- It automates the distribution of tokens for onchain and offchain tasks
- Proposal is up for .locker TLD transfer.
Blockful update
- Two-part update: 1) Upgrading the Governor contract and 2) Creating incentives to improve delegation.
- There are 353 days left on the Security Council before it becomes permissionless to be canceled.
- Need to have better security and delegation, or a new Security Council
- Updates to the forum regarding a governor upgrade will be available by the end of the month.
- Focused on metrics that impact security.
- Exploring options like optimistic governance.
- To make governance more resilient, bigger delegation thresholds are needed.
- Since the veto council was disabled, the treasury is above the delegated supply again, which is unsafe without the Security Council.
- A new feature was shipped to track top delegates and their voting.
- Allows seeing each delegate’s votes, where their voting power comes from.
- Can follow delegation changes as delegators sell, buy, or redelegate
- Engagement improvement: Working on a Telegram notification system (with plans for Slack too)
- Allows people to follow governance, get notified of new proposals, and track their delegates voting.
- In the coming weeks, there will be a feature to click and see what transactions have an impact.
- The goal is to improve defense by understanding how distributions and tech profitability are changing.
- If someone starts buying or delegating many tokens, there will be the next steps as a preemptive measure.
- If ETH were to 3x, the cost to attack would look aggressively bad.
- Working on organizational charts to understand where treasuries are on different wallets and how they are composed.
Blockful links and resources:
- If you have feature suggestions, please answer the survey so we can track those, and spread the news if you can!
- Notification bot announcement (pls engage)
- Tokens and Delegates announcement (pls engage)
- Survey (please answer and help us)
- Bot Link: Telegram: Launch @Anticapturebot
Spending report
- Spending report is out and you can find it here.
- The working groups take pride in being a gold standard on transparency in the DAO space
Service provider quarterly updates and accountability
- Only 3 service providers have posted their quarterly updates on the forum.
- Guidance is needed on the expected cadence of these reports.
- If reports are missed twice in a row, it can cause action.