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

[cap]

@netto.eth

Agenda

This session will be our Delegate All-Hands, which takes place during the first MetaGov Meeting of each month.
These meetings feature a curated agenda and a broader presence of delegates, enabling deeper discussions, faster coordination, and more effective progress for ENS governance.

1. Weekly Endowment Updates - @kpk + @Steakhouse
2. Update on the Endowment Fee Structure (Metagov + kpk)
3. ENS Holiday Awards Referral Program - @lightwalker.eth
4. [RFC] Delegation Increase Incentives System - @zeugh.eth
5. Steward Elections Term 7 - Update on Timing and Next Steps
6. [Temp Check] ENS Retro: An ENS DAO Retrospective
7. Open discussion

1. Weekly Endowment Updates - @kpk + @Steakhouse

• Weekly commentary:
  
  
• DAO at $110M with 60% in ETH and 40% in stables.
• 2.8% APR, 2.1% net APR
• Negative $1.78M loss due to ETH price drop

2. Update on the Endowment Fee Structure (Metagov + kpk)

• Moved to the AUM (Assets Under Management) only fee model.
• Aligns the treasury manager better with the ENS Endowment goals.
• Increases transparency on how the fees are calculated.
• Previous fee structure was a 50 basis point AUM fee (0.5% per year) with a fee cap at 100M, plus a 10% performance fee on all yields above 4%
• The new fee structure also has the 0.5% AUM initial fee, capped at 100M, but the fee starts decaying (if the AUM increases 4x, the fee decreases 2x)
• The services provided by KPK are the same.

3. ENS Holiday Awards Referral Program - @lightwalker.eth

• The first ENS referral program, ENS Holiday Awards, is now live.
  • Leaderboard website is live.
• Users can generate a referral link and share it to qualify for a share of a $10,000 prize pool.
• The program is focused on distribution channels through products with large existing audiences, such as wallets and block explorers, to incentivize them to prioritize .eth name registrations and renewals.
• ENS Holiday Awards are an experiment to discover how to structure referral programs, intending to present a tested proposal to the DAO later.
• Referrals consider both registrations and renewals.
• Scoring is based on referral years, not the quantity of referrals.
• ENS Manager app implemented the referrer parameter on the link.

4. [RFC] Delegation Increase Incentives System - @zeugh.eth

• Been under discussion status for about 2 months.
• The system aims to distribute ENS to active delegates and delegators.
• Active delegates are those voting over 70% of the time.
• A proposal version will be brought either this week or early next week.

5. Steward Elections Term 7 - Update on Timing and Next Steps

• There are currently 2 proposals that affect nominations / elections:
  • 1. ENS Admin panel proposal
  • 2. ENS retro proposal
• The ENS retro proposal delays the election by 4 months.
• MetaGov will wait for these proposals to have a resolution.
• If both get rejected, the plan is to handle nominations and elections.
• The goal is to have a bigger time of nomination and preparation time to get more people engaged.
• Nomination window starts after the proposal has a resolution one way or the other.

6. [Temp Check] ENS Retro: An ENS DAO Retrospective

• A retro is proposed to provide industry leadership.
• There has been discussion about the structure of the retro on the forum.
• Changes to the Retro proposal:
  • Initially, the retro was to be led by James, Thomas, Arnold, and Metagov.
  • The retro will now be led independently by Metagov to avoid bias.
  • There will be a proposal to extend the working group term until March next year, until the retro is finished.
  • If one working group steward wants to step down, the other 2 can continue.
  • If all 3 working group stewards step down, the working group will pause, and multisig funds will be returned to the DAO.
  • More clarity has been added around how the budget plans are to be developed, primarily around the specification section.
• The first proposal is for immediate action with a budget of up to 4 months.
• The second proposal involves a snapshot vote to signal DAO support
  • Followed by refinement by Metagov for clearer scope, budget, and goals.
  • The budget will be tied to deliverables, timeline, and scope.
• Data discovery is a big part of the retro, and it would be good to understand what data is already fully qualified.
• Specific deliverables, proposal scope, and budget breakdown will be presented by Metagov.
• The idea is to extend until March, complete the retro, and gather more data from DAO contributors before deciding on the next steps for SPP, working groups, or other structures.
• Eugene from Metagov will be present on a call to discuss the proposal, possibly during a MetaGov working group call or at an independent time.

7. Open discussion

7.1 Woof

• Woop offers ENS to use the streamer for streaming yield-bearing tokens.
• Woop’s streamer product is free, audited, permissionless, and immutable, allowing streaming of native and yield-bearing tokens.
• By using the streamer for streaming yield-bearing tokens, ENS can potentially earn around $400k to $500k in profit annually.
• Currently streaming around $9.5M for OpenZeppelin, Tally, Gauntlet, and themselves.
• Read their entire proposal here.