1. Weekly Endowment Updates - @kpk + @Steakhouse
- Endowment at $80M
- 56% in ETH and 44% in stables
- Total performance $2.4M
- Market very volatile over the past week
- No key operations were executed last week
- The IPS is planned for publication today or tomorrow, addressing private deals and different product types.
- Full endowment report for the week.
- Weekly commentary:
2. Endowment Investment Policy Update - @kpk
- Summary of changes: [Temp Check] 2026 Endowment Investment Policy Update - #2 by kpk
- Discussion on moving funds to an alt L1 (like ARC) for private deals raised concerns about counterparty risk, asset management, and transparent ownership.
- Karpatki manages 3 multi-sig setups for COW DAO on Mainnet, Gnosis Chain, and Arbitrum.
- Attendees requested documentation to understand operational risks for L1 expansion.
- The investment philosophy discussed giving Karpatki flexibility to invest in assets like real-world assets or alt L1s, with a desire to execute quickly and trust experts within high-level guidelines.
- Delegates expressed concerns that the suggested risk profile is materially different from the endowment’s traditional low yield, low risk vehicle perception, raising fears of speculative yield gathering operations.
- It was suggested that such activities should be very limited to a small percentage of the portfolio, and a snapshot vote during the IPS approval process could measure collective risk appetite.
- The current IPS draft includes very minimal updates, like language clarifications, lacking sufficient feedback for material changes related to L1s, L2s, etc.
3. Security Council Updates - @blockful
- The Security Council contract is set to expire in ~40 days,
- Audited by Nethermind, and is scheduled for deployment this week.
- New functionality will allow for easier renewal of the Security Council in future cycles
- Eliminating the need for redeploying the contract and reassigning roles.
- A change in the signer set will occur, replacing Lefteris with Coltron.
4. Shielded Voting for ENS Snapshot Proposals
- A proposal was made to test shielded voting for the upcoming Term 7 steward election to experiment with the primitive before deciding its future policy via a Snapshot Vote.
- Concerns were raised about a potential lack of quorum.
- On Arbitrum’s Snapshot, shielded voting allows visibility of who voted and with what tokens, but not how they voted until the end of the vote, as votes are submitted encrypted.
- A concern was raised about a potential mismatch where shielded voting might not be enforceable for onchain executable votes, which are often more important than Snapshot votes.
- Private voting neutralizes strategic voting by whales, making votes less political, and the ideal process involves Snapshot for consensus and onchain for ratification.
5. Open discussion
5.1. Working Group Budgeting
- Working groups did not submit collective budget proposals for the current term, creating a budgeting gap.
- The next set of stewards should propose and manage their budgets, as they will have a clearer understanding of their needs.
- The MetaGov wallet currently holds $184k which is sufficient for near-term operations.