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

cap · February 3, 2026, 6:38pm

1. Weekly Endowment Updates - @kpk + @Steakhouse

Full weekly report here.
Endowment at 98M USD – ETH + Stables
51.4% ETH, 48.6% stablecoins due to ETH price drop
Starting rebalancing to reach a 60/40 split between ETH and stables
Saw a -13M in total results despite generating ~61.5k in yields and ~45.9k net yields
BTC dropping to 75k and ETH to 2.2k (risk off)
Market sentiment low
Monthly report available here.
Screenshot 2026-02-03 at 15.07.131920×1051 182 KB
USDC withdrawn from KPK vaults deposited into fluid usdc
Public dashboard of positions being finalized for real-time monitoring
It’s up to the DAO to be proactive if they want to change something
A previous RFC regarding gas fees and risk curve adjustments had limited engagement from delegates
Mentioned [RFC] Target Allocations for Endowment

The second liveness check for the Security Council was conducted
Involves signers signing an empty transaction.
Purpose was to assess reaction time and consensus-building speed in response to incidents.
It took 2 hours to reach the minimum threshold (4/8 signatures) and 2 days for full consensus.

The Retro vote has passed.
The research has 4 phases, and phase 1 is about 3 months.
The plan is to publish a full design protocol for accountability and transparency.
Interviews will be conducted to gather perspectives on DAO performance.
Stakeholder map and summary of results will describe DAO’s objectives and relationships.
There will be a kick-off meeting in one of the upcoming delegate calls.
The purpose of the kickoff meeting is to create awareness around the research questions.
A list of individuals to be interviewed has been developed to ensure broad representation.
The questions for the interviews have also been developed.
Phase 1 is the longest due to data collection.
Phases 2 and 3 will run concurrently
Phase 4 (synthesis and reporting) will only take a couple of weeks.

Limes is not on the call, so the ENS revenue reports will be discussed at a later time.
Feel free to comment or reach out to Limes for questions and discussion.

Lightwalker provides an update on the ENS referral program (ENS Holiday Awards).
This was a pilot program, and it wrapped up in December.
The pilot saw great engagement
- There have been >10k referrals.
- $80k in revenue contributed to the DAO
The next cycle will focus on addressing concerns that referrals might be dividing the existing market rather than growing it.
A question to consider: If all the apps disappeared, would the same activity happen through the ENS Manager app, or is it just reallocating demand?
The goal is to demonstrate confidence that the referral program is growing the pie for ENS, which would make a case for the DAO to fund the program on an ongoing basis.
$10k invested resulted in $80k worth of revenue; however, at the moment, there is no complete evidence that those purchases would not have been made otherwise.

ENScribe presentation update.
Connor shared an update about the contract naming season.
ENScribe aims to change the way people see smart contracts in the Ethereum ecosystem
- Replacing hexadecimal addresses with ENS names/subnames.
Using names improves security, trust, UX, and increases the surface area for ENS.
Strategy involves working with protocols to name their contracts.
Partnerships: Nouns, Liquity, and Cork, with Giveth to be announced soon.
Active discussions: Aztec, Lido, Superfluid, Pyth, Octant, and Human Tech.
Working with infrastructure providers like block explorers to integrate contract naming.
- An ENScribe widget will be launched in Blockscan this month.
Adding new functionality to the ENScribe app:
- Safe, exporting call data, batch contract naming, and features like L2 primary names.
Released a Foundry library and a Hardhat plugin.