1. Weekly Endowment Updates - @kpk + @Steakhouse
- Endowment at $115M
- ETH ~62%
- Stables ~38%
- The total result is net positive, with +$3M this week
- Weekly commentary
- BTC under pressure
- ETH fell towards $2.8k
- ENS token up 3.9% for the week
- PUR 7 published on Tally and under review
- Proposes EURC removal
2. [Temp Check] ENS Retro: An ENS DAO Retrospective
- A couple of more hours before the voting closes.
- If the proposal doesn’t pass, the steward election for term 7 will proceed.
- Nominations will be posted by tomorrow, and the election will start on 15th.
- General sentiment is that the conversation about Retro should continue even if it doesn’t pass now.
- The biggest counterpoint to the retro seems to be the working group amendments.
- Most delegates and stakeholders seem to be in favor of a retro.
- General shared sentiment on a couple of things:
- Feels like the discussion has “lost the plot”.
- The focus shifted from fixing spending and other high-level issues to who attends calls or dissolving working groups.
- Extending the elections is a toss-up with pros and cons to both.
- Thomas’s post mentioned, and people are encouraged to comment.
- Nomination and dissolving working groups suggested to be separate votes.
Retro idea and Eugene
- Eugene’s involvement stems from stakeholder analysis and conversations about the DAO’s evolution.
- The general intention this year is to focus on genuine decentralization.
- The retro idea combines a financial review of spending with stakeholder analysis to understand problems and tie them to operations.
- A big challenge for most DAOs has been output tracking, let alone outcome and impact tracking.
- Evaluation breaks down into stages: money spent to produce outputs, outputs leading to outcomes, and outcomes leading to impact.
- DAOs need to become more rigorous when it comes to spending
- Formalizing a retro with stakeholder analysis can signal a unique depth of understanding.
- It’s crucial to define who will receive the findings and what their plan is.
- The goal is to provide an unbiased view of problems and potential solutions, which should then be acted upon by the community.
- There’s excitement about exploring creative ways for the wider ENS community to engage in the process, such as anonymous forms or signaling based on .eth name or token holdings.
- Qualitative data from working groups and the SPP side is valuable, and further exploration is desired.
- The aim is to reorient, propose different structures, and move forward productively.
- A retro and full stakeholder analysis with community interaction cannot be done in less than 3-4 months.
- If the timelines are unacceptable, the minimum viable version of getting the answers needed should be figured out.
The Dissonance in DAOs
- Dissonance centers on the mission, vision, and values of major stakeholders in an ecosystem.
- DAOs have a trilemma: labs with a clear vision and product roadmap, and a foundation/DAO that does “question mark relating to that.”
- Many DAOs “wander off to crazy town” and don’t do anything relevant for the protocol, just “having fun, vibing in the corner, doing a community thing.”
- Important to understand how aligned or misaligned stakeholders are on the DAO’s purpose in the context of the Labs’ / ENS’s mission.
- Need to determine the DAO’s committed mission, vision, and purpose, around which concrete strategic goals and KPIs can be set.
Proposed Action Plan
- Immediately start scheduling 1 on 1 stakeholder interviews and anonymous feedback forms.
- Determine what ENS DAO is trying to accomplish, why it exists, and where it wants to be in 12-24 months.
- Assess whether the community has roughly 80% consensus on the answers to these questions.
- Speed run realignment in January-February; if that doesn’t happen, the project may need to be paused.
Measuring Success
- Success will be measured by whether the analysis points towards the direction the DAO is trying to head.
- The first phase is a 4-6 week sprint through interviews and data collection to determine community alignment.
- If the community can’t clarify its goals, the results of the analysis won’t be useful.
- Without alignment on the “why,” it will be hard to agree on potential solutions and prioritize them.
3. Steward Elections Term 7 - Update on Timing and Next Steps
Election process overview
- Nomination period lasts 3 days, but this time it will be longer to encourage more participation.
- Candidates need 10k ENS support to pass the nomination phase
- The top 3 choices in the election get a seat on each working group
- For this election:
- Compensation structure will be the same (USDC + ENS tokens)
- Voting - ranked choice voting using the Copeland method
- An option to dissolve the working group will be added.
- There are concerns about combining a vote on nominations with a vote to wind down the working group.
4. Open discussion
From Stagnation to Structure: Fixing ENS Governance
- Two discussions are live and will go live soon:
