# Approve further actions and strategies for the Endowment

## Purpose

As [anticipated](https://discuss.ens.domains/t/endowment-initiation/15952#future-permissions-and-roles-10), the permissions granted to karpatkey to manage the Endowment are not static but require regular updates to effectively respond to evolving market conditions and capitalise on emerging opportunities, thus realising the Endowment's [long-term goals](https://discuss.ens.domains/t/updated-endaoment-proposal-karpatkey-steakhouse-financial/14799#motivation-6). This proposal aims to introduce precise actions and strategies to attain these objectives, consequently enhancing the Endowment's performance, adaptability, and diversification.

## Summary

We kindly request the ENS DAO to approve the following actions, to be executed and managed by karpatkey according to the existing Zodiac Roles Modifier configuration:

1. Deposit USDC on Compound v3;
2. Deposit wstETH - ETH on Balancer;
3. Stake ETH - stETH on Convex;
4. Deposit and stake Compound USDC DAI on Curve;
5. Stake Compound USDC DAI on Convex;
6. Deposit DAI on AAVE v3;
7. Deposit USDC on AAVE v3;
8. Deposit and stake Balancer Boosted Aave V3 USD on Balancer;
9. Deposit and stake Balancer Boosted Aave V3 USD on Aura; and
10. Add swap route CVX - WETH on Curve.

It is important to acknowledge that these actions were originally outlined in the [proposal](https://discuss.ens.domains/t/updated-endaoment-proposal-karpatkey-steakhouse-financial/14799#endowment-strategies-11) that led to the selection of karpatkey as the Endowment Manager, indicating a consistent adherence to the initial plan. Moving forward, this initial list of actions will be subject to updates based on future market conditions, ensuring the Endowment remains responsive and adaptable.

## Context

In accordance with [EP 2.2.5](https://snapshot.org/#/ens.eth/proposal/0x1ab7ef84f6e904582d5b5b921944b5b1a8e36dbff1f1248fde87fef02b046816), karpatkey has been appointed as the ENS Endowment Manager with the responsibility of deploying risk-adjusted, trust-minimised, and non-custodial yield-generating strategies. A Manager preset was applied to a new [SAFE](https://etherscan.io/address/0x4f2083f5fbede34c2714affb3105539775f7fe64) owned by the ENS DAO, allowing a specific subset of transactions outlined in this [post](https://discuss.ens.domains/t/endowment-initiation/15952). Since March, karpatkey has been managing the Endowment and publishing [weekly reports](https://discuss.ens.domains/t/endowment-weekly-reports/16665) on the forum, while @steakhouse has been providing financial reporting on a [monthly ](https://discuss.ens.domains/t/ens-financial-reporting-by-steakhouse/16601)basis.

The [latest weekly report](https://discuss.ens.domains/t/endowment-weekly-reports/16665/10?u=santinomics.eth) shows that the Endowment's ncAUM (non-custodial Assets Under Management) amount is $29.64M, with a capital utilisation of 99.92% and an APR (Annual Percentage Rate) of 3.78%.

## Motivation

Due to technical considerations, any changes to the preset require on-chain approval via Tally. To streamline the process and alleviate the workload for the Stewards and the community, it was decided during a Meta-gov call that non-urgent changes to the preset would be consolidated and approved as a bundle in a single vote once a sufficient number of actions were needed.

The initial bundle of requested permissions encompasses several key updates, including the transition from Compound v2 to Compound v3 and the implementation of strategies outlined in the initial post, such as the boosted pool on Aura using Balancer and Aave v3. For those interested in delving deeper into the details, a concise overview of each action and strategy, categorised for convenience, can be found in the provided [Annex Document](https://docs.google.com/document/d/1uvF3C-CP45exKIAbO1PvS_zuUW2xXwsmgqmovhvpsbg/edit#).

## Specification

We propose a new version of the [Preset permissions - ENS Endowment](https://docs.google.com/document/d/1ccSDe25I9ojvlbPGT5acqD71LOY9U8xkjBYWJgjJtgI/edit?usp=sharing) document that includes the requested function update. This proposal is expected to be voted on Tally and, upon passing, the Endowment Safe will execute the following payload:

(Payload pending)

## Additional References

[Manager Role Permissions](https://docs.google.com/document/d/11xrliJIveXO6C6twYOrnGJ5QUW0Apr1LCcDY8hOfpuo/edit#heading=h.w1lggqyw11il)

[Avatar Safe address](https://etherscan.io/address/0x4f2083f5fbede34c2714affb3105539775f7fe64)

[Roles Modifier address](https://etherscan.io/address/0xf20325cf84b72e8BBF8D8984B8f0059B984B390B)

[Manager Safe address](https://etherscan.io/address/0xb423e0f6E7430fa29500c5cC9bd83D28c8BD8978)

[Current configuration of the Manager Preset](https://github.com/gnosis/zodiac-modifier-roles/blob/mainnet-presets-progress/packages/sdk/src/presets/mainnet/deFiManageENS1.ts)