1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
- KPK is at 143 million (down from 148 million due to price decrease).
- Portfolio: 26% in stablecoins, 73-74% in Ethereum.
- Total result around 6.05 million, yield result almost 100k, net yield result almost 77k.
- APR increased due to stablecoin allocation and sky saving state at 4.75%.
- BTC finished down around 1.5% at 117k last week.
- ETH finished up 5% last week.
- Stripe and Circle announced layer one chains (Tempo and Arc).
- Ronin transitioning to L2.
- Record ETH ETF inflows around 3Blast week.
- Sold an additional 500 ETH last week at around 4.7k, totaling 3.6k ETH sold at almost 4k per ETH (14.3M in stablecoins).
- Holding 46 million in stablecoins (highest in a long time).
2. SPP Update - Blockful
- Incentives to increase delegation.
- Active voting supply of $56M.
- Need to increase that because the math is basically if you have your cost of capture above your drainable trajectory, you need to have like this cost above this to have basic safety.
- Increase Active Delegated Supply: The goal is to increase the active delegated supply to increase the cost of capture.
- Moving towards an incentive system based on proposals to bring rewards to delegators who delegate to active delegates.
- Token holders get an incentive APY to delegate, but only if their delegates are voting.
- DAO resiliency efforts – The aim is to make the DAO more resilient.
- A system is being developed to allocate rewards based on how much delegates are voting, their voting power, and how long their delegators have been delegating.
- A basic service provider tracker is being added to keep up with reports and dates for service providers.
- Concerns around incentivizing large delegates to accrue more tokens, farming APY, etc.
3. Stream Update
- The SPP stream reactivations will be live this week and put on chain to vote.
- A written postmortem from the Superfluid team will be available in the forum alongside the executable proposal.
4. SPP Watcher
Sentiment + Statements Captured
- The topic of keeping track of service provider reports and KPIs has been discussed in Metagov calls.
- Hesitancy Around Accountability - There’s a general DAO problem of behind-the-scenes conversations and fear of disagreeing with the majority.
- People are sometimes told to stop contributing on the forum.
- Transparency is a core value that should be upheld.
- The DAO should treat service providers as a business relationship, without personal aspects influencing accountability.
- Conflict resolution is lacking in the DAO.
- Service providers MUST be accountable for their work and results!
- Some feel that ENS DAO is not a very welcoming place to work.
- Forum Moderation and Censorship - Spike’s post was recently deleted on the forum, which he thinks was completely uncalled for.
- He questions who “community” is and if it’s just one person censoring posts.
- The forum is run by ENS Labs, not the DAO, and suggests moving the forum to the DAO and electing new moderators.
- He believes the DAO should be able to express opinions freely without fear of censorship, within reasonable guidelines.
- Goal is to ensure service providers can demonstrate their work, avoiding arguments in forums.
- First service provider program lacked formal KPIs and quarterly reports.
- Discussions on accountability decreased after the service provider program vote.
- Isues are discussed privately due to reluctance to post publicly.
- Concerns about conflict of interest with stewards working for ENS Labs.
- A mention of constant politics and actively campaigning against some Service Providers took place.
- Some discussions are unproductive due to their personal tone.
- Moderation is considered inadequate and not equal.
- It’s been said that there needs to be someone willing to say how things truly are so that others can share their opinions freely.
- accessor.eth has been muted for a year on the forum and has not received a response regarding why.