Introduction
The goal of this report is to provide a “cash basis” spending overview for ENS Working Groups in Q1 of 2024. The overview is broken into two sections, Spending (ETH and USDC) and Governance Distribution (ENS).
A live view of balances of ENS Working Group wallets can be seen at enswallets.xyz.
Spending
All Working Groups
The USD equivalent of total working group spending for Q1 was $664k. USD price conversions for both USDC and ETH are made at the time the respective transactions occur.
Ecosystem
The Ecosystem working group spent 410,274 USDC during Q1.
Spending Across Initiatives
The diagram below depicts Ecosystem Working Group spending in detail.
Hackathons
The sponsorship of ETH Global is for 2024 and covers the costs associated for five different events and hacker prizes.
Grants
The grant spending during Q1 consisted only of Rolling Grant spending. These grants funded numerous projects throughout the term as seen in the Diagram above and in the “Term 5 Grants - Summary” forum post.
Other
Other expenses encapsulated spending for IRL events including ETH Denver, ETH London, and Farcon, support spending for newsletter, discord mod support, merch store operations and more.
Meta-Governance
The Meta-Governance working group spent 163,279 USDC and 3.42 ETH during Q1.
Spending Across Initiatives
The diagram below depicts Meta-Governance Working Group spending in detail.
Note: This spending does not include ETH sent to Karpatkey for the endowment fees
Initially, the Meta-Governance Working group was paying for the Endowment fees with working group funds and continued to do so until February 2024. However, the 2024 payments were reimbursed and with the passing of [EP 5.6] Enable Self-Funding for the Endowment, proceeds from the Endowment will now be used to pay Karpatkey fees.
Working Group Compensation
The Meta-Governance working group funds compensation to working group stewards, secretary, and scribe as provisioned in the ENS DAO Steward Compensation forum post.
DAO Tooling
DAO Tooling consists of costs associated with tools needed for DAO functions such as automation, voting, coordination.
DAO Bylaws
In November 2023, The Meta-Governance WG put forth an RFP for the drafting of ENS DAO Bylaws. Payments occurred to Lemma Solutions, the firm selected for the drafting, in Q1 related to the completion of performance objectives.
MetaGov WG Discretionary
Various initiatives have been carried out by the Meta-Governance stewards during the quarter including a gas subsidy for ENS delegates on Tally, refunds of gas paid to execute transactions on the ENS multisigs, and event support at ETH Denver.
Public Goods
The Public Goods working group spent 79,851 USDC during Q1.
Spending Across Initiatives
The diagram below depicts Meta-Governance Working Group spending in detail.
Grants
Public Goods Large Grants were distributed to multiple recipients. Grant recipient reports can be viewed during the Public Goods calls Thursdays at 5pm UTC.
Events & Hackathons
The funds spent in the public goods hackathon budget went to event support for ETH Denver, ETH Global London, and ETH LATAM.
Governance Distribution
Meta-Governance
The Meta-Governance working group distributed 589 ENS tokens during Q1.
The Meta-Governance Working Group distributed 589 ENS tokens to 13 recipients who accidentally sent ENS tokens to the ENS token contract, making their tokens inaccessible.
This process and policy was documented on the forum here.