Price of ETH, fees, and other variables change these models
Goal is to have a clear investment statement/policy around exposure to ETH and other variables including how much runway to hold in stablecoins (2 years standard, currently at 4-5 years of stables)
Endowment is very healthy, much better position than most DAOs
Discussion around moving unused wallet funds into endowment to earn interest, opportunity cost to not having larger endowment. Working on forum post to share shortly
This proposal aims to roll out an updated version of the Zodiac Roles Modifier module. The new version improves usability and transparency of treasury management operations. Upon approval, the Roles Modifier v2 module will be activated.
Furthermore, this proposal requests authorization from the DAO to revise the permissions policy. A notable change includes enabling swapping actions on CoW Swap while the other permissions primarily focus on eliminating obsolete actions and protocols, and refining parameters within the existing permissions.
Transaction decoding to understand complicated transactions
Lots of feedback on forum posts, will put temp check together for Propose with Bond
ENS has high proposal threshold, Propose with Bond allows a user (without enough tokens) to propose with tokens in escrow, other users can vote if proposer’s idea is good or bad
1.1 billion use Google Docs, need decentralized alternatives, created dDocs
https://ddocs.new and opens decentralized page with editor where can immediately write and collaborate without a login; peer-to-peer no centralized server involved; can identify self with ENS or stay anonymous; also encrypted
Can create shareable Farcaster link; automatically creates a Frame
Have option for users to only comment
When create account automatically creates multi-sig controlling how doc is shared
Mobile-native, split-screen, markdown compatible
Fully decentralized backend using IPFS; will continue to run if Fileverse team disappears
For a DAO want to have trustless collaboration; don’t want/need one admin, but want multi-sig to manage
This proposal aims to introduce new permissions for deploying Endowment funds, focusing on improved diversification and alignment with the evolving market landscape and liquidity. We are also introducing an independent audit report together with the Permissions Update; this will be the standard practice for Permissions Updates going forward
Kent: Also comes down to how many people can acquire that many ENS if they wanted to attempt something
Netto: It would be good to consider the edge case of the proposal being canceled directly in the timelock by the security council and how the state of the proposal is handled in the governor
184.eth: Need to consider how can quickly remove spam proposals with spam links in the proposal
This proposal aims to introduce new permissions for deploying Endowment funds, focusing on improved diversification and alignment with the evolving market landscape and liquidity. We are also introducing an independent audit report together with the Permissions Update; this will be the standard practice for Permissions Updates going forward.
Next week hope to share structure of Investment Policy Statement and how can potentially use, includes opinion and ethos of how to deploy fund as ENS a public good
Looking into offering protocol owned liquidity (POL) as part of solutions
3. Agora Updates
• Agora will be posting their social proposal very soon
• Coinbase redelegation is making progress, updates soon
• Gas relay coming soon
Agora proposes adding the functionality of the ProposalBond to the ENS DAO Governor that would allow a proposer to propose with a lower threshold, and then the community could vote [For, Against, Against No Return, Abstain]. If the weight of Against No Return > Against, then the proposer does not get their bond back and the proposal does not pass
@5pence.eth: Make changes with dates of edits in the forum post
Kent: Should we get code audited before putting up for Snapshot?
@5pence.eth: Don’t need to audit until after Snapshot, but in Snapshot should articulate what plan to do for auditing so folks understand what agreeing to in Snapshot
@avsa: Agree, have budgets for audits (more than one) after Snapshot
Agreed Snapshot will happen first, Agora will put forward 1 auditor and Meta-gov will put forward another. Agora will cover changes as specified by the auditor, need to make sure changes to governor don’t affect recent changes by the security council
Agora also working to enable gas relay, starting work on next sprint around 14 September. Will put on test Sepolia so DAO has few different places where can vote
Large delegation project: Working with stakeholder at Coinbase so large delegates can vote, will increase voteable supply of ENS
Technical changes needed: Adding a redelegation (helper contract) that gets recognized by the governor so governor can read from existing registry and new registry. Tokens don’t move, pointer to a delegation is what’s moving
System would allow for different types of delegation i.e. fractional
Not gas friendly, prohibitive on L1, limits number of redelegations, needs to be in production on L2
@184.eth: Love simplified governance, will be lens to use when evaluating. When adding layers introducing risk. Wouldn’t want DAO to have more obfuscated voting, want to see who is voting for what.
Kent: We will know the address of voters, understand concerns
What is commitment needed from Coinbase?: Willingness to free up voteable supply and run a transaction to put tokens into circulation for voting
@5pence.eth: Need to write-up thoughts and go very slow on this
Kent: Open-source and forkeable, could be public good. Will invite rep from Coinbase on the call to discuss from their side
Visualization of ENS DAO transactions: The ENS DAO Ledger is a quarterly visualization in Sankey chart format of the money flows associated with the DAO
Can download charts, charts updated ever 2 hours
Users can add information on recipients to help make the diagrams more robust
@5pence.eth: What will take to maintain going forward? Tool is valuable for DAO and want to make sure maintained. Let working group know what will take.
Community feedback super important; Feedback period (Sep 10 - Oct 1): we will gather feedback of the IPS via ENS Forum discussions and during Metagov Working Group weekly meetings
Agora recommends using OpenZepplin, a reputable and top quality auditor in the governance space
Agora recommends that the metagov stewards pick from: CodeArena, Trail of Bits, Spearbit or Trust Security. Each of these are quality auditing firms with a proven track record of working with governance contracts.
Get another week’s worth of feedback before moving to Snapshot
Will conduct audit once Snapshot has passed
Will put up forum discussion around delegation of big delegates
