The ENS DAO had the opportunity to be an example of how to create a durable, self supporting system that protected itself and it's resources from the more manipulative aspects of human behavior.
{"title":"Upgrade 0x36's sDAI to sUSDS","description":"Forum Discussion: https://shutternetwork.discourse.group/t/upgrade-0x36-sdai-to-susds/766\n\n| Proposal Title | Author(s) | Phase | Date Created |\n|----|----|----|----|\n| Upgrade sDAI to sUSDS | 5pence | Onchain | 3 November 2025 |\n\n## Proposal\n\nUpgrade all sDAI to sUSDS\n\n## Background\n\nIn June 2024, Shutter DAO 0x36 passed [Proposal 18](https://app.decentdao.org/proposals/18?dao=eth:0x36bD3044ab68f600f6d3e081056F34f2a58432c4) to convert 3M USDC into the DSR contract. At the time, the DSR (Dai Savings Rate) was at 8% APY.\n\nSince then, Sky Protocol (formerly Maker Protocol) introduced sUSDS - the new version of sDAI, which offers a higher yield. sUSDS represents USDS deposited into and earning the Sky Savings Rate.\n\nThe DSR (Dai Savings Rate) is currently at 1.5% APY. The SSR (Sky Savings Rate) is currently at 4.75% APY.\n\n## Current Holdings (as of 28 Oct 2025)\n\nShutter DAO 0x36 currently holds 1,524,525.99 sDAI, valued at USD $1,783,695.41.\n\nShutter DAO 0x36 currently does not hold any sUSDS.\n\n## Financial Impact\n\nThe projected financial impact of the upgrade from sDAI to sUSDS is an additional gain of $57,967.60 per year.\n\nIf Shutter DAO 0x26 does not upgrade (and the DSR does not change), the sDAI will earn 1.5% APY - $26,755.43 in yield per year.\n\nIf Shutter DAO 0x26 upgrades from sDAI to sUSDS (and the SSR does not change), the sUSDS will earn 4.75% APY - $84,723.03 in yield per year.\n\n## Method\n\nShutter DAO 0x36 can upgrade sDAI to sUSDS in the [Spark Finance app](https://app.spark.fi/), triggered by a Decent proposal.\n\nThe upgrade does not incur fees and is not subject to slippage. The onchain transaction will require ETH for gas (paid by the transaction executor, not paid by Shutter DAO0x36).\n\n## Contract Addresses\n\nsDAI on Ethereum Mainnet: [0x83f20f44975d03b1b09e64809b757c47f942beea](https://etherscan.io/address/0x83f20f44975d03b1b09e64809b757c47f942beea) ([source](https://docs.spark.fi/user-guides/earning-savings/sdai))\n\nsUSDS on Ethereum Mainnet: [0xa3931d71877c0e7a3148cb7eb4463524fec27fbd](https://etherscan.io/address/0xa3931d71877c0e7a3148cb7eb4463524fec27fbd) ([source](https://docs.spark.fi/user-guides/earning-savings/susds))\n\n## Schedule\n\n3 Nov 2025: Test upgrade (100 sDAI to sUSDS)\n\n17 Nov 2025: Full upgrade (1,524,425.99 sDAI to sUSDS)\n\n## Executable Code for the Test Upgrade (100 sDAI to sUSDS)\n\n### Transaction 1: Approve sDAI\n\nTarget Address: 0x83F20F44975D03b1b09e64809B757c47f942BEeA\n\nName: approve\n\nParameter: address spender\n\nValue: 0xf86141a5657Cf52AEB3E30eBccA5Ad3a8f714B89\n\nParameter: uint256 value\n\nValue: 100000000000000000000\n\nETH: n/a\n\n### Transaction 2: Upgrade sDAI to sUSDS\n\nTarget Address: 0xf86141a5657Cf52AEB3E30eBccA5Ad3a8f714B89\n\nName: migrateSDAISharesToSUSDS\n\nParameter: address receiver\n\nValue: 0x36bD3044ab68f600f6d3e081056F34f2a58432c4\n\nParameter: uint256 sharesIn\n\nValue: 100000000000000000000\n\nETH: n/a\n\n## Platform\n\n**Decent** (this proposal will trigger an onchain transaction if passed)\n\n---\n\n## Voting Options\n\n* **Vote “Yes”** to upgrade all sDAI to sUSDS\n* **Vote “No”** to not upgrade\n* **Vote “Abstain”** if you have no opinion but wish to help the vote reach quorum\n\n\n\n\n\n\n\n"}
{"title":"Test Tx to Upgrade sDAI to sUSDS","description":"This is a test transaction to confirm the upgrade of sDAI to sUSDS through the Decent dapp module, using Spark.\nThis transaction is a necessary precursor to the upgrade transaction that will be included in the [executable proposal to discussed here](https://shutternetwork.discourse.group/t/upgrade-0x36-sdai-to-susds/766?u=5pence)."}
# [Executable] Reactivate SPP2 streams
## Abstract
This proposal reactivates the Service Provider Program Season 2 (SPP2) streams that were interrupted due to a failure in Superfluid’s autowrap system. The issue has been resolved, and Superfluid has committed to covering any liquidation fees incurred by providers during the interruption. This proposal resumes the original payment streams approved in EP 6.3 and EP 6.10, including retroactive funding for the downtime.
## Motivation
Following the Superfluid autowrap failure ([post-mortem report](https://superfluidorg.notion.site/AutoWrap-System-Failure-August-2025-24f4b6e22ae98044bad6e55f7f200e0f)), the Timelock's USDCx balance ran out, interrupting the stream from the Timelock to the [Stream Management Pod](https://etherscan.io/address/0xB162Bf7A7fD64eF32b787719335d06B2780e31D1), which also ran out of USDCx, interrupting the streams to SPs. To maintain the continuity of ENS DAO’s commitments, this proposal restarts the streams and provides retroactive funding to cover the gap period, plus an additional week of pre-funding. The auto-wrapper will be able to add USDCx and ensure smooth operations going forward.
## Specification
This executable proposal will:
1. **Approve 500,000 USDC to the USDCx contract** to allow conversion for streaming.
2. **Wrap 500,000 USDC into USDCx** to provide sufficient liquidity for operations.
3. **Transfer 400,000 USDCx to the Stream Management Pod** as retroactive payment for the interrupted period. This transfer is done in USDCx rather than USDC to maintain complete visibility and tracking of all SPP program spending within the Superfluid dashboard, ensuring transparent monitoring of stream-related transactions.
4. **Recreate the stream** from ENS Treasury to the Stream Management Pod at the previously approved rate of **0.142599440769357573 USDCx/sec** (~$4.5M/year), leaving approximately 100,000 USDCx in the Treasury for ongoing stream operations.
5. Transfer 0 ETH to the timelock - This is due a bug on Tally draft feature and has no impact.
# [EP 6.13] [Corrected] [Executable] - SPP Season 2 Implementation
## Correction
The previous version of this proposal has incorrect text in the description. This version is corrected.
## Abstract
This executable proposal implements the Service Provider Program Season 2 (SPP2) following the approval of [EP 6.10](https://www.tally.xyz/gov/ens/proposal/50462913323863149622798490468303951055439459905477651666479638328507088159695) for service provider selection and the budget framework established in [EP 6.3](https://www.tally.xyz/gov/ens/proposal/45863606498975303062952719073086674668061306651606831273917754523416516421073).
This proposal transitions our existing streaming infrastructure from the $3.6M annual budget supporting 9 providers to the new $4.5M annual budget supporting 8 providers, including 6 continuing providers and 2 new additions.
## Specification
Following the selection of service providers in EP 6.10, this proposal implements the technical changes required to:
1. **Adjust Streaming Infrastructure** - Update the master flow rate from ENS DAO to the Stream Management Pod to accommodate the increased budget
2. **Provide Initial Funding** - Supply one month of USDC funding (375,000 USDC) to ensure uninterrupted service
3. **Configure Autowrap Parameters** - Set appropriate allowances for automatic USDC-to-USDCx conversion
The Stream Management Pod will continue to manage individual provider streams, adjusting rates for continuing providers and establishing new streams for JustaName and ZK Email.
### Service Provider Allocations
The following providers and allocations have been approved:
| Service Provider | Annual Allocation | Stream Duration |
| -------------------------- | ----------------- | --------------- |
| ETH.LIMO | $700,000 | 2 years |
| Blockful | $700,000 | 2 years |
| Namehash Labs | $1,100,000 | 1 year |
| Ethereum Identity Protocol | $500,000 | 1 year |
| Unruggable | $400,000 | 1 year |
| Namespace | $400,000 | 1 year |
| ZK Email | $400,000 | 1 year |
| Justaname | $300,000 | 1 year |
| **Total** | **$4,500,000** | |
### Technical Implementation
The implementation maintains our existing Superfluid architecture:
* ENS Treasury (Timelock) → Stream Management Pod → Individual Service Providers
* The Stream Management Pod continues to be controlled by 3 of 5 signatures (3 Metagov Stewards, Secretary, and DAO Governor)
* Security measures remain in place, limiting exposure to approximately 50 days of funding in case of contract compromise
## Transactions
### Transaction 1: Approve USDCx
**Target:** `0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48` (USDC)
**Function:** `approve`
**Arguments:**
* `spender: 0x1BA8603DA702602A8657980e825A6DAa03Dee93a`
* `amount: 375000000000`
**Calldata:**
```
0x095ea7b30000000000000000000000001ba8603da702602a8657980e825a6daa03dee93a000000000000000000000000000000000000000000000000000000000574fbde600
```
* Tenderly: [Approve USDCx](https://www.tdly.co/shared/simulation/2207ca50-6804-4e33-be61-4181ecd3f8e5)
### Transaction 2: Upgrade USDC to USDCx
**Target:** `0x1BA8603DA702602A8657980e825A6DAa03Dee93a` (USDCx)
**Function:** `upgrade`
**Arguments:**
* `amount: 375000000000000000000000`
**Calldata:**
```
0x45977d03000000000000000000000000000000000000000000004f68ca6d8cd91c600000
```
* Tenderly: [Upgrade USDC](https://www.tdly.co/shared/simulation/6abf821b-779e-429b-b8dd-707b71360687)
### Transaction 3: Set Flow Rate
**Target:** `0xcfA132E353cB4E398080B9700609bb008eceB125` (Superfluid)
**Function:** `setFlowrate`
**Arguments:**
* `token: 0x1BA8603DA702602A8657980e825A6DAa03Dee93a`
* `receiver: 0xB162Bf7A7fD64eF32b787719335d06B2780e31D1`
* `flowrate: 142599440769357573`
**Calldata:**
```
0x57e6aa360000000000000000000000001ba8603da702602a8657980e825a6daa03dee93a000000000000000000000000b162bf7a7fd64ef32b787719335d06b2780e31d100000000000000000000000000000000000000000000000001fa9d6f943a1705
```
* Tenderly: [Set Flow Rate](https://www.tdly.co/shared/simulation/9dd3a70d-cec4-4fac-88cf-9362fda170fc)
### Transaction 4: Set Autowrap Allowance
**Target:** `0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48` (USDC)
**Function:** `approve`
**Arguments:**
* `spender: 0x1D65c6d3AD39d454Ea8F682c49aE7744706eA96d`
* `amount: 6375000000000`
**Calldata:**
```
0x095ea7b30000000000000000000000001d65c6d3ad39d454ea8f682c49ae7744706ea96d000000000000000000000000000000000000000000000000000005cc4b9c4600
```
* Tenderly: [Set Autowrap Allowance](https://www.tdly.co/shared/simulation/e192ea31-145c-4d50-9632-1342267f5b8b)
*
### Transaction Details
1. **Approve USDCx**: Allows the USDCx contract to spend 375,000 USDC from the ENS DAO treasury for the initial month of funding
2. **Upgrade USDC to USDCx**: Wraps 375,000 USDC to USDCx (Superfluid's streaming token format)
3. **Set Flow Rate**: Increases the master stream from 0.114155251141552512 USDCx per second ($3.6M/year) to 0.142599440769357573 USDCx/second ($4.5M/year)
4. **Set Autowrap Allowance**: Authorizes the Superfluid autowrapper to convert up to 6.375M USDC over time, ensuring continuous funding availability
## Verification
The testing repository with calculation tools and verification scripts is available at [github.com/5ajaki/SPP2-Streams](https://github.com/5ajaki/SPP2-Streams).
## Implementation Timeline
Upon passage of this proposal:
1. The transactions will be executed immediately
2. The Stream Management Pod will receive the increased flow rate
3. Metagov stewards will coordinate with service providers to:
* Update existing provider streams to new rates
* Establish streams for new providers (JustaName and ZK Email)
* Calculate and distribute any backdated payments for rate increases
All providers will continue to be subject to the existing KYC and sanctions compliance requirements established in SPP1.
***
# [EP 6.13] [Executable] - Service Provider Program Season 2 Implementation
## Abstract
This executable proposal implements the Service Provider Program Season 2 (SPP2) following the approval of [EP 6.10](https://www.tally.xyz/gov/ens/proposal/50462913323863149622798490468303951055439459905477651666479638328507088159695) for service provider selection and the budget framework established in [EP 6.3](https://www.tally.xyz/gov/ens/proposal/45863606498975303062952719073086674668061306651606831273917754523416516421073).
This proposal transitions our existing streaming infrastructure from the $3.6M annual budget supporting 9 providers to the new $4.5M annual budget supporting 8 providers, including 6 continuing providers and 2 new additions.
## Specification
Following the selection of service providers in EP 6.10, this proposal implements the technical changes required to:
1. **Adjust Streaming Infrastructure** - Update the master flow rate from ENS DAO to the Stream Management Pod to accommodate the increased budget
2. **Provide Initial Funding** - Supply one month of USDC funding (375,000 USDC) to ensure uninterrupted service
3. **Configure Autowrap Parameters** - Set appropriate allowances for automatic USDC-to-USDCx conversion
The Stream Management Pod will continue to manage individual provider streams, adjusting rates for continuing providers and establishing new streams for JustaName and ZK Email.
### Service Provider Allocations
The following providers and allocations have been approved:
| Service Provider | Annual Allocation | Stream Duration |
| ---------------- | ----------------- | --------------- |
| ETH.LIMO | $700,000 | 2 years |
| Blockful | $700,000 | 2 years |
| Namespace | $600,000 | 1 year |
| Unruggable | $600,000 | 1 year |
| NameHash Labs | $500,000 | 1 year |
| Resolverworks | $500,000 | 1 year |
| JustaName | $450,000 | 1 year |
| ZK Email | $450,000 | 1 year |
| **Total** | **$4,500,000** | |
### Technical Implementation
The implementation maintains our existing Superfluid architecture:
- ENS Treasury (Timelock) → Stream Management Pod → Individual Service Providers
- The Stream Management Pod continues to be controlled by 3 of 5 signatures (3 Metagov Stewards, Secretary, and DAO Governor)
- Security measures remain in place, limiting exposure to approximately 50 days of funding in case of contract compromise
## Transactions
### Transaction 1: Approve USDCx
**Target:** `0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48` (USDC)
**Function:** `approve`
**Arguments:**
- `spender: 0x1BA8603DA702602A8657980e825A6DAa03Dee93a`
- `amount: 375000000000`
**Calldata:**
```
0x095ea7b30000000000000000000000001ba8603da702602a8657980e825a6daa03dee93a000000000000000000000000000000000000000000000000000000000574fbde600
```
- Tenderly: [Approve USDCx](https://www.tdly.co/shared/simulation/2207ca50-6804-4e33-be61-4181ecd3f8e5)
### Transaction 2: Upgrade USDC to USDCx
**Target:** `0x1BA8603DA702602A8657980e825A6DAa03Dee93a` (USDCx)
**Function:** `upgrade`
**Arguments:**
- `amount: 375000000000000000000000`
**Calldata:**
```
0x45977d03000000000000000000000000000000000000000000004f68ca6d8cd91c600000
```
- Tenderly: [Upgrade USDC](https://www.tdly.co/shared/simulation/6abf821b-779e-429b-b8dd-707b71360687)
### Transaction 3: Set Flow Rate
**Target:** `0xcfA132E353cB4E398080B9700609bb008eceB125` (Superfluid)
**Function:** `setFlowrate`
**Arguments:**
- `token: 0x1BA8603DA702602A8657980e825A6DAa03Dee93a`
- `receiver: 0xB162Bf7A7fD64eF32b787719335d06B2780e31D1`
- `flowrate: 142599440769357573`
**Calldata:**
```
0x57e6aa360000000000000000000000001ba8603da702602a8657980e825a6daa03dee93a000000000000000000000000b162bf7a7fd64ef32b787719335d06b2780e31d100000000000000000000000000000000000000000000000001fa9d6f943a1705
```
- Tenderly: [Set Flow Rate](https://www.tdly.co/shared/simulation/9dd3a70d-cec4-4fac-88cf-9362fda170fc)
### Transaction 4: Set Autowrap Allowance
**Target:** `0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48` (USDC)
**Function:** `approve`
**Arguments:**
- `spender: 0x1D65c6d3AD39d454Ea8F682c49aE7744706eA96d`
- `amount: 6375000000000`
**Calldata:**
```
0x095ea7b30000000000000000000000001d65c6d3ad39d454ea8f682c49ae7744706ea96d000000000000000000000000000000000000000000000000000005cc4b9c4600
```
- Tenderly: [Set Autowrap Allowance](https://www.tdly.co/shared/simulation/e192ea31-145c-4d50-9632-1342267f5b8b)
-
### Transaction Details
1. **Approve USDCx**: Allows the USDCx contract to spend 375,000 USDC from the ENS DAO treasury for the initial month of funding
2. **Upgrade USDC to USDCx**: Wraps 375,000 USDC to USDCx (Superfluid's streaming token format)
3. **Set Flow Rate**: Increases the master stream from 0.114155251141552512 USDCx/second (~$3.6M/year) to 0.142599440769357573 USDCx/second (~$4.5M/year)
4. **Set Autowrap Allowance**: Authorizes the Superfluid autowrapper to convert up to 6.375M USDC over time, ensuring continuous funding availability
## Verification
The testing repository with calculation tools and verification scripts is available at [github.com/5ajaki/SPP2-Streams](https://github.com/5ajaki/SPP2-Streams).
## Implementation Timeline
Upon passage of this proposal:
1. The transactions will be executed immediately
2. The Stream Management Pod will receive the increased flow rate
3. Metagov stewards will coordinate with service providers to:
- Update existing provider streams to new rates
- Establish streams for new providers (JustaName and ZK Email)
- Calculate and distribute any backdated payments for rate increases
All providers will continue to be subject to the existing KYC and sanctions compliance requirements established in SPP1.
# [EP 6.11] [Executable] Collective Working Group Funding Request (April 2025)
| Status | Draft |
| ---------- | ------------------------------------------------ |
| **Author** | [5pence.eth](https://app.ens.domains/5pence.eth) |
## Abstract
This proposal executes funding requests for the Meta-Governance and Public Goods Working Groups for the April 2025 funding window as passed in [EP 6.6.1](https://discuss.ens.domains/t/6-6-1-social-april-funding-request-ens-meta-governance-working-group-term-6/20536) and [EP 6.6.2](https://discuss.ens.domains/t/6-6-2-social-april-funding-request-ens-public-goods-working-group-term-6/20532). This bundled executable proposal follows the requirements set out in Rule 10.1 of the Working Group Rules ([EP 1.8](https://docs.ens.domains/dao/proposals/1.8/)).
## Proposal Components
***
### 1) [Meta-governance Funding Request \[EP 6.6.1\]](https://discuss.ens.domains/t/6-6-1-social-april-funding-request-ens-meta-governance-working-group-term-6/20536)
The Meta-Governance Working Group requests funding to fulfill anticipated budgetary needs through the next formal funding window in October 2025.
| Destination | USDC | ETH | $ENS |
| ----------------------------------------------------------------------------------------------------- | ------- | --- | ------- |
| [ENS Meta-Gov Main Multisig](https://etherscan.io/address/0x91c32893216dE3eA0a55ABb9851f581d4503d39b) | 589,000 | 0 | 100,000 |
This amount will cover all expected expenses outlined in the social proposal while leaving a prudent reserve to ensure continuity if future funding is delayed.
***
### 2) [Public Goods Funding Request \[EP 6.6.2\]](https://discuss.ens.domains/t/6-6-2-social-april-funding-request-ens-public-goods-working-group-term-6/20532)
The ENS Public Goods Working Group requests funding to support operations through the next formal funding window in October 2025.
| Destination | USDC | ETH | $ENS |
| ----------------------------------------------------------------------------------------------- | ------- | --- | ---- |
| [ENS PG Main Multisig](https://etherscan.io/address/0xcD42b4c4D102cc22864e3A1341Bb0529c17fD87d) | 356,000 | 0 | 0 |
This amount represents the adjusted funding request after discussions in the forum, reducing the original request from 521k to 356k by adjusting the Strategic Grants and discretionary funding categories.
***
## Specification
The following transfers are to be made from the DAO treasury:
1. Transfer 589,000 USDC to the Meta-governance safe:
* Address: `0x91c32893216dE3eA0a55ABb9851f581d4503d39b`
2. Transfer 100,000 ENS to the Meta-governance safe:
* Address: `0x91c32893216dE3eA0a55ABb9851f581d4503d39b`
3. Transfer 356,000 USDC to the Public Goods safe:
* Address: `0xcD42b4c4D102cc22864e3A1341Bb0529c17fD87d`
#### Total transfer amount: 945,000 USDC and 100,000 ENS
***
###
Supporting the Endowment expansion (3rd tranche) and updates to fee payment schedules. The Endowment continues to prove its value for the DAO. Thanks to the karpatkey team.
Voting in favor of responsible and cautious DAO process to convert protocol revenue from ETH into USDC for ongoing OpEx. As always, thank you to the karpatkey team for the excellent service.
# [EP6.2] Endowment expansion (3rd tranche)
[Temp Check Discourse link](https://discuss.ens.domains/t/temp-check-endowment-expansion-3rd-tranche/19851)
# Author - karpatkey
Temp Check: [https://discuss.ens.domains/t/temp-check-endowment-expansion-3rd-tranche/19851](https://discuss.ens.domains/t/temp-check-endowment-expansion-3rd-tranche/19851)
# Summary
This proposal aims to expand the Endowment by funding a third tranche, comprising 5,000 ETH, from the ENS DAO to the ENS Endowment.
Alongside the third tranche transfer, an update to the Allowance Module on the ENS Endowment is proposed; *resetTime* for ETH allowance (for fee payment) is to be changed from the current parameter of 43,200 seconds (30 days) to 36,000 seconds (25 days). The motivation for this is that there has been an accumulation of payment delays, such that current fee payments are delayed.
# Motivation
Since the establishment of the Endowment on March 7th, 2023, ENS has been setting the gold standard for DAO treasury management:
* **Asset allocation:** ENS has the 6th-largest stablecoin holding and 5th-largest majors (BTC, ETH) holdings of any Protocols ([source](https://defillama.com/treasuries)).
* **Income generation:** Since its inception, the Endowment has generated $2.92M in DeFi results (net of fees) for ENS. In 2024, DeFi results represented 12% of total revenue for ENS according to [ENS Revenue Report: Q3 2024](https://discuss.ens.domains/t/ens-revenue-report-q3-2024/19718). This is on track towards the core goal of self-sufficiency.
* **Asset location:** As of October 31, 2024, 71% of the funds were held in the Endowment, while the remaining 25% were held idle across DAO wallet and Registrar Controllers ([source](https://dune.com/karpatkey/ens-dao-fundflow)).
The original Request for Proposal in [[EP2.2.4]](https://docs.ens.domains/dao/proposals/2.2.4) sets out that the Endowment should be established gradually over time, in response to changing conditions and needs, and to achieve the eventual goal of self-sufficiency. To deliver on this vision for self-sufficiency, a further increase in the Endowment’s returns is needed. As the Endowment is fully utilised within the bounds of the existing mandate, it is clear that those additional returns must come from additional funds.. We think **now** is the right time to implement these increases, given the following developments:
* **Proven track record**: the Endowment has been operating for 1 year and 7 months, with *no funds lost.* During that time, the ENS community has gained familiarity with the Endowment in terms of both operations and infrastructure.
* **Investment Policy Statement as guardrails**: the [newly-adopted IPS](https://snapshot.org/#/ens.eth/proposal/0x085a1e40c264ffd44567b6dce889f5943e72cfa8442eaeb81819261a38f0bd0a) provides an additional layer of checks and balances, so that the DAO and its Metagov Working Group can hold the Endowment Manager accountable.
* **Vulnerability fix by @Blockful**: risk of governance takeover by “risk-free value raiders”, who could have taken over the control of the DAO and the Endowment, has been mitigated. The vulnerability has been fixed by the introduction of the [Security Council](https://www.tally.xyz/gov/ens/proposal/42329103797433777309488042029679811802172320979541414683300183273376839219133) and veto.ensdao.eth.
The proposed third tranche would be sized at 5,000 ETH, representing 42.4% of assets held in the Controller and the DAO Wallets (*per* the pie chart above) It would raise the capital utilisation rate by 10.5 percentage points from the current 70.8% to 81.3%.
# Endowment Updates
## Updates
Karpatkey’s updates for the Endowment can be seen here: [2023 Review](https://discuss.ens.domains/t/karpatkey-2023-review-for-the-ens-endowment/18656), [1H 2024 Review](https://discuss.ens.domains/t/karpatkey-h1-2024-review-for-the-ens-endowment/19394).
Monthly reports on the Endowment can be found on karpatkey’s website ([here](https://reports.karpatkey.com/ens?month=9&year=2024¤cy=USD)).
## What’s been done
* **Investment Policy Statement**: karpatkey has created and [formally introduced](https://snapshot.org/#/ens.eth/proposal/0x085a1e40c264ffd44567b6dce889f5943e72cfa8442eaeb81819261a38f0bd0a) an [Investment Policy Statement](https://drive.google.com/file/d/1zsV0k3J7s2QAJUoWxPnBpF6XAGW1HuD6/view) which defines the key roles, responsibilities and limitations of the Endowment and its Manager.
* **Risk Management Development**: karpatkey has designed and implemented a robust risk management stack, leveraging on dedicated risk data service providers, including [Hypernative](https://www.hypernative.io/) and [Redefine](https://redefine.net/). Through weekly meetings with Hypernative, karpatkey is continuously fine-tuning risk alerts and management, especially to cover protocol risks. Automatic, real-time risk alerts help mitigate potential risks. Detailed plans for the Endowment’s emergency protocol and war room are in place to assess and react to urgent situations.
* **Infrastructure Development**: karpatkey has worked very closely with Gnosis Guild to develop [and implement](https://discuss.ens.domains/t/ep-5-12-roles-modifier-v2-migration-updates-to-endowment-permissions/19173), Zodiac Roles Modifier v2. As a design partner, karpatkey provided feedback allowing Zodiac Roles Modifier to become more user-friendly and flexible. One notable improvement is permissions updates user interface, enhancing transparency and simplifying audits for the ENS community. A code review was also conducted for permissions update.
* **Permissions Updates**: the Endowment has been undergoing continuous permissions updates, allowing it to stay up-to-date with changing market landscape and protocols ([[EP 4.1](https://discuss.ens.domains/t/ep-4-1-executable-approve-further-actions-and-strategies-for-the-endowment/17406)], [[EP 4.2](https://discuss.ens.domains/t/4-2-executable-fund-the-endowment-second-tranche/17743)], [[EP 4.5](https://discuss.ens.domains/t/ep-4-5-executable-endowment-permissions-to-karpatkey-update-3/18036)], [[EP 5.12](https://discuss.ens.domains/t/ep-5-12-roles-modifier-v2-migration-updates-to-endowment-permissions/19173)], [[EP 5.14](https://discuss.ens.domains/t/ep-5-14-executable-endowment-permissions-to-karpatkey-update-4/19503)]). Independent, thirdparty security review of our Permissions Updates has also been conducted by [Third Guard](https://thirdguard.com/), with the cost covered by karpatkey.
* **Dune Dashboards Development:** a variety of different Dune dashboards have been created to give public visibility over the DAO and the Endowment, and their respective operations. These include: the [DAO governance dashboard](https://dune.com/karpatkey/ens-dao-governance) (by karpatkey), the [fund flow dashboard](https://dune.com/karpatkey/ens-dao-fundflow) (by karpatkey) and the [financial reporting dashboard](https://dune.com/steakhouse/ens-steakhouse) (by Steakhouse)
* **Reporting:** weekly Endowment updates and monthly financial updates are provided during the DAO’s Metagov meetings. Monthly Endowment updates are also available on the karpatkey [website](https://reports.karpatkey.com/ens?month=9&year=2024¤cy=USD). Biannual Endowment updates are provided on ENS forum.
* **Partnerships:** karpatkey has negotiated and put in place a protocol fees rebate agreement with Stader Labs.
## Future plans
* **Risk Management**: to further protect the Endowment against potential hacks and exploits in protocols that the Endowment deploys funds in, karpatkey has been developing Guardians and ‘Agile Execution App’, which automatically detect potential exploit events and exit at-risk positions.
* **Permissions Updates**: The Endowment will undergo continuous permissions updates. Immediate priorities include introducing other stablecoins and RWAs, onboarding new liquid staking protocols and keeping the permissions updated with protocol/contract upgrades.
* **Partnerships**: reinforce yields without taking additional risk by formulating partnership deals leveraging karpatkey’s DeFi network.
* **Analysis on Governance Attack:** karpatkey, together with the ENS community, will conduct further research into potential governance attack vectors that could put the Endowment at risk, and present potential solutions to the DAO.
# Specification
1. Fund Transfer
Executed by the ENS DAO Multisig (payload available [here](https://gist.github.com/JeronimoHoulin/8195478708e88830de9aabfb67bc8710)).
Transfer 5,000 ETH to the Endowment (0x4F2083f5fBede34C2714aFfb3105539775f7FE64)
Value: 5000000000000000000000
3. Update the [Allowance Module](https://etherscan.io/address/0xCFbFaC74C26F8647cBDb8c5caf80BB5b32E43134)
Executed by the ENS Endowment.
Currently, the parameters of Allowance Module are as follows: allowance = 30 ETH, resetTimeMin = 43200 seconds (30 days). Due to payment delays in the past, we would like to propose a change in [resetTimeMin](https://etherscan.io/address/0xCFbFaC74C26F8647cBDb8c5caf80BB5b32E43134#writeContract#F6) parameter, i.e. Change the [resetTimeMin](https://etherscan.io/address/0xCFbFaC74C26F8647cBDb8c5caf80BB5b32E43134#writeContract#F6) for [main.mg.wg.ens.eth](https://etherscan.io/address/0x91c32893216dE3eA0a55ABb9851f581d4503d39b) in the Allowance Module from 30 days to 25 days (i.e. 43200 minutes to 36000).
```
"delegate": "0x91c32893216dE3eA0a55ABb9851f581d4503d39b",
"token": "0x0000000000000000000000000000000000000000",
"allowanceAmount": "30000000000000000000",
"resetTimeMin": "43200" → "36000",
"resetBaseMin": "28825613"
```
Payload available [here](https://gist.github.com/JeronimoHoulin/3e10411ac6d40b6e4087fc59df2719d5).
(Can be downloaded, unzipped, and dropped into [Safe’s transaction builder](https://app.safe.global/apps/open?safe=eth:0x4F2083f5fBede34C2714aFfb3105539775f7FE64&appUrl=https%3A%2F%2Fapps-portal.safe.global%2Ftx-builder)).
Tenderly simulation available [here](https://dashboard.tenderly.co/public/safe/safe-apps/simulator/02add7c9-0ffc-49dc-b372-30fce90ccf9d).
The quiet reliability of eth.limo belies the tremendous effort behind it. As a pillar of ENS infrastructure, their service has been invaluable to our ecosystem. Supporting their work isn't just the right choice - it's an essential one.
The ENS protocol is a Public Good. The revenue from the protocol flows to the ENS DAO to be used to maintain the protocol and fund other public goods.
I dislike many things about this vote. While I would prefer this process to have unfolded differently, using the ENS DAO Constitution and Ethereum's Infinite Garden Principle as a guide, I believe that funding Unruggable's initiatives here is in the best interest of both ENS and Ethereum.
https://docs.ens.domains/dao/constitution
https://ethereum.foundation/infinitegarden
{"title":"Finalize Extension of ShutterDAO 0x36's Keyper Set","description":"\n## Proposal\n\nFollowing the successful approval voting on Snapshot for the extension of the Keyper set ([link](https://snapshot.org/#/shutterdao0x36.eth/proposal/0x5d2cca094bfe88c9474036a2ef24acef57180bdaa0343c563204fe48cbf84e53)), this proposal seeks to finalize the addition of new Keypers, as well as confirm a number of Keypers previously added via precursors to the Shutter DAO 0x36other means, by executing two critical transactions on the blockchain. The first transaction will use the `add` function to include the new Keyper addresses into the Shutter Keyper registry smart contract. The second transaction will call the `append` function to finalize the current list of addresses, ensuring the contract is prepared for future updates.\n\nFirst protoDAO Keyper set (voted on Snapshot: 13 total - alphabetical order)\nCurrent Keyper set live on-chain - Ethereum\n\n```\n0x1c0a6fDd52A0c3F18cd6640695884e6248a13533\n0x23d33956940083e0E92Dd608D6E576AfbEcc83a9\n0x322F63e33B35CD227a51ae2B8b7Ef9EB8Ca8A238\n0x3cA93C6c6E3081B26eCA2af4ec2E50d1BA975aE4\n0x52e94E093a162F1D3D5481828cfaB3807Ea32b3A\n0x618509C70Bd8b97b78B43c6AF081a55f7225901f\n0x7238E49003771F9A1bE44585483979c69B6b0F5c\n0x772213aaD4c6B37d2cc0Fa3B74F9ace5a028B8C8\n0x90A09a9797A04CA679D8F8A6748f728D8f49F34B\n0xcB43AEAA8c029Da18A499dC684FdD250ab3FCd13\n0xE1A425b2726D92Bc5178e7F5Ed30256481F5337f\n0xf8A17443c1e98535aBe4D6D9Fdb9C99E8D36D87a\n0xfc7d75e4bb6D18591cDc1E766CE7cF231bc08fBc\n```\n\nSecond protoDAO Keyper set (voted on Snapshot: 9 total - alphabetical order)\n\n```\n0x0b4c93ffF2273c67533B861A3314D7339331605a\n0x0c8f3E3912F35a59ffddc9Ff1ABB8FafC89b29de\n0x48A0e1789C82084aE28c179bd5742454f8CD4ed6\n0x5604cdde0626872514b48A336848Fc724fd60810\n0x79Bc5989e6814e3e180938eeC854e91Cec178693\n0x7Ca18A55b64c1509d34e964a9e323a6c71e905a2\n0x99c5fB73f496110456aA8E80aE03C2D7548769c7\n0xcc7cd01106951B4809e640873C15363609d2C58e\n0xe03472CCb8e011b7Dfb3343837D75Bf6C9c3324C\n```\n\nNew Shutter DAO 0x36 Keypers to add (voted on Snapshot: 8 total - 1 new)\n\n```\n0x39092B27c6c4b68b240eE330Eb7356b3B7348328\n```\n\n## Motivation\n\nThe initial Keyper set for Shutter DAO 0x36 was registered during the creation of the DAO. The addition of new Keypers to the Shutter Network is essential for enhancing the protocol's security and operational efficiency. By extending the Keyper set, we are reinforcing the commitment to fair and secure transactions within the DeFi ecosystem. This action is a direct follow-up to the community's decision, demonstrating Shutter DAO 0x36's ability to execute decisions efficiently and transparently.\n\n**[Edit - added on Nov. 30th]** \nThis Ethereum mainnet Keyper registry acts as an allowlist for addresses that can participate in operating a Keyper node. Right now, and in the future, specific use cases of the Shutter protocol will likely run individual Keyper sets, and being on this list allows the Keypers to be a part of these particular sets.\n\n## Pre-requisites\n\n- Approval of the new Keyper list through Snapshot voting.\n- Preparation of the smart contract to receive new addresses.\n\n## Platform\n\nDecent\n\n## Transactions\n\n### Transaction 1: Adding Addresses\n\n| Target Address | `0xf88823c6A253564Aa7717b12b86F6FEE259d95b7` |\n|----------------|----------------------------------------------|\n| Function Name | `add` |\n| Function Signature | `add(address[])` |\n| Parameters | `[\"0x1c0a6fDd52A0c3F18cd6640695884e6248a13533\", \"0x23d33956940083e0E92Dd608D6E576AfbEcc83a9\", \"0x322F63e33B35CD227a51ae2B8b7Ef9EB8Ca8A238\", \"0x3cA93C6c6E3081B26eCA2af4ec2E50d1BA975aE4\", \"0x52e94E093a162F1D3D5481828cfaB3807Ea32b3A\", \"0x618509C70Bd8b97b78B43c6AF081a55f7225901f\", \"0x7238E49003771F9A1bE44585483979c69B6b0F5c\", \"0x772213aaD4c6B37d2cc0Fa3B74F9ace5a028B8C8\", \"0x90A09a9797A04CA679D8F8A6748f728D8f49F34B\", \"0xcB43AEAA8c029Da18A499dC684FdD250ab3FCd13\", \"0xE1A425b2726D92Bc5178e7F5Ed30256481F5337f\", \"0xf8A17443c1e98535aBe4D6D9Fdb9C99E8D36D87a\", \"0xfc7d75e4bb6D18591cDc1E766CE7cF231bc08fBc\", \"0x0b4c93ffF2273c67533B861A3314D7339331605a\", \"0x0c8f3E3912F35a59ffddc9Ff1ABB8FafC89b29de\", \"0x48A0e1789C82084aE28c179bd5742454f8CD4ed6\", \"0x5604cdde0626872514b48A336848Fc724fd60810\", \"0x79Bc5989e6814e3e180938eeC854e91Cec178693\", \"0x7Ca18A55b64c1509d34e964a9e323a6c71e905a2\", \"0x99c5fB73f496110456aA8E80aE03C2D7548769c7\", \"0xcc7cd01106951B4809e640873C15363609d2C58e\", \"0xe03472CCb8e011b7Dfb3343837D75Bf6C9c3324C\", \"0x39092B27c6c4b68b240eE330Eb7356b3B7348328\"]` |\n| ETH Value | `0` |\n\n### Transaction 2: Appending the List\n\n| Target Address | `0xf88823c6A253564Aa7717b12b86F6FEE259d95b7` |\n|----------------|----------------------------------------------|\n| Function Name | `append` |\n| Function Signature | `append()` |\n| Parameters | *None* |\n| ETH Value | `0` |\n\n## Voting Options\n\n**\"YES\"**\n\nVote \"Yes\" to approve the execution of these transactions and finalize the Keyper set extension.\n\n**\"NO\"**\n\nVote \"No\" if you oppose the addition of new Keypers as proposed.\n\n**\"ABSTAIN\"**\n\nChoose \"Abstain\" if you prefer not to vote for or against this proposal, but want to help the vote reach quorum.\n","documentationUrl":"https://shutternetwork.discourse.group/t/finalize-extension-of-the-shutter-dao-0x36-keyper-set/565"}
# [EP 5.25] [Executable] Collective Working Group Funding Request (Oct 2024) - Resubmission
[Temp Check Discourse link](https://discuss.ens.domains/t/ep-5-25-executable-collective-working-group-funding-request-oct-2024-resubmission/19847)
## Description
## Description
This is a resubmission of [EP 5.24], with no changes to the funding amounts or technical specifications.
## Abstract
This proposal executes all three Working Group funding requests for the October 2024 funding window as passed in [EP 5.17.1](https://discuss.ens.domains/t/5-17-1-social-funding-request-ens-meta-governance-working-group-term-5-oct-window/19677), [EP 5.17.2](https://discuss.ens.domains/t/5-17-2-social-funding-request-ens-ecosystem-working-group/19678), and [EP 5.17.3](https://discuss.ens.domains/t/5-17-3-social-funding-request-ens-public-goods-working-group/19679). For more detail, view the ENS Governance docs at https://basics.ensdao.org/funding-requests
## Proposal Components
---
### 1) [Meta-governance Funding Request [EP 5.17.1]](https://discuss.ens.domains/t/5-17-1-social-funding-request-ens-meta-governance-working-group-term-5-oct-window/19677)
The Meta-governance Working Group requests funding to fulfill anticipated budgetary needs through the next formal funding window in April 2025.
| Destination | USDC | ETH | $ENS |
|:------------|:----:|:---:|:----:|
| [ENS Meta-Gov Main Multisig](https://etherscan.io/address/0x91c32893216dE3eA0a55ABb9851f581d4503d39b) | 254,000 | 0 | 0 |
This amount will cover all expected expenses while maintaining a 100,000 USDC prudent reserve to ensure continuity if future funding is delayed.
---
### 2) [Ecosystem Funding Request [EP 5.17.2]](https://discuss.ens.domains/t/5-17-2-social-funding-request-ens-ecosystem-working-group/19678)
The ENS Ecosystem Working Group requests funding to support operations through April 2025. This is the only funding request of Term 5. The working group is responsible for growing and improving the ENS Ecosystem by funding builders and projects that are ENS-specific or ENS-centric.
| Destination | USDC | ETH | $ENS |
|:------------|:----:|:---:|:----:|
| [ENS Ecosystem Main Multisig](https://etherscan.io/address/0x2686a8919df194aa7673244549e68d42c1685d03) | 836,000 | 0 | 0 |
---
### 3) [Public Goods Funding Request [EP 5.17.3]](https://discuss.ens.domains/t/5-17-3-social-funding-request-ens-public-goods-working-group/19679)
The ENS Public Goods Working Group requests funding to support operations through the next funding window in April 2025. The funds requested extend current needs through to next term to ensure that next season's stewards have available funding before the next funding window.
| Destination | USDC | ETH | $ENS |
|:------------|:----:|:---:|:----:|
| [Public Goods Main Multisig](https://etherscan.io/address/0xcD42b4c4D102cc22864e3A1341Bb0529c17fD87d) | 226,000 | 0 | 0 |
---
## Specification
The following transfers are to be made from the DAO treasury:
1. Transfer 254,000 USDC to the Meta-governance safe:
- Address: `0x91c32893216dE3eA0a55ABb9851f581d4503d39b`
2. Transfer 836,000 USDC to the Ecosystem safe:
- Address: `0x2686A8919Df194aA7673244549E68D42C1685d03`
3. Transfer 226,000 USDC to the Public Goods safe:
- Address: `0xcD42b4c4D102cc22864e3A1341Bb0529c17fD87d`
#### Total transfer amount: 1,316,000 USDC
---
### Calldata:
**5.17.1 Tx to Metagov**
```
{
"target": "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48",
"value": 0,
"calldata": "0xa9059cbb00000000000000000000000091c32893216de3ea0a55abb9851f581d4503d39b0000000000000000000000000000000000000000000000000000003b23946c00"
}
```
**5.17.2 Tx to Ecosystem**
```
{
"target": "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48",
"value": 0,
"calldata": "0xa9059cbb0000000000000000000000002686a8919df194aa7673244549e68d42c1685d03000000000000000000000000000000000000000000000000000000c2a57ba800"
}
```
**5.17.3 Tx to Public Goods**
```
{
"target": "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48",
"value": 0,
"calldata": "0xa9059cbb000000000000000000000000cd42b4c4d102cc22864e3a1341bb0529c17fd87d000000000000000000000000000000000000000000000000000000349ea65400"
}
```
{"title":"Deposit 3M DAI in the DSR Contract","description":"\n\nStatus: Decent Vote Created\n\nForum Proposal Links: [Link to Forum Proposal](https://shutternetwork.discourse.group/t/proposal-onchain-treasury-management-temporary-solution-deposit-3m-dai-in-the-dsr-contract/416/1)\n\nFractal Vote Creator: 5pence.eth, alextnetto.eth, & gabrielnovak.eth\n\nFractal Vote Created: 6 Jun 2024\n## Proposal \n \n- Convert 3M USDC to DAI\n- Deposit 3M DAI to in the Dai Savings Rate (DSR) Contract\n- Generate additional 120K DAI per annum (likely more temporarily) for Shutter DAO 0x36\n \n## Background / Motivation \n \nA recent Shutter Forum post raised a discussion of treasury management, specifically regarding the opportunity to allocate part of Shutter DAO 0x36’s long term stablecoin assets to earn yield and generate additional resources / runway for the project.\n \nSee: https://shutterdao.discourse.group/t/shutter-dao-0x36-discussion-regarding-treasury-management/367\n\n\nThe DSR is accepted to be safe, and the liquidity makes it simple to redeem.\n\nThis would be a temporary solution. As Shutter DAO 0x36 grows over the next 6-12 months, we would codify a more permanent treasury manager and committee. \n\n## Dai Savings Rate (DSR) Links\n\n[https://blog.makerdao.com/dai-savings-rate](https://blog.makerdao.com/dai-savings-rate) \n[https://docs.makerdao.com/smart-contract-modules/rates-module/pot-detailed-documentation](https://docs.makerdao.com/smart-contract-modules/rates-module/pot-detailed-documentation) \n[https://docs.makerdao.com/smart-contract-modules/rates-module/pot-detailed-documentation](https://docs.makerdao.com/smart-contract-modules/rates-module/pot-detailed-documentation)\n\n## Forum Discussion Links\n\n[Shutter DAO 0x36 Discussion Regarding Treasury Management](https://shutterdao.discourse.group/t/shutter-dao-0x36-discussion-regarding-treasury-management/367)\n[Proposal: Issue an RFP for Treasury Diversification](https://shutterdao.discourse.group/t/shutter-dao-0x36-discussion-regarding-treasury-management/367/10?u=5pence)\n[Treasury Sustainability Proposal](https://shutterdao.discourse.group/t/tempcheck-treasury-sustainability-proposal/383)\n\n\n## Voting Options\n\nVote “Yes” to if your support this proposal\n\nOR\n\nVote “No” if you do not support this proposal\n\nOR\n\nVote “Abstain” if you do not have an opinion but want to help the vote reach quorum\n\n\n-----\n\n"}
This is a tough vote. I firmly believe in the concept of the endowment, but I feel that the fee structure of this management proposal isn't appropriate. The fees are far too high for the services that have been defined in the proposal. I believe a fixed fee service at a much lower price point would achieve the same results.