[EP4.1] [Executable] Approve further actions and strategies for the Endowment

• Discussion Thread
• Authors: Karpatkey

Abstract

This proposal introduces additional actions and strategies to the ENS Endowment, which enhance the Endowment’s performance, adaptability, and diversification.

Motivation

Permissions granted to Karpatkey to manage the Endowment are not static, and require regular updates to effectively respond to evolving market conditions and to capitalize on emerging opportunities.

Any changes to the permissions related to Endowment funds (endowment.ensdao.eth) must be executed by the DAO. To streamline the process for delegates, Karpatkey has bundled all non-urgent changes in this proposal.

Endowment Update

The latest weekly report shows that the Endowment’s ncAUM (non-custodial Assets Under Management) amount is $30.1M, with a capital utilisation of 99.95% and an APR (Annual Percentage Rate) of 2.78%.

Weekly updates on the Endowment can be found in the ENS governance forum here. Monthly updates can be found in the ENS governance forum here.

Specification

Permissions that will be added in this proposal are:

1. Deposit USDC on Compound v3;
2. Deposit DAI on AAVE v3;
3. Deposit USDC on AAVE v3;
4. Deposit DAI on Maker's DSR module;
5. Deposit wstETH - ETH on Balancer;
6. Stake ETH - stETH on Convex;
7. Deposit and stake rETH - WETH on Balancer;
8. Stake rETH - WETH on Aura;
9. Deposit and stake Compound USDC DAI on Curve;
10. Stake Compound USDC DAI on Convex;
11. Deposit and stake Balancer Boosted Aave V3 USD on Balancer;
12. Stake Balancer Boosted Aave V3 USD on Aura;
13. Add swap route CVX - WETH on Curve;
14. Migrate wstETH-WETH position to a new gauge on Aura,
15. Add swap route processor for SushiSwap's concentrated liquidity (v3) pools, and
16. Add swapping options on Cow Swap

The majority of the actions mentioned above were initially presented in the proposal that resulted in the selection of Karpatkey as the Endowment Manager. However, it is important to note that there is one exception, namely action #4 - Deposit DAI on Maker's DSR module. This particular opportunity has emerged as an appealing addition subsequent to the original proposal, presenting a new avenue that was not available at the time of its submission. More details about the new actions are posted below as a comment to this post.

Moving forward, this initial list of actions will be subject to updates based on future market conditions, ensuring the Endowment remains responsive and adaptable.

Additional information

We propose an updated version of the "Preset permissions - ENS Endowment" document that shows all the permissions granted to Karpatkey, including the ones that are being requested now.

The payload to update the preset that needs to be executed by the ENS DAO upon a successful on-chain vote is posted in the discussion thread along with some additional considerations.