Q1/Q2 2022 Public Goods Steward Election

[EP6.1] [Social] Removal of Brantly Millegan as Director of The ENS Foundation

Q1/Q2 2022 Meta-Governance Steward Election

# Execute EP8, EP9 and EP10
Executes EP8, EP9 and EP10 as passed on Snapshot:

- [EP8] [Executable] Reimburse True Names for expenses and tax obligations incurred on behalf of the DAO: [https://snapshot.org/#/ens.eth/proposal/0xdf7e59e58ab0cf5ee0a591bd65369db3ee5091ae3b7ca696a0d31c2eac9959f5](<https://snapshot.org/#/ens.eth/proposal/0xdf7e59e58ab0cf5ee0a591bd65369db3ee5091ae3b7ca696a0d31c2eac9959f5>)

- [EP9] [Executable] Change to Exponential Premium Price Oracle: [https://snapshot.org/#/ens.eth/proposal/0xe040bdae812af4bd5b3b6e3f46ed1ff4701986c338b827ac8f05807c2b9b9d73](<https://snapshot.org/#/ens.eth/proposal/0xe040bdae812af4bd5b3b6e3f46ed1ff4701986c338b827ac8f05807c2b9b9d73>)

- [EP10] [Executable] Fund a DAO-Governed Identity Server: [https://snapshot.org/#/ens.eth/proposal/0x104eb11d42813fadc2b408856e8fa2c10e34dbb4a87abaa2f089ece124263f16](<https://snapshot.org/#/ens.eth/proposal/0x104eb11d42813fadc2b408856e8fa2c10e34dbb4a87abaa2f089ece124263f16>)

# Execute EP8, EP9 and EP10

# [EP3.2] [Executable] Q1/Q2 2023 Working Group Funding
## Abstract

This proposal executes all three Working Group funding requests for Q1/Q2 2023 as passed in EP 3.1.1, EP 3.1.2, and EP 3.1.3. For more detail, view the [ENS Governance docs](https://docs.ens.domains/v/governance/governance-proposals/term-3) or view the links below.

## Motivation

[**EP 3.1.1 — ENS Ecosystem Working Group**](https://docs.ens.domains/v/governance/governance-proposals/term-3/ep3.1.1-social-q1-q2-2023-funding-request-ens-ecosystem-working-group)

The ENS Ecosystem Working Group requests funding of 935,000 USDC and 254 ETH from the ENS DAO for Q1/Q2 2023.

The ENS Ecosystem Working Group is responsible for growing and improving the ENS Ecosystem by funding people and projects that are ENS-specific or ENS-centric. In line with Article III of the ENS DAO Constitution, the requested funds will be used to support projects and builders contributing to the development and improvement of the ENS protocol and the ENS ecosystem.

[**EP 3.1.2 — MetaGovernance Working Group**](https://docs.ens.domains/v/governance/governance-proposals/term-3/ep3.1.2-social-q1-q2-2023-funding-request-meta-governance-working-group)

The Meta-Governance Working Group requests funding of 364,000 USDC, 125 ETH, and 3,500 $ENS from the ENS DAO for Q1/Q2 2023.

This MetaGovernance Working Group will use this funding to support the governance processes of the ENS DAO as well as manage and build infrastructure to support the ENS DAO and Working Groups.

[**EP 3.1.3 — Public Goods Working Group**](https://docs.ens.domains/v/governance/governance-proposals/term-3/ep3.1.3-social-q1-q2-2023-funding-request-public-goods-working-group)

The Public Goods Working Group requests funding of 250,000 USDC and 50 ETH from the ENS DAO for Q1/Q2 2023.

The Public Goods Working Group will be use this funding to support projects and builders as provisioned by Article III of the ENS DAO Constitution, which provides for the funding of public goods in web3.

## Specification

1. Transfer 935,000 USDC and 254 ETH to ens-ecosystem.pod.xyz
2. Transfer 364,000 USDC, 125 ETH, and 3,500 $ENS to ens-metagov.pod.xyz
3. Transfer 250,000 USDC and 50 ETH to ens-publicgoods.pod.xyz

**Addresses:**

* 0x2686A8919Df194aA7673244549E68D42C1685d03 - ens-ecosystem.pod.xyz
* 0x91c32893216dE3eA0a55ABb9851f581d4503d39b - ens-metagov.pod.xyz
* 0xcD42b4c4D102cc22864e3A1341Bb0529c17fD87d - ens-publicgoods.pod.xyz

# [EP3.2] [Executable] Q1/Q2 2023 Working Group Funding

# [EP3.4] Fund the Endowment (first tranche)
# Abstract

First tranche to fund the Endowment with 16,000 ETH sent from [ENS DAO](https://etherscan.io/address/0xfe89cc7abb2c4183683ab71653c4cdc9b02d44b7) to the [ENS Endowment](https://etherscan.io/address/0x4F2083f5fBede34C2714aFfb3105539775f7FE64) and an additional 150 ETH sent to the [Meta-Gov Pod](https://etherscan.io/address/0x91c32893216dE3eA0a55ABb9851f581d4503d39b) to account for karpatkey and Steakhouse monthly fees.

            
# Motivation

[Approximately one year ago](https://discuss.ens.domains/t/an-ens-endaoment/11756), the ENS DAO initiated a process to ensure the sustainability of ENS as a self-funded public good for the long term. The [RFP process](https://discuss.ens.domains/t/ep2-2-4-social-rfp-ens-endowment/14069) (EP2.2.4), on which [karpatkey, together with Steakhouse, made a proposal](https://discuss.ens.domains/t/updated-endaoment-proposal-karpatkey-steakhouse-financial/14799), resulted in the [selection of  karpatkey](https://discuss.ens.domains/t/social-ep2-2-5-selection-of-an-ens-endowment-fund-manager/15188) (EP2.2.5).

For reference, the proposal submitted by karpatkey was for an initial size of \$52,000,000 USD (converted to 32,000 ETH for operational purposes as the Endowment will be founded in ETH and to account for the reduction of the pool according to [EP3.3](https://discuss.ens.domains/t/ep3-3-executable-sell-eth-into-usdc/15906)). The proposal included performance fees of 10% above the investment's reference currency, with $ for $-related investments and ETH for ETH-related investments, as well as an annual fee of 0.5% based on the size of the endowment, payable entirely in ETH on a monthly basis.

Karpatkey engaged in discussions with the ENS community to seek feedback on strategies and the ramp-up process, both [here](https://discuss.ens.domains/t/social-endowment-initial-conditions-required-steps/15684) and [here](https://discuss.ens.domains/t/endowment-initiation/15952). Feedback was received regarding concerns about the required time to establish trust and the need to limit executive votes for funding. Karpatkey believes that a balanced approach, such as funding 50% on day one and the remaining 50% after six months, would be a suitable tradeoff for all parties. To address questions and concerns raised, a [FAQ](https://discuss.ens.domains/t/endowment-frequently-asked-questions-faq/16228) was provided.

In the meantime, karpatkey made progress on the setup of [the Endowment safe](https://etherscan.io/address/0x4F2083f5fBede34C2714aFfb3105539775f7FE64), which has been seeded to display target positions. The necessary [managing permissions](https://docs.google.com/document/d/11xrliJIveXO6C6twYOrnGJ5QUW0Apr1LCcDY8hOfpuo/edit) have been defined and audits from [Ackee](https://github.com/gnosis/zodiac-modifier-roles/blob/main/packages/evm/docs/ZodiacModifierRolesJanuary2023abch.pdf) and [Sub 7](https://github.com/gnosis/zodiac-modifier-roles/blob/main/packages/evm/docs/ZodiacModifierRolesJanuary2023sub7.pdf) have been completed. On its part, Steakhouse has started work on providing open source [accounting and financial services](https://docs.google.com/document/d/1xS4nXx1G0QCjFS-VdG5yVmVoMa5t1q9_dFZ9N4wGSJ8/edit?usp=sharing), as well as a [monitoring Dune dashboard](https://dune.com/steakhouse/ens-steakhouse), both of which are work in progress.

If the Endowment is funded through this first tranche, karpatkey will allocate the funds as follows:

|#|Protocol|Assets|Strategy|Share per Strat|Allocated Funds|Share of Portfolio|Proj. APR |Proj. Rev|Pool TVL (MM)|
|---|---|---|---|---|---|---|---|---|---|
|1|Compound v2|DAI|USD - neutral|50%|$5,506,971|20.61%|2.21%|$121,704|$560|
|2|Compound v2|USDC|USD - neutral|50%|$5,506,971|20.61%|2.16%|$118,951|$637|
|3|Aura Finance|wstETH - WETH|ETH - neutral|40%|$6,282,423|23.51%|10.38%|$652,116|$208|
|4|Curve|stETH - ETH|ETH - neutral|40%|$6,282,423|23.51%|5.38%|$337,994|$1,653|
|5|Stakewise/ Uniswap v3|sETH2 - ETH Range: 1.000 - 1.006|ETH - neutral|20%|$3,141,212|11.76%|12.77%|$401,133|$65|
||**Total**||||**$26,720,000**|**100.00%**|**6.11%**|**$1,631,897**||


# Specification

 1. Transfer 16,000 ETH to the Endowment (0x4F2083f5fBede34C2714aFfb3105539775f7FE64)
 2. Transfer 150 ETH to ens-metagov.pod.xyz (0x91c32893216dE3eA0a55ABb9851f581d4503d39b) to cover Endowment fees for Q1/Q2

Addresses:
 - 0xFe89cc7aBB2C4183683ab71653C4cdc9B02D44b7 - ENS DAO
 - 0x4F2083f5fBede34C2714aFfb3105539775f7FE64 - endowment 
 - 0x91c32893216dE3eA0a55ABb9851f581d4503d39b  - ens-metagov.pod.xyz

# [EP3.4] Fund the Endowment (first tranche)

Decentralised naming for wallets, websites, & more.

Market Cap	$191.89m
	$7.46
Fully Diluted Valuation	$744.25m
	$5.87m
	$3.72m
	$7.02m
	$7.02m
	$48.2m

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