Summary of Proposal:

• Over the past few weeks, eight submissions have been submitted for the proposal of the management of the ENS Endowment fund.

  • “The Endowment's goal is to ensure the long-term viability of ENS by ensuring it can meet its ongoing financial obligations even in the face of reduced ETH price and registration/renewal revenue.”

• Out of these eight submissions, the snapshot was dwindled down to four options:

  • Avantgarde

  • Karpatkey

  • Llama

  • None of the above

• The three fund managers were voted on who had the best strategy or who was most liked. These strategies ranged from buying stable coins, trading daily averages, implementing mutual fund algorithms, etc.

• The main point was to keep financial stability in tandem with ongoing revenues from the ENS DAO.

• The snapshot used a multiple-choice voting system and ultimately chose Karptakey.

• Karptakey seeks to use $52,000,000 of the ENS treasury to yield farm from protocols like Aura, Convex, and Element.

The Stance of Fireeyes/Wildfire:

• To quote the forum post from Fireeyesdao.eth:

  • “Although setting up an endaoment for the ENS DAO is a novel and important step in the progression of the community & treasury, the process and amounts being discussed currently feels like an overstep.”

• We believe in financial stability and viability when it comes to DAOs and will always support new mediums to support such growth, but a commitment of nearly 80% of the treasury when the market is at a low seems like a naive move.

• It would be much wiser to commit the range of 5-20% of the treasury to see how Karptakey operates as a partner and commit more funds down the road if the DAO feels it is a right fit.

• Coinbase added further support with this stance:

  • “This risk/reward doesn’t seem reasonable, and we’d prefer to wait for the treasury management space to mature further.”

• Fireeyes/Wildfire is committed to making sure that Karpatkey will have a more refined path forward with a more reasonable starting amount.

Summary of Proposal:

• Over the past few weeks, eight submissions have been submitted for the proposal of the management of the ENS Endowment fund.

  • “The Endowment's goal is to ensure the long-term viability of ENS by ensuring it can meet its ongoing financial obligations even in the face of reduced ETH price and registration/renewal revenue.”

• Out of these eight submissions, the snapshot was dwindled down to four options:

  • Avantgarde

  • Karpatkey

  • Llama

  • None of the above

• The three fund managers were voted on who had the best strategy or who was most liked. These strategies ranged from buying stable coins, trading daily averages, implementing mutual fund algorithms, etc.

• The main point was to keep financial stability in tandem with ongoing revenues from the ENS DAO.

• The snapshot used a multiple-choice voting system and ultimately chose Karptakey.

• Karptakey seeks to use $52,000,000 of the ENS treasury to yield farm from protocols like Aura, Convex, and Element.

The Stance of Fireeyes/Wildfire:

• To quote the forum post from Fireeyesdao.eth:

  • “Although setting up an endaoment for the ENS DAO is a novel and important step in the progression of the community & treasury, the process and amounts being discussed currently feels like an overstep.”

• We believe in financial stability and viability when it comes to DAOs and will always support new mediums to support such growth, but a commitment of nearly 80% of the treasury when the market is at a low seems like a naive move.

• It would be much wiser to commit the range of 5-20% of the treasury to see how Karptakey operates as a partner and commit more funds down the road if the DAO feels it is a right fit.

• Coinbase added further support with this stance:

  • “This risk/reward doesn’t seem reasonable, and we’d prefer to wait for the treasury management space to mature further.”

• Fireeyes/Wildfire is committed to making sure that Karpatkey will have a more refined path forward with a more reasonable starting amount.