The new fund manager will manage ENS’ finances and create a sustainable fund to drive development regardless of general economic conditions.
The Ethereum Naming Service (ENS) decentralized autonomous organization (DAO) has chosen a new fund manager to manage its treasury in the wake of the crypto winter. In a vote that began last Wednesday, November 17, and ended Tuesday evening, November 22, community members selected Karpatkey DAO, a decentralized finance (DeFi) fund management organization originally owned by Gnosis Ltd. was incubated.
Karpatkey received 1.76 million votes notable addresses that have chosen Karpatkey include ENS co-founder Alex Van de Sande (avsa. eth), Rotkiapp founder Lefteris Karapetsas (Lefteris. eth), and ENS administrator Griff Green (griff. eth), who together had a decisive vote of 468,000 ENS.
None of the Above took second place with 1.3 million votes. Now that the community has chosen Karpatkey, the treasury management company in partnership with Steakhouse Financial, in the future, they will manage most of the ENS treasury, which consists primarily of USDC and ETH. With over two years of experience, Karpatkey currently manages over $397 million in non-custodial assets, excluding ENS. The goal of the endowment fund called ENS Endaoment is to create a sustainable fund that can promote continuous development, regardless of macroeconomic conditions that may negatively impact ENS registration and renewal revenues.
Talks about the ENS endearment have been going on since March before the crises of Terra, Three Arrows Capital, Celsius Network, and FTX, according to Nicholas Johnson, one of the three directors of the ENS Foundation, and Mona El Isa, executive director. And founder of Avantgarde is one of the potential fund managers to consider.
Karpatkey said in his proposal: “Funds would be managed transparently and fully on-chain by a no-custody solution… At the core of Karpatkey’s no-custody solution is based on the most battle-tested tools for managing DAO Treasuries: A Proxy Management Safe and Zodiac Roles Modifiers. According to the GitHub page, Zodiac is “a collection of tools created to an open standard,” In contrast, Safe secures almost $40 billion in Ethereum contracts and is one of the most prominent Ways to Secure Digital Assets in a Decentralized Way Proposal. It would employ medium-complexity, low-risk DeFi methods like B. to provide liquidity for automated market makers.
In an interview with CoinDesk, Karpatkey’s business development manager, known on Twitter as the “DeFi Foodie,” said: “There was a lot of sharing on the forum about the diversity of voices, how everyone could just give their opinion openly.” to say. And that was healthy for ENS DAO because people could voice their opinions and have civil exchanges. When the forum asks questions, that’s rich and favorable for the community. If a fund manager has a non-custodial and fully transparent solution like enzymes, the choice of Avantgarde’s proposal for a decentralized treasury and wealth management protocol, for ENS Endaoment endorsed “which would be the first example of something running entirely on-chain” where an FTX or Bernie Madoff situation “would not be possible. “