This Month in ENS DAO - Feb 2023


Checkout last month’s This Month in ENS DAO. Expect these to typically come out the second week of the month.

ENS DAO takes a few weeks off over the holidays so there were no calls until mid-way through January.

There were two big areas of focus for ENS DAO governance over the last month:

  1. Funding Working Group budgets for Q1/Q2 2023
  2. Treasury Management through a (now successful) proposal to sell 10k ETH into USDC and the continued work on the ENS ENDAOment

Additionally, there was also a lot of activity on the ever-so-important NameWrapper update

Working Group Q1/Q2 budgets

ENS Ecosystem Working Group 935,000 254 - Link
MetaGovernance Working Group 364,000 125 3,500 Link
Public Goods Working Group 250,000 50 - Link
total 1,549,000 429 3500

This does not include the $4.1m that is streamed daily to the ENS Labs development team, so total yearly budget would be about $8m+

In terms of where these funds are going, the Public Goods Working Group ($250k & 50 ETH) is all on funding grants and teams in the ecosystem, like ENS Small Grants(50 ETH), Gitcoin Grants ($50k), Rapid Grants ($50k + 10 ETH), and Large Grants ($150k)

Compensation for the nine governance stewards and secretary fall under the MetaGovernance Working Group. Here are the other planned expenses as well as the allocation for the Ecosystem Working Group

Caney Fork voted for the execution of this on-chain proposal. Notable: brantly.eth voted against it.


Two big initiatives the past few weeks.

First, was the passing of the sell 10,000 ETH to USDC, which was successfully executed yesterday through CoW Protocol. Caney Fork voted against this proposal (reasoning in the ENS forum), because the trade was not split up into multiple orders. Prior to the vote, this was discussed in the forum & on last week’s governance call. Regardless, it is nice to see another DAO venture into the sovereign treasury management space.

Elsewhere in treasury, the ENS Endowment led by Karpatkey is moving along. It aims to take about 25% of the ENS treasury (16k ETH) to be managed in a Zodiac-enabled SAFE by Karpatkey. They posted a series of strategies to be used in mid January for community input, and then just this week have prepared a draft for an executable on-chain proposal in the forum. Also check out a recent FAQ Karpatkey posted in the forum.

ENS Name Wrapper update

The long-awaited upgrade wraps existing ENS names as ERC-115 tokens, which includes better permission control over wrapped names and subdomains. This would enable a single ENS name to issue a series of subdomains as connected NFTs. Nice explainer here.

It was first deployed to Goerli last July, and then was sent back for another round of audits. It was re-deployed in mid-January and once again on Jan 30 for what seems to be :crossed_fingers: ) the last time. Jeff Lau explained the differences in the latest update: more explicit about the state of subnames and what a wrapped name is, .eth expiry and allowing forever subnames.

Goerli deployment and Github code

Other updates and interesting stuff

For more: subscribe to the excellent bi-weekly ENS DAO Newsletter.

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