Details
Time: Tuesdays at 9:00 am ET (2pm UTC).
Google Meet Link: https://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
- Updates from Karpatkey on Endowment
- Karpatkey’s upcoming proposals
- [EP 5.19] Distribution Update
- Term 6 Budget Update
- Open Discussion
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1. Weekly Endowment Updates (@karpatkey + @Steakhouse )
1.1 Endowment update
- Generated 91k in DeFi results this week.
- 44k from compounding stable coins.
- 47k from ETH neutral strategies.
- Endowment valuation increased to approximately 105-106 million.
- Up 6.9 million from last week’s 98 million due to ETH’s 6% price appreciation.
- Average portfolio APR is 5.22%.
- Allocation / Capital utilization 99.9%
- Endowments diversified well enough into many battle-tested protocols with no more than 20% exposure to any one of them.
1.2 Agora Update
@brennan_agora gave updates from Agora:
- Gas Relay is live for voting and delegation.
- Allows delegation and voting for free.
- Ongoing discussions about funding this Gas Relay.
- Email notifications are live. More info here.
- Fully opt-in notifications for new proposals or proposals ending.
- Governor Upgrade for redelegation of large delegates mentioned.
- Resubmitting the proposal bond proposal after discussions with delegates.
- Service provider visualization for upcoming stream and fund distribution is being planned.
2. General DAO Updates Section
1. Karpatkey’s upcoming proposals
- The endowment expansion proposal is expected to go to vote soon.
- Permission request payload ready within two to three weeks.
For the upcoming proposals, everyone is encouraged to come to MetaGov calls next week if they have any questions!
2. [EP 5.19] Distribution Update
- Challenges in distributing ERC721 contracts noted.
- Hedgy UI checks for contract compatibility.
- Curated list of recipient wallets prepared for distribution.
- Plan to handle troublesome wallets on a one-off basis.
3. Term 6 Budget Update
- Working groups to release budgets twice a year.
- Discussion about putting out a budget this month.
- No talks have occurred so far, but coordination between working groups is expected.
- Event planned during ETH Denver.
- Official date not secured yet.
- Opportunity for delegates to gather and discuss various topics.
4. Open Discussion
Question for Kartpatkey
Brennan interested in Karpatkey’s investment strategy and philosophy, particularly how they balance risk and return, minimize risks, and manage other financial considerations.
Answer:
- Spending time trying to quantify and quality risks we’re running such as market risks, price volatility, smart contract risks, etc.)
- Assessing budgeting and financial risks for the DAO – Ensuring DAO runway.
- More info about Kartpatkey’s strategy and philosophy can be found in their Investment Policy Statement.
Glo Dollar proposal
Introduction of GLOW dollars as a US-regulated stablecoin.
- Profits reinvested into public goods rather than paid out to shareholders.
- ENS would decide where the yield from the investment would go.
- GLOUSD works with Gitcoin, Giveth, Optimism, Celo, etc.
- Different implementation options were discussed with ideas from this thread.
- Benefits:
- Diversification and minimizing risk
- The more adoption of GLO Dollar the more funds there is for public goods routed back to ENS DAO to donate.
- The sentiment is overall positive and MetaGov and ENS DAO is welcoming to this proposal however, one requirement for adoption was highlighte:
- Increase the liquidity of GLO Dollars
- Feedback and Next Steps
- Lana and GLO team have been gathering feedback for several months.
- Need clear guidance on next steps for proposals
More comments on incorporating GLO Dollar
- IPS was introduced a few months ago and ENS should follow IPS unless instructed otherwise by the DAO.
- Endowments are at about 99% utilization (60% ETH and 40% stablecoins)
- Protocol revenue already supports the public goods.
- Concerns mentioned:
- Having to change IPS because currently it doesn’t include GLO Dollar.
- Low liquidity and potential implications
- The goal of the endowment is about longevity and GLO Dollar proposal is about diversifying and increasing public good funding.
- Currently, there are two ‘similar’ discussions about maximing resources and donating to Public Goods: 1) Octact and 2) Glo dollar initiative. (worth looking into further).
- Thomas and Eduardo agree that ENS DAO is mature enough to be able to increase participation in public good efforts but note that ‘fail-safe’ mechanisms should be in place in case things don’t work out as expected.
- Discussion on what an executable proposal for Gold Dollar might look like.
- GLO dollar and Octan work together and are not mutually exclusive.
- In terms of GLO Dollar Liquidity: things are getting better and better and expected to continue improving due to launching on more chains soon and the traction is increasing to using GLO dollar for payments and grants.
Best course of action is to avoid the DAO/Endowment and talk directly with Public Good Working Group and come up with a way to work toghether.
Alternatively, social proposal is encouraged if the proposal has generated enough activity and interest.
Service Provider Program
- Request for detailed discussion on service providers.
- Questions about eligibility and operational details.
- AvsA is likely to propose the second season of the program soon.
- Ongoing discussions about the program’s structure and details.
- Discussions are still in the drafting phase.