🏛️📞 MetaGov Working Group – 2026 Meetings: Tuesdays at 9am ET

🗳️ Meta-Governance Meetings
14

1. Weekly Endowment Updates - @kpk + @Steakhouse

2. Open discussion

2.1. Marcus

  • ENS domains posted an article announcing they’re going to stay on L1.
  • Since gas is cheap, we can explore ways to subsidize L1 gas costs for all ETH holders
  • Marcus proposed Gas Subsidy Contract.
  • Problem: ENS collects registration, renewal, and renewal revenue, but there’s no mechanism to return any portion of that value to users.
  • Proposed Solution: Retroactive Gas Rebate
    • Instead of tracking balances in real time, compute rebates after the fact from public onchain event data.
    • Push ETH directly to eligible addresses at the end of the epoch.
    • Publish a Merkle Root onchain with a bond and a dispute window of 24-48 hours, where anyone can challenge the amount of ETH being pushed.
    • ETH is then distributed automatically to all eligible addresses.
  • Open design questions include:
    • What’s the right bond amount to avoid griefing?
    • What’s the dispute mechanism?
    • How to handle batch push execution, given the large number of transactions?
  • The complexity of the proposed solution was questioned (Merkle proofs, validator system, etc.) for the problem being solved, effectively returning cents to users per registration.
  • Feedback is welcome on the forum about this topic.

2.2. Bojan from Liquity

  • Liquity recently wrote a temp check on the forum about creating a more trustless treasury – diversify a small portion of stablecoin holdings or the yield operations into BOLD.
  • Liquity issues stablecoins:
    • V1 stablecoin: LUSD.
    • V2 stablecoin: BOLD.
  • Risk profile of LUSD and BOLD is different from that of usual stablecoins.
    • Only backed by ETH and Lido ETH
    • All contracts are immutable
    • No ties to TradFi, no banks, or custodians.
  • Traditional stablecoins have direct or indirect exposure:
    • Direct exposure: via the backing of a stablecoin.
      • Big stablecoins (USDC, USDT) are backed by dollar reserves in a bank.
      • Silicon Valley Bank fallout in 2023 caused depegs.
    • Indirect exposure: stablecoin backed by other stablecoins.
      • Most stablecoins are wrappers or backed by USDC/USDT.
      • Partial exposure (20-30%) to USDC/USDT still risky.
  • Proposed BOLD as an Alternative.
  • BOLD is a stablecoin issued on Liquidity V2.
  • Built upon the V1 stablecoin LUSD.
    • LUSD has been operational for 5 years with no issues.
    • Doesn’t need human interference.
  • All contracts are immutable since day one.
    • Predictability for treasury managers.
  • Always redeemable 24/7 for $1 worth of ETH.
    • Even if the market value is lower.
  • No ties to TradFi, no banks, no vaults, no custodians, or blacklists.
  • Kpk is doing the due diligence currently and will reply to the forum post.

2.3. SPP discussion

  • Proposal for a committee model for SPP3 was mentioned as a starting discussion.
  • Streams from SPP2 started on May 26th last year.
  • Ideally, SPP3 is voted and ready by May.
  • There seems to be a consensus on continuing the SPP, but a vote is needed to confirm.
  • Need to consider the limited time for discussions and changes.
  • Currently, options are:
    • Committee model
    • 2-tiered approach (up to $300k tier for new teams, and $300k+ tier for established teams)
    • Keep the existing one as is.
  • James posted “ENS DAO into 2026” to give a more open space for discussion.
[RFC] Introducing a Subsidy Contract