This executable proposal seeks to implement the revised budget stream to ENS Labs develop, maintain and audit ENSv2. The motivation, justification, budget breakdown, and development plan was previously detailed in a Temp Check request.
Background
With over 3 million .eth names and 20 million more ENS names registered by the likes of Coinbase, Uniswap, and Linea – ENS has become the standard for web3 identity. As Ethereum's roadmap evolves towards being rollup-centric, it's essential for ENS to adapt in parallel, ensuring it meets the needs of both the Ethereum ecosystem and its users.
To continue scaling and evolving ENS, ENS Labs is requesting an increase in its annual budget from $4.2M USDC to $9.7M USDC, and a one-time grant for future security audits of ENSv2. This revised funding is necessary for ENS Labs to develop, maintain, and audit ENSv2, a major upgrade that will enhance decentralization, flexibility, and scalability by leveraging Layer 2 solutions and redesigning the ENS protocol from the ground up.
This executable proposal will initiate a new daily stream of 15,075.33 USDC from the ENS DAO treasury to ENS Labs, starting on January 1, 2025. This will run in addition to the existing streaming contract of 11,500 USDC/day at 0xB1377e4f32e6746444970823D5506F98f5A04201, for a total of 26,575.34 USDC/day ($9.7M USDC/year).
I support ENS v2 funding as mentioned in the forums. I also agree with the need for quarterly reporting. I don't mind voting for this as is, since if there is no reporting or if there is any other discrepancy the DAO can cut the funding.
This is a stream, not an one-time payment.
I support this funding and ENSv2, but (as I said in the temp check) the text of the proposal must have a requirement for quarterly financial and progress reports from Labs. Yes, Nick has committed Labs to doing this, but "we commit to this" isn't the same as "the DAO has officially voted this as a requirement for the funding". Therefore, I vote AGAINST. If another funding executable proposal was submitted that was the same except that it had the quarterly reporting requirement added, I would vote FOR it.
It is great to have the commitment from ENS Labs for doing quarterly reports on the progress: https://discuss.ens.domains/t/temp-check-ep-5-22-ensv2-development-funding-request/19762/24
Expanding to L2 is required to scale ENS.
ENS Labs has demonstrated that resources allocated to them produce results.
Further comments:
https://discuss.ens.domains/t/temp-check-ep-5-22-ensv2-development-funding-request/19762/3
