Thanks to all the Meta Gov Stewards who put time and energy into this. I know there were many hours of complicated coordination and deliberation.
Overview
My belief is that each of the three proposals describes strategies that are more complex and require more active management than the ENS treasury currently needs. The cynic in me worries that the complexity is a byproduct of a need to justify fees as opposed to complexity being the right answer for the treasury.
Specifics
Avantgarde’s proposal is fairly conservative in strategy, but will use both collateralized and uncollateralized loan protocols, as well Goldfinch and Enzyme vaults.
Karpatkey’s proposal commits to keep the funds all on chain, but still uses a number of different instruments for diversity that introduce contract risk.
Llama’s is the one I partially prefer because it seems closest to the DAOs ethos. It’s simple and it actually leaves the funds in the DAO Treasury. We’re all advocating self-custody in everything as the right stratgey for the space, so having a solution where the DAO retains the keys to the edaowment/treasury wallet is attractive. This would keep us in the “Not your keys, not your crypto” style of bulletproof safety. That said, this proposal comes with the downside of needing DAO votes for investment changes at regular intervals. While it’s not perfect, I don’t see that as a disqualification. It should be pretty painless if done with other budgeting or executable votes. If the voting worries anyone or it seems like it’ll be too much trouble, you’re welcome to delegate your votes to me and I’ll commit to track the proposals and vote for the conservative option each time.
Llama’s desire to become an active economic advisor to DAO structure, strategy and budgeting is also a great value add.
While I like that Llama’s fee structure is flat in this scenario, I do worry that $500k is still high. That could fund two full time employees working 40 hours a week on the ENS endowment, and I think that’s certainly more resources than we’d need.
Makerman made some excellent points in his posts, and he led me to believe that “none of the above” might be the best answer. That said, out of respect to the meta-gov stewards who put tons of work into refining and curating these proposals, I’ll vote the following way:
1. Llama
2. None of the above
3. Avantgarde
4. Karpatkey