🏛️📞 MetaGov Working Group – 2025 Meetings: Tuesdays at 2pm UTC (Currently 9:00 am ET)

cap · January 28, 2025, 4:05pm

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

Weekly Endowment Updates (@karpatkey + @Steakhouse )
General DAO Updates Section
1. Updates from Karpatkey [EP 6.1] [Executable] Convert 6,000 ETH to USDC for DAO Operating Expenses
2. [EP 5.19] Distribution Update
3. Term 6 Budget Update
4. Service Provider Program Temp Check
Open Discussion

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

Recent price action resulted in a negative 4% on the total endowment funds,
Negative 3.1M for the week due to volatility
Generated over 100k in DeFi results this week
Funds allocation remains at 100% with APR at ~5%
Two temp checks mentioned that are on the forum
- 1. Endowment expansion (3rd tranche)
- 1. Convert 6,000 ETH to USDC
Both proposals will be up for voting soon.

Overview of two Kartpatkey proposals mentioned above.
DAO’s revenue comes from name registrations paid in ETH
DAO’s expenses include streams to Labs, the Service Provider Program, and Working groups.
—---- Convert 6,000 ETH to USDC discussion —----
@5pence.eth gave a quick TL;DR of the proposal
Proposal to swap ETH to USDC over three months.
- Total amount: 6,000 ETH; 1,000 ETH to be converted immediately.
- Remaining 5,000 ETH to be swapped at a rate of 50 ETH per day.
TWAP - Time-weighted Average Price method implemented for this swap
- This approach mitigates risks associated with significant price fluctuations
A new safe will be established for the swap process.
- The safe will have four signers, each a multi-sig: ENS Labs, Kartpatkey, MetaGov, and ENS DAO wallet with a 3/4 rule for executing transactions.
Prevention of low DAO funds in the future required
- Discussion on preventing low reserves in the future
- Automation of processes is seen as a solution
Concern: raised about key person risk in multi-sig signers.
- Addressed: Each multi-sig has redundant mechanisms due to their responsibilities.
Proposals going live today

Working groups to post the first half of the year budget estimates with operational expenses.
Community will be informed about the progress here.

Service Provider Program Season 2 is available in the forum.
Consideration of whether AGORA should be funded through the service provider
Is there a distinction between projects that raised capital and those that are bootstrapped
Feedback is encouraged on program-fit for organizations like Agora and broader ecosystem builders.
Need for a list of specific ENS needs not being addressed by existing entities.
- Suggestion for a list of tasks that the DAO and protocol require.
- Less focus on protocol tasks; more focus on specific industry verticals in relation to ENS (account abstraction, AI, Defi, R&D, etc.)
Proposal for more ideation sessions to discuss useful topics and hone in on the details about what’s important to build.
- Suggestion for including members of ENS Labs in discussions (@gregskril, @Esk3nder.eth)
- Need for shared space for conversations and doing it publicly.
Discussion on the need for clear guidelines for service providers.
- Potential North Star document to align with the vision for the Service Provider Program.
- Importance of focusing on specific goals.
- Put the North Star idea as a temp check on the forum. @cap & @estmcmxci
- Brainstorm the idea with @AvsA

Importance of delegate participation in discussions and voting… The challenge remains in notifying and encouraging delegate involvement.
Agora experienced a coordination failure with the proposal bond work in Q4.
- The proposal received positive feedback but ultimately failed to pass.
- Big delegates often have limited time, leading to misunderstandings about proposals.
Educational challenges regarding the proposal’s context.
- Many delegates who initially voted no were unaware of the proposal’s details.
- A suggestion was made to include a Loom video to clarify the proposal’s content