[EP14][Executable] Funding True Names Ltd
ENS| Status | Executed |
|---|---|
| Discussion Thread | Discuss 12 |
| Votes | Onchain 30 |
Description
Provide for the funding of True Names Ltd. for the continuation of the ENS Protocol.
Abstract
True Names Ltd (“TNL”) developed the Ethereum Name Service (“ENS”) protocol, continues to manage the development of the ENS Protocol and solely focuses on this project. Incubated at the Ethereum Foundation in 2017, TNL spun out in 2018 with the charge of designing and deploying THE next generation naming service. TNL is now a growing team of web3 enthusiasts from across the globe working together to support the ENS Ecosystem that now has a passionate community that has registered over 1 million ENS names and uses more than 500 integrations.
In 2021, TNL initiated the creation of the ENS DAO with the goal of 1) furthering the development of the ENS Protocol and 2) funding public goods projects.
In consideration of the work completed thus far this calendar year and the work in the months and years to come, per Article III of the ENS Constitution, True Names Ltd respectfully requests an evergreen grant stream that will allow the organization to continue the development and improvement of the ENS Protocol. For Calendar Year 2022, this request will amount to $4,197,500 USDC which is equivalent to a daily stream of $11,500 USDC. In Q1 of each year, TNL or the ENS DAO may make requests to alter and/or terminate this evergreen grant stream.
TNL 2022 Budget Summary
Responsibilities of TNL
- Developing and maintaining the ENS Protocol
The development team at TNL is highly skilled, passionate, and solely focused on supporting the ENS Protocol. In addition to writing code, our team regularly presents and educates at conferences, engages in business development activities, and supports our integration partners.
- Growing the protocol through integrations and managing partnerships
With additional support and funding from the ENS DAO TNL intends to increase the number of integrations, increase our support and onboarding of integrations, and deepen ENS relationships in the web3 ecosystem. This work will directly increase the value and functionality of ENS names.
- Public Education on the ENS Protocol
TNL will develop and deploy an ongoing education program to educate the masses on web3 and the importance of .eth domains to the future of web3. We will provide education to the public at large and to current and future integration partners.
- Marketing, communications, and PR of the ENS Protocol
TNL will engage in marketing and PR activities in order to 1) increase brand awareness; 2) increase the number of integrations; 3) increase the number of domain registrations.
- Maintaining ENS DAO IT infrastructure
We will continue to support the ENS Protocol through maintenance of the ENS website, official Twitter account, Discord, etc. We will also support other ENS Protocol infrastructure.
- Submitting Quarterly Reports to the ENS DAO
As an ongoing practice, TNL will deliver a formal quarterly report to the ENS DAO to share areas of progress, areas of challenge, and solicit feedback from the ENS DAO.
Where we’ve been…
Over the past year, TNL has:
- Launched the ENS DAO, which required creating
- Launched the ENS constitution auction and claim site
- Created the Name Wrapper contract
- Updated the .eth controller contract
- Created the Universal Resolver contract
- Deployed the Exponential Price curve contract to combat gas wars and create price discovery for expired names
- Created the CCIP-read specification in partnership with Chainlink
- Updated the ENS manager to v3
- Created Thorin, a new design system for the new ENS manager, as well as the wider ecosystem
- Updated ENSjs to v3
- Created the metadata service
Where we’re going…
Over the next year, TNL will:
- Move the ENS manager v3 to beta and launch
- Deploy and launch the Name Wrapper contract
- Deploy the new .eth controller contract
- Allow DNS names to be imported to ENS gas-free
- Move Thorin to beta and launch
- Move ENSjs to beta and launch
- Continue integrating CCIP-read and foster adoption across the ecosystem
- Continue improving the metadata service
- Add other features to the Universal Resolver and deploy
- Launch ability to register ENS names with fiat currency
- Deprecate ENS manager v2, and migrate to v3
- And more to come!
Excerpt from the ENS DAO Constitution
Article III. Income funds ENS and other public goods
Any income generated to the ENS treasury is to be used first of all to ensure the long-term viability of ENS, and to fund continuing development and improvement of the ENS system. Funds that are not reasonably required to achieve this goal may be used to fund other public goods within web3 as ENS governance sees fit.
Specification
We request that the ENS DAO stream a daily grant of $11,500 USDC to coldwallet.ens.eth backdated to January 1st, 2022.
This will be accomplished by approving a dedicated token streaming contract at 0xB1377e4f32e6746444970823D5506F98f5A04201 to spend USDC on behalf of the DAO.
