🏛️📞 MetaGov Working Group – 2025 Meetings: Tuesdays at 2pm UTC (Currently 10:00 am ET)

Details

Time: Tuesdays at 9:00 am ET (1pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. Open Space for SPP Discussion
  3. Open Discussion

Notes :memo:

1. Weekly Endowment Updates (@karpatkey + @Steakhouse )

  • Endowment at $81.8M
  • Recovering from last week
  • PUR v5 on queue
  • TWAP resumed

  • Karpatkey needs a PUR update that will allow the use of USDS
  • Blockful reviewed the payload for it already
  • Endowment monthly report forum post.
  • Endomnet permissions update forum post.

2. General DAO Updates Section

2.1 Open Space for SPP Discussion

  • Recap from the discussion around service providers
  • @cap from Namespace did a 3-hour livestream last week with people from ENS, including AvsA, who spoke for 40 minutes about the service provider program which will be helpful for everyone to check out.

Similar Proposals Question

  • What happens with the proposals that are essentially doing the same thing?
  • Similar proposals are accepted, and all could be funded (it’s up to delegates)
  • Proposals simply need to meet eligibility criteria
  • However, delegates are encouraged to include all who they thing provides great service to the protocol or the DAO

Open Source Requirements

  • Questions about the MIT license and open-sourced codebase.
  • The idea is that this is the work that benefits the ENS ecosystem and is also a public good.
  • Concerns that open-sourcing their proprietary client/apps removes the source for any other funding.
  • Core services can be open source, with peripheral offerings being closed source.
  • The program may fund an open-source SDK, for example, while allowing private repos for other initiatives.
  • The work funded by the program should be MIT licensed, focusing on what is planned to be open-sourced.

Copeland Method and Ranked-choice Voting

  • Snapshot introduced the ranked-choice voting method (see X post)
  • Ranked-choice voting demo from Snapshot.
  • Visualisation is needed for more transparency and insight into how the casted vote would impact the applicants
  • Also, it doesn’t consider eligibility for 2-year streams
    • Agora is building this!

SPP Proposals Deadline

  • March 31, 11:59:59pm
  • Midnight UTC is being considered as a cutoff point.
  • Will post clarifying comment about the exact moment by the time applications need to be submitted.

Delegate meeting (next MetaGov call)

  • Next Tuesday will be the delegate meeting
  • Intended to be like a Delegate forum (all-hands delegate call)
  • The goal is to provide ENS delegates with the necessary information for the upcoming month
  • Question whether we should record the Delegate call
  • Grassroots work will be done this week to reach out to everyone personally to ensure they have the delegate call on their calendar.

What’s next for MetaGov (plans for 2025)

  • Delegate office hours, proposal reviews, and delegate onboarding with calendars are in the works.
  • After SPP, there are plans for the endowment, including auto-funding and more.
  • The Security Council is coming up on its one-year anniversary, and fixing challenges around the number of active delegated votes is a big initiative.
  • Iterating on how the Meta Governance group runs meetings, such as changing the first meeting of the month to a delegate meeting.
  • Regulatory requirements need to be focused on.
  • Actions are being taken to improve coordination in the DAO, such as the delegate all-hands call.
  • The goal is to increase delegation and voter engagement.
  • There are ideas around treasury management, such as the DAO directly staking ETH.
  • Looking back at the one-to-one ENS distribution to grant recipients, those votes are not getting delegated, so a better mechanism is needed.
  • There is research going on in the background on Namechain to understand what the prices should be.
  • And more improvements and experiments

3. Open Discussion

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5 Likes

Agenda and Minutes for MetaGov Meeting, April 1st, 2025 [Delegate Forum]

Details

Time: Tuesdays at 10:00 am ET (2pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. Upcoming KPK PUR Proposal
  3. Upcoming Events in April
    1. SPP Aplications - Cam
    2. SPP Voting Methodology - Avsa
    3. Upcoming Proposal Schedule
  4. Review our Security Council Test
  5. ENS Delegations and Token Distributions for Term 6
  6. Working Group Process Enhancements
  7. Open Discussion

Details

Time: Tuesdays at 10:00 am ET (2pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. Upcoming KPK PUR Proposal
  3. Upcoming Events in April
    1. SPP Applications - Cam
    2. SPP Voting Methodology - Avsa
    3. Upcoming Proposal Schedule
  4. Review our Security Council Test
  5. ENS Delegations and Token Distributions for Term 6
  6. Working Group Process Enhancements
  7. Open Discussion

1. Weekly Endowment Updates (@karpatkey + @Steakhouse )

Karpatkey Endowment Update –

  • ~$75M in assets (32% ETH, 68% stablecoins)
  • APR at 3.3%
  • TWAP below threshold due to ETH price drop
  • Request for transparent fee reporting
  • 99.9% funds allocation: ENS- Yield/Fee Tracking - Google Sheets

2. Upcoming KPK PUR Proposal

  • Discussion around KPK permissions update
  • TWAP handles ETH-to-USDC conversions.
  • Safeguards are in place by having multiple multisigs.
  • Upcoming PUR update to include Zodiac Roles modifier.

3. Upcoming Events in April

  1. SPP Applications - Cam
  2. SPP Voting Methodology - Avsa
  3. Upcoming Proposal Schedule

SPP Applications & Voting Process

  • 25 applications; average request ~$420K.
  • Ranked choice voting (Copeland method).
    • No other DAO is using Copeland.
    • Ranking candidates is a clear method.
  • Agora visualization for transparency.
  • Delegates have expressed confusion about the process.
  • Concern: How to support non-funded projects in the long run.

Voting & Proposal Timeline

  • Two-stage voting:
    • Social votes (similar to service providers, working group funding).
    • Executable votes (fund allocations).

Basic vs. Extended Scope Debate

  • Delegates are unsure how to differentiate.
  • Proposal to vote separately on scopes.
  • Request for a way to differentiate between extended and basic scope.
    • There should be two different options to vote for each service provider.
  • Concern: Splitting votes may impact providers with two scopes.

Delegate Concerns & Adjustments

  • Proposal for providers to update scopes within five days.
  • Proposal for MetaGov Delegates to rework the entire process.
  • Need clearer differentiation between basic & extended scopes.
  • Calls, forum posts, and temp checks planned for feedback.

Funding Strategy & Future Adjustments

  • Ensuring fair distribution (smaller teams vs. large budgets).
  • Concern over “all-or-nothing” funding model.
  • Proposal: Rank providers first, then select preferred scope.

Next Steps

  • Neto to analyze the impact of voting structure changes.
  • Notion for tracking strategy updates.
  • Telegram group for real-time coordination.
  • Future consideration: Separate budgets (2-year extended, 1-year extended, basic)

Read the AI summary/notes (unfiltered, unedited, does not guarantee accuracy, but still good).

2 Likes

Agenda and Minutes for MetaGov Meeting, April 8th, 2025

Details

Time: Tuesdays at 10:00 am ET (2pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. Open Space for SPP Discussion
  3. Open Discussion
1 Like

Details

Time: Tuesdays at 10:00 am ET (2pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. Open Space for SPP Discussion
  3. Open Discussion

Notes :memo:

1. Weekly Endowment Updates (@karpatkey + @Steakhouse )

  • The market has been brutal.
  • Portfolio weight: 36% stablecoin, 64% ETH.
  • ETH generated $29k, stablecoins $15k
    • ETH was generating more than stablecoins this week.

  • APR at 3.38%
  • Allocation of funds at 99.99%
  • TWAP has stopped since March 26th because the price broke below $2k
    • Will wait and revisit this topic to find the best time to resume TWAP

2. General DAO Updates

Open Space for SPP Discussion

  • Feedback for the amendment for choosing between basic and extended options.
  • Nick’s comment was discussed that suggested ranking the budget separately, which would simplify the process and align the snapshot vote with current ranking methods, but it would add complications.
  • The current state of interfaces for voting is looking good, a lot of progress is being made, and they feel confident they will deliver.
    • The requirement for strong battle-testing before the official vote is acknowledged.
  • Voting only through Snapshot would be opaque, custom interfaces are much better.
  • A strong desire to move things forward and define next steps is needed
  • Governance takes time, and all conversations are valuable
  • Nick’s proposal has merits, but the current proposal amendments might fail due to Nick’s disagreement with the proposal
  • Token Delegations concerns are pointed out briefly
  • Voting Mechanism and Capital Allocation document by Netto
  • There is a Telegram group where UI providers are helping each other.
  • Excel spreadsheet as a Simulation for vote splitting was shared by Netto.
    • Demonstrating that providers with two budgets are at a disadvantage if budgets are used for ranking.
    • Delegates want to express preference via basic/extended budget, but providers may change to one budget due to the voting mechanism.
  • A suggestion to apply with just one budget has been voiced to mitigate challenges.
  • It’s pointed out that allowing separate voting for extended vs. basic scope leads to vote splitting, incentivizing everyone to propose one budget.
  • James summarizes three options: continue without change, proceed with the original proposal with amendments, or propose removing the basic vs. extended scope.
  • Request to add Brantly’s feedback/suggestion to the existing proposal has been unanimously well-received.
  • Feedback is requested from service providers and delegates regarding their stance on the proposal.
    • It’s important to hear from voters and create a better proposal if needed.
  • Alternative Proposal Suggestion
    • First, rank the projects and then rank the budgets in a second round.
    • There is concern about getting caught up in the granular details of voting mechanics, tho.
  • Priorities: focus on the ideal situation or the most practical solution.
  • Netto’s algorithm explanation should be in all UIs and should be added to the proposal as a reference.
  • Blockful is happy to help other UIs with implementation
  • Decide whether to include specific dates in the proposal
  • Delegates should vote on the UI during the testing period to find bugs and gather data.

3. Open Discussion

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1 Like

Agenda and Minutes for MetaGov Meeting, April 15th, 2025

Details

Time: Tuesdays at 10:00 am ET (2pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. Open Space for SPP Discussion
  3. Open Discussion

Details

Time: Tuesdays at 10:00 am ET (2pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. Open Space for SPP Discussion
  3. Open Discussion

Notes

1. Weekly Endowment Updates (@karpatkey + @Steakhouse )

  • Endowment at almost $70M
  • 35% stables and 65% ETH
  • Allocated funds at 99.97%
  • Current APR at 3.35%
  • No updates on TWAPs
  • The report is not available yet on the forum, but it will be soon
  • TWAP still paused
  • 3k ETH left to swap
  • Next week, an extra slide and more details around TWAP

2. General DAO Updates Section

Open Space for SPP Discussion

  • The key to productivity is to focus on the practical differences between the 2 proposals that are active now.
  • Both proposals allow more expressivity for delegates
  • Alex did a demo for voting and budget ranking
    • Vibe coded, shows a list of all the candidates
    • You can drag them up and down to rank them (including their two different budgets)
    • Unranked candidates kept under “none below”.
  • A pre-processing step ensures the basic budget is always above the extended budget to avoid vote splitting.
  • Question about Non-Ranked Projects raised - how are they treated if someone else compares them highly?
  • Proposal 6.4 allows delegates to choose one of two budgets for applicants
  • Proposal 6.5 allows delegates to rank their basic and extended budgets separately
  • In 6.4, extended vs. basic funding is compared against itself, while in 6.5, extra funding competes with all other allocations.
  • A request is made for the voting UI to show the total cost of ranked items.
  • Displaying the total budget is considered important and should be included in the final version.
  • Suggested - showing a running total or single total of votes, with a “none below” option, to help voters understand the program’s scope.
  • Both proposals on the forum have pros and cons, but “they both do the job.”
  • Nick had reservations about the implementation complexity of the new voting scheme.
  • Concerned about potential issues with voting UIs showing different information.
  • Another reason was UX concerns – the inability to rank a company’s basic budget separately from their extended budget.
    • Wants to be able to express preferences more easily.
    • Believes 6.5 is simpler and allows for easier expression of preferences.
  • With 6.4, voting directly on Snapshot was not possible because.
    • Candidates could be ranked, but there was no way to enter a preference for basic or extended budgets.
  • The post-processing in 6.5 is a safety net to ensure that a candidate’s extended budget is not approved without their basic budget also being approved
  • 6.5 is safer if the voter misunderstands something about how the vote works.
    • In 6.4, if someone misunderstands and puts Project A’s extended budget at the top and Project A’s basic budget at the bottom, the basic budget would be ranked at the top next to the extended, ranking that project at the very top.
    • In 6.5, if someone misunderstands and puts extended at the very top and basic at the very bottom, the only result is that they would actually be voting for the basic and then also the extended.
  • The two algorithms have similar trade-offs
  • The main concern is that 6.5 changes the game theory around service provider applications by comparing service providers versus service providers and extended budget versus all other budgets.
  • 6.5 changes too much from 6.3, requiring service providers to change their applications and delegates to understand the new system.
  • Focusing on what produces the best capital allocation outcomes for the DAO.
    • Optimizing capital allocation should be the “North Star.”
  • There’s a concern about delegates needing to rank all candidates, which is a substantial time investment.
    • A separate centralized committee was suggested for next year that would review, approve, and ultimately fund applications and teams (pending discussion when the time is right)
  • Showing the total budget may help delegates prioritize ranking enough candidates for a good outcome.
  • Noted that the rules last year were confusing, and the original rules for this year were even more so.
  • The average delegate may not understand the proposals due to other commitments.
  • Both votes are up, and presumably, whichever one wins will be honored.
  • The discussion is about whether we are voting for teams versus voting for budgets.
  • 6.5 hits a sweet spot by not just voting for budgets but giving some additional granularity.
  • UI Providers are happy to implement either proposal.
  • Adjustments may take a day, but both are simple.

3. Open Discussion

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1 Like

Agenda and Minutes for MetaGov Meeting, April 22nd, 2025

Details

Time: Tuesdays at 10:00 am ET (2pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. Open Space for SPP Discussion
  3. Open Discussion

​​Details

Time: Tuesdays at 10:00 am ET (2pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. Open Space for SPP Discussion
  3. Open Discussion

Notes :memo:

1. Weekly Endowment Updates (@karpatkey + @Steakhouse )

  • Endowment AUM: $68M
  • Portfolio: 35% ETH and 65% stablecoins
  • No changes to the strategy overview
  • Allocated funds at 99.95%
  • Current APR at 3%
  • TWAP – still paused since ETH price went below $2k

  • Income statement for 2024
  • Domain registrations and renewals make up the operating revenue of $27M.
  • Operating expenses, such as working group expenses, Labs, and the service providers program, add up to around $17M.
  • Operating income was at $10M in 2024 after all Operating Expenses.
  • ENS Steakhouse Dune Dashboard
  • ENS financial reporting by Steakhouse
  • Working on Data Studio for the ENS Endowment Report

  • It will have:
    • Summary of the portfolio, including ETH, stablecoins, and other crypto.
    • Weekly performance summaries.
    • Asset breakdown with charts and tables.
    • Strategy breakdown by type (staking, liquid staking, money markets…)

.ceo and Kartpatkey proposal

  • .ceo redelegation: Transfer ownership of the .ceo top-level domain to the DNSSEC registrar
  • The proposal is going live most likely tomorrow
  • Coordinating with Karpatkey to put up both proposals (.ceo and PUR)
  • Blockful will verify the executable payloads

2. General DAO updates section

2.1. Open Space for SPP Discussion

  • 6.5 proposal passed and will be used as the official voting algorithm for SPP2
  • MetaGov is creating materials to help delegates understand the voting.

  • MetaGov plans to post a forum post with all the information about the dates.
  • Applicants can update their applications.
  • Three key areas to work through:
    • front-end development and testing (led by Netto),
    • the actual vote
    • a period of voting review.
  • The dates will be confirmed in the forum post and the next call.

Testing process

  • A public spreadsheet will manually calculate the results based on the snapshot testing vote.
  • The spreadsheet will be the source of truth for the algorithm and needs to be verified by everyone.
  • Providers’ UIs will be verified against the spreadsheet to ensure they implement the algorithm correctly.
  • A sync is needed between UI providers to understand their implementation progress.
  • UI providers agreed it was a low-effort implementation (1-2 days).
  • Lighthouse is good with the implementation.
    • Minor UI tweaks needed to the voting interface.
  • They need the JSON manifest to be included with all the metadata so they can trustlessly pluck the canonical information and replicate the results
  • Snapshot is capped at 20 unless you pay for the Pro version
  • ENS might need to pay for it for the SPP vote.
  • There will be a JSON manifest.
  • The JSON manifest lists all the choices (basic and extended proposals for each provider) and metadata to group them programmatically.
  • The intention is to have that included with the Snapshot vote to have onchain reference of the values that will be used to calculate the final results.
  • There was a discussion about surfacing how much of a provider’s total budget has been allocated in the UI.
  • The concern is that showing a running total might lead people to stop ordering choices once they hit a certain budget, which could skew the results.

3. Open Discussion

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4 Likes

Agenda and Minutes for MetaGov Meeting, April 29th, 2025

Details

Time: Tuesdays at 10:00 am ET (2pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. Open Space for SPP Discussion
  3. Open Discussion

Details

Time: Tuesdays at 10:00 am ET (2pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. Open Space for SPP Discussion
  3. Open Discussion

Notes

1. Weekly Endowment Updates (@karpatkey + @Steakhouse )

Overview and General Considerations
Looker Studio Endowment Report

The report has three parts:

  • Portfolio summary – balance sheet and performance for last week.
  • Asset and strategy – allocations and the performance breakdown.
  • Performance details – details on portfolio returns and performance.

State of Endowment

  • The Endowment is at ~$74M.
  • ETH is around 67% of the portfolio
  • It went up from last week ~6M – mainly due to ETH price appreciation
  • For USDM and USDT, right now, they are both meant as a hedge

Income statement update

  • Community feedback was received that including $ENS as expenses was not fair, as it’s not reflected in the balance sheet.
  • Two versions of the income statement have been created:
      1. the status quo version with no changes and
      1. excluding $ENS tokens as expenses

Comment/feedback

  • Add ELI5 comments throughout ENS Endowment financial report
  • The glossary will be made more thorough to aid understanding

ENS financial reporting - Google Slides.

————

2. Open Space for SPP Discussion

Update on UIs

  • The voting test is Live on Snapshot.
  • It’s live on Agora as well.
  • Lighthouse confirmed that it is integrated and working too.
  • Excel spreadsheet for voting algorithm simulation for testing.
  • Everything is going very well so far.

Concerns

  • Concerns around the vote going live with only a 24-hour room for testing.
    • Not enough time to do testing before the real vote.
  • If no bugs arise in the next 24 hours, the live vote could proceed in theory.
  • Allowing more room for testing would allow for:
    • testing with multiple UIs
    • confirmation with Netto’s spreadsheet
    • observation of finalized results after the vote ends.
  • Concerns are more focused on the algorithm showing the right results rather than general bugs that may occur during voting.
  • The proposal has gone up, and people can vote, but the rendering of final results after voting closes hasn’t been tested yet.
  • If there are discrepancies in results with different UI providers, we postpone. Otherwise, we can proceed. (temporary consensus)
  • Live communication will be provided in the ENS SPP group by the MetaGov.

Test Vote, Official Vote, and Timeline

  • Suggestion to reach out to delegates and test these UIs so they understand how the process works and get familiar with the UIs.
  • Plan is to communicate the updated timeline in the forum and on Telegram.
  • Testing will continue, with updates from UI providers.
  • The official vote will be postponed to the following Wednesday (May 7th).
  • Direct voters to Lighthouse and Blockful UIs with clear voting instructions.
  • Consider video tutorials and highlighting the Agora interface as read-only.

Final

  • The test vote starts this Wednesday (April 30th)
  • The official vote starts next Wednesday (May 7th)
  • We should have plenty of time for testing like this.

Next MetaGov call will be one day before the vote officially opens, and it’s Delegate all-hands call – good for last-minute demos, feedback, Q&As, fixes, etc.

1 Like

Agenda and Minutes for MetaGov Meeting, May 6th, 2025

2nd Monthly Delegate All Hands call

Details

Time: Tuesdays at 9:00 am ET (1pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. Open Space for SPP Discussion
  3. Open Discussion

Details

Time: Tuesdays at 10:00 am ET (2pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. Open Space for SPP Discussion
  3. Open Discussion

Notes

1. Weekly Endowment Updates (@karpatkey + @Steakhouse )

  • Looker Studio is public! :partying_face:
  • Endowment - $74M (70% eth / 30% stables)
  • Better yield expected due to:
    • Migrating from DAI to USDS
    • Stakewise stopped bribing, which brought down the yield.
  • The Onchain proposal for permissions has passed
  • Reports and financials will be published next week on the forum
  • Stablecoins yielding from 2.5-4%
  • ETH staking yield: 2.5-3%
  • Waiting week to week to decide on TWAP execution
    • Enough runway so no need to rush it

2. General DAO Updates Section

2.1 Open Space for SPP Discussion

  • The vote officially starts on Wednesday, 8pm UTC (4pm EST)
  • The vote will end on Monday afternoon/night.

UI updates

  • Updated spreadsheet to manually analyze the results of the test vote.
  • The spreadsheet is the source of truth, so the UIs should be compared with it
  • All calculations came out the same/correct.
  • Everyone feels good and confident about it.
  • One issue remains - long names of some applicants (Ethereum Identity Foundation)
  • Voting UI, Walk through and UI information (please share with other delegates): SPP2 - Voting Walk Through

3. Open Discussion

Thomas’s Forum Post and Concerns

Post Discussion TL;DR

  • SPP is inefficient, delegates aren’t equipped, have no time to review 25+ applications, no incentives, or are misaligned.
  • Solution: Create a paid technical committee to review and guide funding. This would be properly compensated, it would bring more accountability, and better capital allocation.
  • Delegates are overwhelmed, lack time/context, burnout is real, no technical expertise in some cases to asses what’s best for ENS.
  • No one calls out bad work; no accountability or cancellations for SP stream for underperforming projects.
  • Solution: Add an admin layer, improve transparency, allow iteration, etc.
  • Agreed that these changes are too big to do for this year’s program.
  • Overall sentiment: SPP is valuable, but there’s room for improvement.
    • Needs more structure, not a full reset.
3 Likes

Details

Time: Tuesdays at 10:00 am ET (2pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. General DAO Updates Section
    1. SPP Discussion
    2. 2 new proposals
  3. Open Discussion

Notes :memo:

1. Weekly Endowment Updates (@karpatkey + @Steakhouse )

  • 94M endowment this week
  • Last week, stablecoins were around 32% of the portfolio, now 25.7% due to ETH price appreciation
  • APR is a bit low – rebalancing this week to kick it up again
  • Funds are almost entirely deployed into liquid strategies
  • Migrated from DAI to USPS
  • Anchorage has acquired USDM and will wind down operations.
    • Will remove USDM on the next permissions update
  • The April report will be published this week
  • Around 3.1k ETH had been sold via TWAP

2. SPP program overview

  • Link (here) to the manual calculation of the results
    • Providing legitimacy and transparency
  • Next steps for SPP:
    • Talking to Urbelis and signing ToS with Service Providers
    • Doing ‘allowance proposal’ to kick off new streams for SPs
  • New proposal going onchain soon – Funding for Working Groups
  • These two will be submitted and executed together
  • Metagov will retroactively reward all contributors who helped make this program and vote move forward, and go smoothly.
  • MetaGov will collect feedback from applicants and participants of the SPP to improve it for the next season.
    • An anonymous feedback mechanism was suggested.
  • Need to optimize the SPP for ROI for the DAO and results for ENS
  • Thomas’s idea of a committee with market understanding, capital allocation expertise, and technical know-how is mentioned as a potential future improvement.
  • Important to set a direction/mission for the DAO and ENS protocol
  • Delegate experience, redelegation, or “retirement” was discussed, highlighting that most active delegates are the best voting body for ENS DAO.
  • All undelegated votes pose a governance risk.
  • A culture of open talk, feedback, and criticism needs to be created where people talk openly and even attack proposals, highlighting concerns and areas for improvement.
  • Incentivizing delegation and rewarding active delegates with more votes is crucial.
  • Many other ideas and suggestion were bounced around such as:
    • liquid democracy,
    • filtering applications to decrease the time investment,
    • ‘conviction voting’ to show if they are happy or not happy with how the funded project is doing,
    • panel of experts to go through applications and allocate funding,
    • private voting,
    • and many, many other ideas…
  • All of these will be collected through feedback forms and upcoming forum discussion posts, and temp checks, and put up for further discussion.
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Agenda and Minutes for MetaGov Meeting, May 20th, 2025

Details

Time: Tuesdays at 9:00 am ET (1pm UTC).
Google Meet Link: meet.google.com/bms-grvp-jbw

Stewards:

Agenda

  1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
  2. Upcoming Proposals in May
    1. Upcoming Working Group Funding Proposal
    2. Additional .ceo proposal
  3. SPP Onboarding Discussion
  4. Open Discussion