Update on redelegation, spoke to folks at Coinbase
A few years ago many users delegated to Coinbase, so have tons of delegations but can’t do anything with the delegations due to security concerns and hard to access wallet, so need to redelegate existing delegates. Will put forum post together explaining problem and potential solutions
Voting Delay: 1 Block delay minimum between putting up proposal and voting on proposal (simple change)
@netto.eth: 1 day voting delay would be a good change, currently it is 2 blocks. Time lock has a 2 days delay. It’s a good practice to have less delay on voting then in the timelock, was what saved compound on the recent attack
Flexible/fractional voting
Discussion around need to break into two proposals based on complexity, Ben will chat with Kent from Agora to clarify next steps
Will wait for more clarity around v2 before another upgrade after this
This executable proposal seeks to implement the reimbursement payment to ENS Labs for the legal fees incurred while pursuing litigation to protect the eth.link domain. The reimbursement was approved in the previously passed social proposal
Additional Proposals
@avsa.eth: Posting an RFP today to improve Snapshot ranked voting
Would like Meta-gov to use more ranked choice voting but Snapshot doesn’t offer needed capabilities, proposal will ask how could help/improve Snapshot to meet the working group’s needs
In upcoming proposal want to whitelist Sky (Maker migration) as well as some other LSTs
New version of IPS with feedback should be posted on forum by end of week
2. General DAO Updates Section
Agora’s Governor Upgrade Proposal
Barely passed. @avsa.eth recommends reaching out to nay voters to understand objections
Some delegates thought replacing 100k vote threshold for voting, seems to be a lack of understanding of the proposal
Kent from Agora: Good learnings for clarity, misunderstanding more on communicator than listener
Given how close, need to figure out why people thought was going to be Agora only
Already started messaging bigger delegates to see what else worried about and clarify misunderstandings
Even though passed should revisit to clarify before it goes to an executable and get very precise in communications
Idea: walk through diff of the code on a video
Have the ball, will take next steps with summarizing this discussion and put on forum.
@5pence.eth: ENS does good job of not having votes this close as do a good job communicating, missed it on this one. Before moving forward want to understand objections and find compromise (i.e. bond amount)
Discussion about whether IPS just about what endowment should be able to do or instructions for controlling/rebalancing of assets, needs to be ironed out in continued discussion
Want to have alignment between ETH and ENS; endowments goal to support ENS into perpetuity, 60/40 allows for considerable war chest without giving up on ETH upside
Long term goal for endowment management: fund all ENS ops from endowment inclusive of Labs and Working Groups
Will have breakout rooms during breaks and want to give preferential treatment to service providers to share projects (~10mins). Please fill out form if interested in being on stage!: https://forms.gle/8V4akkqChYAapXXs6
@avsa.eth: Have modified token distribution proposal based on feedback, waiting on ETHGlobal Team to get back about who deserves from their end
Instead of a linear distribution, idea of quadratic was discussed. Fear is that such a big change would derail proposal.
Will do update temp check later today or tomorrow, aim for vote Wednesday of next week.
Tokens would go to meta-gov for distribution
@limes.eth: Linear distribution misses out on value created, e.g. Hedgeye has created a lot of value for ENS but we don’t pay them. Maybe need more opinionated rules than just dollar matched
@avsa.eth: Maybe should be giving retro funding through Public Goods to them, then would automatically be included in token distribution. Also could later do a secondary token disbursement to these types of groups
@netto.eth: Want to set precedent that DAO should reward security contributions
@5pence.eth: Even if other people identified issue, they didn’t do anything about it. Rewarding Blockful for actually doing something about it
Eduardo: Have issue with conflict between being service provider and receiving bounty
@netto.eth: Abstaining from voting, up to DAO to vote if worth rewarding for saving DAO from security issue
Eduardo: Possible to have process/procedure for this type of thing in the future?
@avsa.eth: Agree, need process. Blockful trying to create process. They identified problem and fixed it, then created proposal to receive comp for fixing
Corina: Happy to see that having open conversation on the issues
@5pence.eth: This time will try having proposals that pass social vote into one batched executable proposal
@avsa.eth: Also a security reason to have one executable together, can see all funds moving, meta-gov can do all transactions from wallet
frENSday Update
Service Providers and ENS builders, if you’d like to speak during lightning talks fill out form before end of the week!: https://forms.gle/PdbA7JaouHZnMA7X6
The ENS Open Ledger is a quarterly/annual visualization of fund movements in ENS using a Sankey chart format
@avsa.eth: Tool was very helpful to get ENS Distribution data
Plans to make easier to find recipients and allow people to build/make own charts
@clowes.eth had concerns about wallet holding lots of ENS, JY showed that it’s an exchange. @5pence.eth reminded that security council can veto malicious proposals
Next Steps: Identify recipients and get Hedgeye for governance distribution
Next steps: Executable proposals that require KYC need more time to get up; executables that don’t will go up this week on Thursday
@avsa.eth presented graphs showing results of voting
Proposals decided by 8 voters due to voter concentration
ENS governance distribution (ranked-choice): Even though small allocation of ENS won, more people would have prefferred a medium distribution over a small
tl/dr: Round-robin when applied to ranked choice voting has interesting results
Snapshot has ranked choice voting on roadmap
4. Upcoming Proposals
Katherine Wu: Hoping ENS v2 executable funding request will go up this week
General DAO Updates
a. Updates from Karpatkey on additional Term 5 Proposals
b. Meta-governance Special Election
c. Unruggable’s Contract Audit Needs
d. frENSday Updates
Open Discussion
18 Participants in Meeting (See list of participants at end of notes)
ENS Labs looking to use gateway in context of reverse resolution as core piece of ENS v2; determined audit is a necessity to instill confidence in code
@clowes.eth narrowed auditors down to 2 providers, want to get feedback
Code Arena: Competition-based auditing platform, bounty put up (pricing varies $60-$120k)
Previously used by ENS, had good experience
Trail of Bits: Best-in-class audit provider doing private audits (Can be flexible with pricing to establish longer-term relationship with ENS)
Best effort audit for $92k, comprehensive $138k
@clowes.eth pitching Meta-gov to fund comprehensive audit
@5pence.eth: Will wait until 3rd meta-gov steward is seated before making decision, no rush
@limes: Why meta-gov responsibility to pay for audit and not ecosystem?
@5pence.eth: Not spelled out in working group rules who would be responsible for paying for an audit, no strong opinion, some contracts that need to be audited specifically about governance, wouldn’t think that would be ecosystem.
@clowes.eth: Ecosystem has lower budget for audits currently, happy to do what ENS ecosystem thinks is generally most appropriate
@5pence.eth: Should put forward amendments to working group rules before end of the year so can go to snapshot and have clarity over issues like this and people know who to go to in the future
Broad discussion on ways to amend working group rules to define who pays for audits and at what thresholds
@netto: Audit could be a part of ENS v2 security audit budgets
frENSday Updates
frENS Day in less than a week!
Will be announcing lightning talk speakers in an hour from ENS X account, had lots of applications, wish could host everyone, selected 6 speakers
Reach out to @184.eth or Katherine Wu if still waiting for tickets
3. Open Discussion
Meeting will move to UTC, start an hour earlier in the future
Updates from Karpatkey on additional Term 5 Proposals
Still discussing internally on when to post on the forum, one piece involves moving ETH from ETH register controller
@netto.eth: Withdrawal needs to be done through timelock proposal, need to keep in mind for proposal. Post calldata to the forum so Blockful can do calldata security review
Planned Executable Proposals [EP 5.25] and [EP 5.26]
Discussion around governor update and having (another) social vote first before putting forward proposal to upgrade governor. Decided that Agora needs to put up another social vote before audits
Previous social vote did not meet quorum (possibly do to confusion of the proposal)
Value time of delegates, only ask to vote twice if important
Tally and Agora implementing gasless voting, in future cost of voting might not be an issue
3. Open Discussion
@clowes.eth: In hopes of getting reverse resolution out, need to complete audit. After discussing with members at Devcon will go with two pronged approach of auditing supported by meta-gov and using Code Arena
Meta-gov should support audits related to infrastructure
Historically audit support line item for ecosystem, but not this year
Call will move to 2pm UTC starting next week
@danch.eth created ENS Ledger app through a grant, looking for grant to maintain and support the app. Meta-gov looking into 6month grant with milestones:
Many discussions in proposal around service providers getting additional operating funding, but pushing proposal forward based on merit of the work and need to support ENSIP19
Operating infrastructure to support rollout globally and top tier engineers are expensive, can’t be reactive, need solid infrastructure from the get-go, ENS can’t have downtime
ENS Grant ask is for voting power and incentive alignment, open to appropriate vesting schedules, believe have demonstrated commitment to ENS
Urgency is due to need to hire people of certain standard, takes time
Three technical members of team managing many projects, need people who are experts in on-call 24/7 infrastructure scaling
Labs have said this is required infrastructure to support Namechain, discussion about appropriate ways to fund now and in the future
Believe proposal well flushed out, appreciate continued discussion on forum
3. Open Discussion
Steward nomination post will go up today explaining process, nominations are dec 6-9, elections are dec 10-15
ENS DAO Newsletter #72 — 10/22/24
