1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
- Endowment down due to the ETH price going down
- 27% stables, 73% in ETH
- 99.9% asset utilization
- Weekly commentary
- Revenue up to 2.4M in Aug (double the monthly average for H1)
- PUR6 forum post coming
- Plan is to keep selling ETH, but it warrants discussion first
- Discussion on whether to slow down selling as the ETH price goes up.
2. General DAO Updates Section
2.1 Seal Org, Safe Harbor
- It allows preauthorized white-hat hackers to legally safeguard ENS funds during active exploits by recovering stolen assets without liability.
2.2 SPP stream reactivation proposal
- This proposal reactivates the Service Provider Program Season 2 (SPP2) streams that were interrupted due to a failure in Superfluid’s autowrap system.
- Vote HERE.
2.3 Enscribe Contract Naming Proposal
- The proposal aims to launch ENS Contract Naming Season: a time-boxed incentive program with the goal of naming existing and new contracts across Ethereum using ENS!
- James gave a quick overview of the proposal
- Scope, eligibility, budget, timeline, working group, target recipients, success metrics…
- The idea is to put tokens in a multi-sig controlled by one of the working groups
- This would be a 6-month-long program
- Someone should be assigned to handle outreach and answer questions
- Using a POAP or other marketing tools can help raise community awareness
- Incentives will be paid out in ENS tokens
- Combining token claiming with the delegation process could be beneficial
- Leaderboards, social gamification, ENSbeat.com idea.
- The plan involves a marketing push to encourage projects to name their contracts using ENS
- Currently in review (feedback is welcome)
- Feedback around tiers and finances would be appreciated
- Next step: post on the forum tomorrow for official discussion
3. Open Discussion
3.1 Delegation Incentives Program Proposal
- Full presentation here.
- Goal: Increase active delegations within the ENS DAO. Currently, only about 10% of the circulating supply is delegated.
- Problem: Many delegates are inactive, weakening the DAO’s defense against attacks. The aim is to incentivize active participation from delegates.
- Proposed Solution: A delegation incentives program paid in ENS tokens. A test version lasting three months is proposed, with potential for continuation.
- Rewards: Active delegates and holders delegating to active delegates would be rewarded proportionally to their voting power. Delegates with seven or more votes out of the last 10 proposals would qualify.
- Program Structure V1: Active delegates receive rewards based on voting power; delegators receive rewards if their delegate is active, also based on delegated voting power.
- Program Structure V2: Implement caps for both the delegates pool (0.5%) and the delegators pool (5%) to prevent disproportionate rewards to large holders/delegates
- Program Structure V3: Incorporate time held and time delegated as modifiers to counterbalance Sybil attacks. Prioritize long-term holders who delegate to active delegates over new speculators. Holders who have never delegated receive smaller rewards than long-time delegators.
- Program rollout: RFC: Details will be available in an upcoming RFC.
Tokens that are not delegated need to be delegated for the security of the protocol and delegated to someone who votes.