1. Weekly Endowment Updates - @kpk + @Steakhouse
- Endowment at ~$98M
- 60% in ETH and 40% in Stables
- Hack incident
- On April 18th, an attacker exploited Kelp DAO’s Layer0-power bridge
- Drained approximately 300M USD
- AAVE’s contracts were confirmed to be uncompromised.
- Detailed overview
- Key actions taken:
- De-risked vaults by withdrawing funds from affected markets.
- Reviewed large positions.
- Exited positions to protect the endowment.
- Full weekly endowment overview.
2. [Temp Check] Expanding the ENS Foundation Board to Strengthen Operational Accountability for ENS DAO
- Aim to move forward with decision-making and achieve high consensus.
- Main blocker identified as the nomination process for board members.
- Bandwidth issues noted as a potential blocker, not directional support.
- Multiple parties proposing different solutions for board legitimacy.
- Clarity around board composition deemed necessary.
- Next to Nick from Labs, a suggestion for the DAO to have a permanent seat on the board.
- Concerns and questions
- Need for accountability between the DAO and service providers.
- Discussion on the mandate of the board and foundation is lacking.
- Importance of defining the responsibilities of the foundation clearly.
- Proposal for the foundation to take over funding responsibilities from the DAO
- SPs, Labs, administrative tasks, WGs.
- Suggestion: tie the mandate to a limited budget to build trust and demonstrate capabilities.
- Mentioned, the foundation should be accountable for its tasks and develop trust over time.
- Importance of defining the mission, scope, and accountability of the foundation.
- Sentiment that the current proposal lacks operational oversight.
- Dissolution of working groups may lead to loss of collaboration opportunities.
3. Open discussion
3.1. SPP3 proposal discussion
- Coltron introduces the SPP3 proposal for feedback.
- Aims to add accountability and structure to the SPP program.
- Links the budget to the DAO revenue and sets milestones for performance.
- Concerns about politicization in current oversight processes.
- Proposal seeks to reduce delegate interaction and separate oversight from WGs.
- Proposed budget of 3.4M tied to trailing DAO revenue.
- The budget is reduced from last year due to lower revenue.