A Decentralized Autonomous Organization or DAO is a type of bottom-up entity structure with no central authority. Smart contracts are implemented for the DAO, and the members of a DAO own tokens of the DAO.
ENS DAO Selects Karpatkey
In recent times, Ethereum Name Service (ENS) selects Karpatkey DAO, the fund manager, for managing its Endowment fund. Karpatkey DAO will create a sustainable fund to provide development regardless of overall economic conditions.
It must be noted that the selection of Karpatkey DAO was done through voting that was opened on November 17, 2022, and closed on the evening of November 22, 2022. In which the Karpatkey received 1.76 Million votes, that included the addresses of ENS co-founder Alex Van de Sande (avsa.eth), founder of Rotkiapp Lefteris Karapetsas (lefteris.eth) and ENS steward Griff Green (griff.eth), who altogether had a voting power of 468K ENS.
Meanwhile, “None of the above” came in second place with 1.3 Million votes. Moreover, Karpatkey currently boasts more than $397 Million of non-custodial assets under management, excluding ENS.
Karpatkey is also collaborating with Steakhouse Financial, and will manage the bulk of ENS’s treasury composed of mostly USDC and ETH. The purpose of the endowment fund, called ENS Endaoment, is to create a sustainable fund that can provide continuous development, in spite of macroeconomics conditions that may adversely affect revenue stemming from ENS registrations and renewals.
Notably, $52 Million is the initial size of Karpatkey’s proposal for the ENS Endaoment and $69 Million with a projected return of 5.83% is the final stage of Karpatkey’s proposal.
The Social Media Updates
According to its website, Karpatkey provides DAOs with treasury development services and a DeFi management organization that helps its clients to grow their funds.
On November 23, 2022, Karpatkey shared a tweet in which it announced that it had been chosen as ENS DAO Endowment Fund Managers.
Ethereum Name Service or ENS is a distributed , open, and extensible naming system. It is based on the Ethereum blockchain. ENS assigns a universal name or ID to the user that can be used across the decentralized blockchain platform.
Claberus, the Co-founder of Karpatkey, Treasury Development, made a response over ENS DAO’s tweet and said thanked for their trust and support and added some feedback that need to be consider, which are-
-Minimize the initial enDAOment size during a testing phase
-Be more public and engage in the open about our rationale for decision-making
-Add value beyond the revenues/reporting we generate
Source: https://www.thecoinrepublic.com/2022/11/27/karpatkey-will-be-new-fund-manager-of-ens/