ENS endowment fund has been voted to be administered by the Karpatkey DAO
New York City: Karpatkey has been chosen by the Ethereum Name Service (ENS) to administer the DAO (DAO). It has been recommended that Karpatkey oversee a $52 million endowment fund.
In a recent vote, the decentralized ENS DAO organization behind the Ethereum Name Service project decided to use the Karpatkey treasury management platform to take care of its endowment money. Karpatkey, ENS’s new treasurer, will be responsible for securing long-term funding that can be used to drive growth in whatever economic climate.
In a vote that began on November 17 and concluded on November 22 at night, community members selected the treasury management platform, which was first developed through Gnosis Ltd. Karpatkey won with almost 1.6 million votes.
Among the notable addresses that voted for Karpatkey was that of ENS co-founder Alex Van de Sande (avsa. eth), Rotkiapp creator Lefteris Karapetsas (lefteris.eth), and ENS Steward Griff Green (griff.eth), giving him a total of 468K ENS in electoral power. Not a single contestant received above 1.3 million votes and finished in second place.
The treasury management firm will be responsible for overseeing the bulk of ENS’s USDC and ETH holdings going forward. After more than two years in the industry, Karpatkey now manages approximately $397 million in non-custodial assets (not including ENS).
Creating Long-Term Finances to Aid in Development
The goal of the ENS Endowment fund is to create a fund that can support growth indefinitely, independent of the state of the economy as a whole, which might have a negative influence on income from ENS registrations and renewals. Discussions about the ENS Endowment reportedly began in March, before the crises involving Terra Luna, Three Arrows Capital, Celsius, and FTX, according to Nicholas Johnson, one of the three directors for the ENS Foundation, and Mona El Isa, CEO and founder of Avantgarde, one of the potential fund managers under consideration.
Karpatkey’s proposal for the ENS Endorsement begins at $52 million and scales up to $69 million with an expected return of 5.83%. The strategy would use moderately risky DeFi tactics including providing liquidity to automated market makers.