Details
Time: Tuesdays at 9:00 am ET (1pm UTC)
Google Meet Link: meet.google.com/bms-grvp-jbw
Stewards:
- @5pence.eth (5pence.eth | X), Lead Steward
- @alextnetto.eth (netto.eth | X)
- @daostrat.eth (daostrat.eth| X)
Agenda
- Weekly Endowment Updates (@karpatkey + @Steakhouse)
- General DAO Updates Section
- Karpatkey PUR Update Proposal
- Service Provider Program Updates with Avsa.eth
- Open Discussion
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1. Weekly Endowment Updates (@karpatkey + @Steakhouse)
- Current endowment value is $102 million.
- Market fluctuations have resulted in a temp loss of $5.2 million.
- Offset by DeFi results of approximately $113k.
- EP 6.2 has passed, resulting in 5000 ETH transferred to the Endowment.
- Already deployed and utilized
- Capital utilization rate is close to 100% with an APR of around 4.65%.
- More here:
- 6.1 proposal passed
- Already sold 1,000 ETH, the remaining will be swapped over the course of 3 months.
PUR #5 includes:
- Upgrading DAI into Sky (USDS) for better yield opportunities.
- Inclusion of oETH as another LSD provider.
- Increasing stablecoin diversity by incorporating USDT and RWA.
- Previous proposals 6.1 and 6.2 have passed, including the transfer of 6000 ETH from the DAO wallet.
- For the next call, we will have a distinction between all dao holdings and endowment holdings.
- Lido chunk should be less than 10% based on the IPS.
- Will make sure it goes below 10%
- Current yields on ETH are all around ~5%
2. General DAO Updates Section
2.1. Karpatkey PUR Update Proposal
What next PUR update will give us?
- Converting DAI into USDS and allocating to appropriate pools
- Mint oETH and utilizing Curve and Convex pools
- USDT - depositing into Aave and Compound
- RWA as a hedge against stablecoin issuer depegging risk
- Adding new tokens into arrays for swapping in and out
- More details here: [EP 6.X] [Executable] Endowment permissions to karpatkey - Update #5
- Proposal for Buckful to review the payload.
- Discussion on enabling USDC to send directly from the endowment to the DAO wallet (to streamline the operations and save time)
Proposal to enable TWAP through the endowment.
- DAO would own the TWAP safe.
- Karpatki and Medigov could initiate T WAP, output directed to DAO wallet.
- DAO would control the Safe through the DAO vote but Kartpatkey can initiate swaps.
2.2. Service Provider Program Updates with @AvsA
- Timeline for service provider program discussed.
- Current allowance for 18 months, expiring in June.
- Next steps involve posting more temp checks until we reach a consensus.
- Need to vote on increasing, maintaining, decreasing budget, or canceling a project.
Selection Process
- Use of ranked-choice voting via Agora.
- Custom dashboard will be developed for live results by Agora!
Eligibility
- Candidates must meet specific eligibility criteria.
- Must be an existing company with an established team and reputation.
- Team members must have prior experience with ENS blockchain projects.
- MetaGov working group expected to review candidates for eligibility.
Proposal types
- Last year’s focus was on developer-centric proposals.
- Suggestion to open up proposals for marketing, research, event organizing, etc.
Budget
- Increase of the maximum grant limit to $1.3 million.
- Justification for higher budgets to attract serious applicants.
- Need to accommodate to everyone’s needs
Safenotes Intro by @Limes
- Since Parcel will shut down, we need a new annotation tool for transactions
- Safenotes: a tool that allows you to attach categories and descriptions to safe transactions
- Annotations and categorization of DAO-related payments
- Website Safenotes.xyz
3. Open Discussion
- Questions about the proposal: [Temp Check] Amendments to Working Group Rules
- Consolidating everyone’s feedback
- Need to merge it with Limes’ proposal: Secretary and Working Group Multi-sigs
- Make it all into one big vote with everyone’s changes and suggestions.
Working Group Amendments proposals
- Discussion about a proposal made by Alex last November.
- Questions about the proposal: [Temp Check] Amendments to Working Group Rules
- Netto is compiling feedback and working on the new proposal.
- Need to sync with Limes’ proposal: Secretary and Working Group Multi-sigs
- Make it all into one big vote with everyone’s changes and suggestions
Arnold (Lighthouse)
- Founder of Lighthouse - Governance Lab
- Lighthouse offers a mobile client for voting on Snapshot spaces.
- Recently completed integration for safe voting on Snapshot Spaces.
- Lighthouse DEMO