Objective:
This proposal establishes a 1:1 ENS Matching Program for eligible recipients, defined in forthcoming proposals. Initially, it applies to grantees and USDC recipients listed below. Long-term, the program aims to cover all DAO USDC and ETH recipients, setting a policy for future governance distribution.
This is a refinement of a proposal which has been put forward here before (twice). Since the beginning of the year, one of Metagovās goal has beento increase ENS governance participation and delegation. We would like to put this to a social vote at the same time with the incoming Metagov Funding request, but as a separate proposal.
We believe governance distribution increases the access to the DAO governance, which helps the utility of the token, decreases the amount of tokens being purely used in markets, increases delegation and safety of the DAO, while also helping align developers and other people who bring value to the DAO.
Context:
- Previous Distributions:
- Proposed Distribution:
- 94k ENS tokens to grantees and eligible USDC recipients from the first three quarters of 2024
- Matching will be based on the USD value at distribution, with a vesting schedule similar to that of stewards and service providers
Matching Program:
- 1:1 ENS match based on the market value at the transaction or voting date
- ENS value calculated here at $15 per token for the purpose of lower bound for budgeting, value will be adjusted at a time in the future to reflect market
- Vesting over 3 years using Hedgey for structured distribution
The ENS DAO has given away about 1.4M dollars in the form of grants and sponsorships and other payments, not counting funds sent to ENS LABS, internal DAO Wallets, stewards salaries, and the service providers stream. Our intent would be to make a 1:1 matching in ENS, at the market value of when the day of the transaction is sent (or rather, when itās voted on), with a 3 year vesting using Hedgey.
This proposal is being submitted separately from the Metagovās main funding so each can be discussed by their own merits. Metagov current funding requests is not asking for any additional ENS as the stewards believe this is our proposed program for such distributions.
Example
This means that if you have received any ETH or USDC from any of the outgoing ENS DAO wallets, then the value of transaction is calculated at the time of the transaction was posted. We will add all these transactions from january 1st to september 30th, and then at some point in the near future, request an equivalent ENS (at an exchange rate between 15-20, depending when the budget is requested) from the DAO to the Metagov wallet. We will then redistribute all of that ENS in the form of vested Hedgey contracts, sent to the same address that received the original value. That means the power to vote is granted immediately, but youāll only be able to access the ENS itself over a period of 2 years + 1 year cliff.
We are exempting from this program: ENS Labs, Stewards, Service Providers (since we consider they already received governance ENS), ENS and ETH refunds and any other transactions we might consider did not represent a service provided to ENS (like purchase of merchandises or travel reimbursements).
Distribution Table:
The table below is an estimate from the ENS ledger, excluding Stewards, Service Providers, ENS Labs, refunds, and internal wallets. Table is not final, but a first estimate, any values or recipients could change.
This proposal covers transactions from January 2024 to September 2024, subject to legal review and market adjustments.
The full data, as well as the transaction hashes, can be found in this Google Sheets.
Recipient | Category | Transaction | USD Received | USD Total | ENS estimate |
---|---|---|---|---|---|
ImmuneFi* | Bug Bounty | 2024-06-13 | $ 250,000.00 | ||
2024-08-29 | $ 100,000.00 | $ 350,000.00 | 23,333.33 | ||
ETHGlobal* | Hackathons | 2024-01-29 | $ 240,000.00 | $ 240,000.00 | 16,000.00 |
Rotki | PG Large Grants | 2024-05-21 | $ 30,000.00 | ||
2024-09-04 | $ 12,500.00 | ||||
PG Small Grants | 2024-05-29 | $ 940.56 | |||
2024-06-20 | $ 10,532.82 | $ 53,973.38 | 3,598.23 | ||
wslyvh.eth | Hackathons | 2024-05-20 | $ 50,004.00 | $ 50,004.00 | 3,333.60 |
gashawk.eth | PG Large Grants | 2024-02-02 | $ 30,000.00 | ||
2024-08-29 | $ 10,000.00 | $ 40,000.00 | 2,666.67 | ||
buidlguidl.eth | PG Large Grants | 2024-09-09 | $ 15,000.00 | ||
2024-09-10 | $ 10,000.00 | ||||
2024-09-10 | $ 5,000.00 | ||||
2024-09-10 | $ 5,000.00 | $ 35,000.00 | 2,333.33 | ||
borderlessafrica.eth | PG Large Grants | 2024-08-30 | $ 10,000.00 | ||
2024-08-30 | $ 20,000.00 | $ 30,000.00 | 2,000.00 | ||
daemon.eth | Salaries | 2024-01-31 | $ 3,000.00 | ||
2024-02-29 | $ 3,000.00 | ||||
2024-03-31 | $ 3,000.00 | ||||
2024-04-30 | $ 3,000.00 | ||||
2024-05-31 | $ 3,000.00 | ||||
2024-06-30 | $ 3,000.00 | ||||
2024-07-31 | $ 3,000.00 | ||||
2024-08-31 | $ 3,000.00 | ||||
2024-09-30 | $ 3,000.00 | $ 27,000.00 | 1,800.00 | ||
Revoke.Cash | PG Large Grants | 2024-01-19 | $ 5,000.00 | ||
2024-05-14 | $ 20,000.00 | $ 25,000.00 | 1,666.67 | ||
Onthis | Eco. Grants | 2024-03-31 | $ 25,000.00 | $ 25,000.00 | 1,666.67 |
ipns.eth | Eco. Grants | 2024-04-14 | $ 25,000.00 | $ 25,000.00 | 1,666.67 |
Fluidkey | Eco. Grants | 2024-03-31 | $ 25,000.00 | $ 25,000.00 | 1,666.67 |
Blockscout | Eco. Grants | 2024-09-05 | $ 25,000.00 | $ 25,000.00 | 1,666.67 |
beaconchain.eth | Eco. Grants | 2024-03-31 | $ 25,000.00 | $ 25,000.00 | 1,666.67 |
1w3.eth | Eco. Grants | 2024-03-31 | $ 25,000.00 | $ 25,000.00 | 1,666.67 |
Firefly | PG Large Grants | 2024-09-24 | $ 20,000.00 | $ 20,000.00 | 1,333.33 |
EIP-7212 | PG Large Grants | 2024-04-25 | $ 20,000.00 | $ 20,000.00 | 1,333.33 |
Urbe Campus | Hackathons | 2024-06-13 | $ 14,680.00 | ||
PG Large Grants | 2024-09-04 | $ 5,000.00 | $ 19,680.00 | 1,312.00 | |
ethdaily.eth | PG Small Grants | 2024-05-29 | $ 11,286.66 | ||
2024-06-20 | $ 3,510.94 | $ 14,797.60 | 986.51 | ||
Discord Support | Support | 2024-01-31 | $ 1,500.00 | ||
2024-03-02 | $ 1,500.00 | ||||
2024-04-02 | $ 1,500.00 | ||||
2024-04-30 | $ 1,700.00 | ||||
2024-06-02 | $ 1,700.00 | ||||
2024-07-01 | $ 1,700.00 | ||||
2024-08-05 | $ 1,700.00 | ||||
2024-09-04 | $ 1,700.00 | $ 13,000.00 | 866.67 | ||
Dappnode | PG Large Grants | 2024-05-14 | $ 12,500.00 | $ 12,500.00 | 833.33 |
generalmagic.eth | Merch | 2024-01-12 | $ 1,000.00 | ||
2024-01-12 | $ 1,000.00 | ||||
2024-02-27 | $ 5,413.43 | ||||
2024-03-09 | $ 2,150.00 | ||||
2024-05-01 | $ 1,000.00 | ||||
2024-05-17 | $ 1,000.00 | $ 11,563.43 | 770.90 | ||
Pugson | Eco. Grants | 2024-03-31 | $ 10,000.00 | $ 10,000.00 | 666.67 |
Juicebox | Eco. Grants | 2024-09-12 | $ 10,000.00 | $ 10,000.00 | 666.67 |
frolic.eth | Eco. Grants | 2024-03-31 | $ 10,000.00 | $ 10,000.00 | 666.67 |
ETHDenver | PG Hackathons | 2024-02-22 | $ 10,000.00 | $ 10,000.00 | 666.67 |
Drips | Eco. Grants | 2024-04-18 | $ 100.00 | ||
2024-04-18 | $ 9,900.00 | $ 10,000.00 | 666.67 | ||
Lemma | Bylaws | 2024-02-06 | $ 2,498.67 | ||
2024-03-15 | $ 5,000.00 | ||||
DAO Bylaws | 2024-05-18 | $ 2,500.00 | $ 9,998.67 | 666.58 | |
Tally | DAO Tooling | 2024-03-27 | $ 8,999.54 | $ 8,999.54 | 599.97 |
pairwise.eth | PG Small Grants | 2024-05-29 | $ 7,524.44 | ||
2024-06-20 | $ 877.74 | $ 8,402.18 | 560.15 | ||
apoorv.eth | PG Small Grants | 2024-06-20 | $ 7,021.88 | $ 7,021.88 | 468.13 |
leticiaferraz.eth | Articles | 2024-01-08 | $ 350.00 | ||
2024-01-31 | $ 1,000.62 | ||||
2024-07-30 | $ 2,898.70 | ||||
2024-09-04 | $ 2,700.00 | $ 6,949.32 | 463.29 | ||
Socket | Gitcoin Grants | 2024-05-20 | $ 4,900.00 | ||
2024-05-20 | $ 100.00 | $ 5,000.00 | 333.33 | ||
Latin Hackathon | Event | 2024-05-21 | $ 5,000.00 | $ 5,000.00 | 333.33 |
eth-mexico.eth | Event | 2024-07-24 | $ 5,000.00 | $ 5,000.00 | 333.33 |
aynieducativo.eth | PG Large Grants | 2024-05-14 | $ 5,000.00 | $ 5,000.00 | 333.33 |
ENS Fairy | ENS Fairy | 2024-09-28 | $ 4,781.34 | $ 4,781.34 | 318.76 |
glodollar.eth | PG Small Grants | 2024-05-29 | $ 3,762.22 | $ 3,762.22 | 250.81 |
weird3.eth | IRL | 2024-03-25 | $ 3,000.00 | $ 3,000.00 | 200.00 |
Event Support | Event | 2024-03-05 | $ 3,000.00 | $ 3,000.00 | 200.00 |
daveytea.eth | AI | 2024-06-05 | $ 1,000.00 | ||
PG Small Grants | 2024-05-29 | $ 940.56 | |||
2024-06-20 | $ 877.74 | $ 2,818.29 | 187.89 | ||
stephancill.eth | Mini Grants | 2024-09-05 | $ 2,367.89 | $ 2,367.89 | 157.86 |
Scope.sh | Mini Grants | 2024-09-05 | $ 2,367.89 | $ 2,367.89 | 157.86 |
Kiwi News | Mini Grants | 2024-09-05 | $ 2,367.89 | $ 2,367.89 | 157.86 |
bloomnetwork.eth | PG Small Grants | 2024-05-29 | $ 1,881.11 | $ 1,881.11 | 125.41 |
modularcrypto.eth | PG Small Grants | 2024-05-29 | $ 940.56 | ||
2024-06-20 | $ 877.74 | $ 1,818.29 | 121.22 | ||
aexek.eth | IRL | 2024-03-01 | $ 1,750.00 | $ 1,750.00 | 116.67 |
illuminated.eth | PG Small Grants | 2024-05-29 | $ 940.56 | $ 940.56 | 62.70 |
dhive.eth | PG Small Grants | 2024-05-29 | $ 940.56 | $ 940.56 | 62.70 |
pabl0cks.eth | PG Small Grants | 2024-06-20 | $ 877.74 | $ 877.74 | 58.52 |
iviangita.eth | PG Small Grants | 2024-06-20 | $ 877.74 | $ 877.74 | 58.52 |
easlabs.eth | PG Small Grants | 2024-06-20 | $ 877.74 | $ 877.74 | 58.52 |
2118.eth | PG Small Grants | 2024-06-20 | $ 877.74 | $ 877.74 | 58.52 |
andrewpage.eth | DAO Tooling | 2024-02-06 | $ 780.00 | $ 780.00 | 52.00 |
Total | $1,259,976.97 | 83,998.46 |
*ImmuneFi and ETHGlobal are third parties who give prizes to hackathon winners and Bounty Discoverers and would be dealt separately with the intent of distributing ENS to these developers