1. Weekly Endowment Updates + Investment Policy Update - @kpk
- Full endowment overview.
- The endowment composition is near the target 60/40 split between ETH and stables.
- Weekly commentary
- IPS overview:
- Proposed IPS updates include formalizing that 100% of protocol revenue goes to the endowment, updating the stablecoin runway to 3 years plus a 6-month buffer, and increasing protocol allocation thresholds from 25% to 30% of endowments.
- Risk allocation changes are proposed to allow more room for new, low-to-moderate risk strategies, and Real World Assets (RWA) are being introduced for diversification
- All changes: ENS Endowment Report v1.0
2. Next steps for Working Groups Term 7
- The vote resulted in “Metagov only,” meaning a single working group will operate.
- The nomination thread for Term 7 will be posted
- The current term ending at the end of the month
- Term 7 starting on July 1st after a 3-week nomination period and Snapshot voting.
- Delegates voted not to continue with the Ecosystem and Public Goods Working Group, raising concerns about future support for ENS builders.
- Further discussion on empowering builder support is suggested
- ENS x AI group mentioned as a substitute.
3. SPP3 updates - @Coltron.eth
- The application phase for SPP3 was extended to 23:59 UTC on Thursday, June 4th
- 2-week review phase after that, involving 45-minute calls with each applicant.
- Applications are currently private to protect competitive details like requested amounts.
- A list of all applicants, including reasons for selection or non-selection, will be published after the cohort has been presented, with applicants contacted beforehand to allow for redaction of sensitive information.
- The SPP3 program is expected to go live in July.
4. @blockful updates
Blockful completed one year on SPP2, delivering on goals to improve ENS governance security, particularly Anti-capture, including “over-delivery” items without separate charges.
- [Temp Check] Renewal of the Security Council
- The ENS Security Council’s term expires in approximately 2 months, and a renewal process is underway to allow the DAO to renew and change the Council as needed without a whole full redeploy work.
- Governor upgrades, involving a lot of technical complexity and significant surface area for smart contract risk, have been delayed for one more round of the final definitions to ensure community discussion and avoid redoing contract work.
- Governance Interface for ENS DAO
- Recent efforts focus on Anticapture, a new ENS native governance interface, and the delegation incentive system.
- [Temp Check] Delegation Incentives Program
- The delegation incentive system platform is live for testing on the forum, aiming to increase cost of capture from a security perspective, with an onchain proposal expected soon for a target launch date of July 1st.
- The new ENS native voting interface aims to establish DAO-owned infrastructure, avoiding reliance on external platforms.
- The delegation incentive program’s pilot phase is calculated all offchain, with rewards from 5,000 ENS to 30,000 ENS per month, capped at 10% of growth for the total delegate pool and 1% for individual delegates.
- Active delegate reward caps range from 50 ENS to 300 ENS, while holders can receive 250 ENS to 1500 ENS (five times the delegate amount), with no extra smart contract work for those already delegated.
5. Open discussion
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