Hello Nouners,
I'd like to propose that we cancel the 120 WETH charity stream to Endaoment that was passed in Prop 471, and return the unstreamed balance to the Treasury.
Prop 471 committed 120 WETH over 10 years, about 12 ETH per year until November 2033 — to Endaoment's Universal Impact Pool. I don't think a decade-long automated stream is the right way for us to be charitable, for two reasons.
First, we already give directly, and we do it well. The most recent example is Prop 960, "Party Under the Sea", where we funded a real charitable project with a USDC grant that the DAO voted on with full context. Direct grants let us decide the cause, the amount, and the recipient at the time we give, on the merits of each one. A standing 10-year pipe to a single intermediary does the opposite, it pre-commits our Treasury years in advance and takes that decision away from the Nouners who come after us.
Second, the capital does nothing while it waits. The 88.55 WETH still inside this stream is locked in the stream contract and drips out slowly through 2033, earning no yield for us while it sits there. Returned to the Treasury, it can be put back to work alongside our primary staked assets (wstETH, mETH, rETH, and WETH) at our current ~2% staked yield, and it stays available for us to deploy, including on charity, directly - whenever we choose.
Here is the stream today:
The Endaoment stream (Prop 471)
| Description | Value |
|---|
| Total committed | 120 WETH |
| Streamed to date (~26%) | 31.9 WETH |
| Remaining in the stream | 88.1 WETH |
| Returned to the Treasury on cancel | 88.1 WETH |
This stops only the unstreamed portion. It does not claw back the WETH already delivered to Endaoment, and it does not touch the ~2 WETH currently vested and claimable.
And here is what that balance is worth to us back in the Treasury:
Yield on the returned balance
| Description | Value |
|---|
| Returned to the Treasury | 88.1 WETH |
| Estimated annual yield (2%, accrued daily) | ~1.77 WETH |
| Remaining term (to Nov 2033) | ~7.3 years |
| Estimated yield we forgo by continuing to stream | ~13 WETH |
I believe cancelling this stream and returning 88 WETH to the Treasury will put our capital back to work, keep our charitable giving deliberate and voter-led as it was in Prop 960, and give future Nouners the flexibility that a 10-year lock-in takes away.
Note that the WETH returned here will land in the Treasury as plain WETH, earning nothing until it's deployed. A follow-up maintenance proposal will swap and stake it so it joins our primary staked assets and starts earning the yield described above.
