kpk
Treasury manager · formerly karpatkey
Runs DAO treasuries from inside the client’s own Safe, with permissions set through ENS DAO’s on-chain governance — and reports on them in public every month.
About kpk
kpk was founded in 2020 as karpatkey to manage the GnosisDAO treasury, and took its current name in 2025 after GnosisDAO approved a spin-off. It offers on-chain funds, automated vault strategies and custom treasury management, and lists GnosisDAO, ENS DAO, Aave, Lido, Uniswap and others among its clients. Its best-documented current mandate is the ENS Endowment.
kpk.io ↗Our verdict
ENS sets its permissions by on-chain vote, it never takes custody, and anyone can read its monthly Endowment reports.
How each block was graded
Mandate
ENS DAO puts kpk’s (then karpatkey’s) permissions over the ENS Endowment to on-chain votes, in proposals that name both sides, and kpk reports on the Endowment every month on ENS’s own forum. kpk also worked on Aave’s treasury under Aave governance proposals; that role appears to have passed to TokenLogic from December 2024.
| What we found | Source | Checked |
|---|---|---|
| ENS EP 5.14: executable proposal granting karpatkey permissions over the ENS Endowment, put to an on-chain vote on Tally; results posted 31 Aug 2024 | discuss.ens.domains | 2026-09-21 |
| Aave governance: karpatkey and TokenLogic proposed as financial service providers for Aave’s treasury (21 Nov 2023) | governance.aave.com | 2026-09-21 |
| Aave governance: karpatkey as GHO growth provider, described as separate from treasury management (Dec 2024) | governance.aave.com | 2026-09-21 |
Money
Management is non-custodial: kpk holds limited permissions inside client-owned Safes through the Zodiac Roles Modifier. Amounts are disclosed, though the two firm-wide figures on its own site measure different things — “$8,000,000,000+” deployed on the homepage and “$300m+” across funds, vaults and mandates on the about page.
| What we found | Source | Checked |
|---|---|---|
| ENS Endowment under management: $67.7M at 30 Jun 2026 | discuss.ens.domains | 2026-09-21 |
| “$300m+ across Funds, Vaults, and treasury mandates” (about page, undated) | kpk.io | 2026-09-21 |
| “$8,000,000,000+” deployed (homepage, shown with a 17 Sep 2026 timestamp) | kpk.io | 2026-09-21 |
| “Strictly limited permissions within client-owned Safes, never taking custody of assets” | kpk.io | 2026-09-21 |
Transparency
For ENS, anyone can read what kpk does: monthly reports on the ENS forum since August 2023, plus half-year reviews. We did not find equivalent public reporting for its other clients.
| What we found | Source | Checked |
|---|---|---|
| ENS Endowment monthly reports posted on the ENS forum since 9 Aug 2023 | discuss.ens.domains | 2026-09-21 |
| H1 2026 public review of the ENS Endowment (14 Aug 2026) | discuss.ens.domains | 2026-09-21 |
Strengths & weaknesses
What works
- ✓Its permissions over the ENS Endowment are set by on-chain DAO votes
- ✓Non-custodial: it acts inside the client’s own Safe, with restricted roles
- ✓Monthly public reports for the ENS Endowment since 2023
Where it loses grades
- ✕Two firm-wide size figures on its own site, $8bn+ and $300m+, measure different things and are not labelled clearly
- ✕Public reporting found for ENS only; most listed clients are named by kpk alone
- ✕Its Aave treasury role appears to have ended in December 2024, while Aave stays on its client list
A DAO that wants its treasury managed without handing over custody, and is prepared to put the mandate to a vote.
A token issuer looking for a market maker; kpk manages treasuries, it does not make markets.
The rest of the dao treasury & liquidity managers ranking
Same three blocks, same rules, same review run — this is what kpk is being compared against.
Related ratings
DeFi protocols
Uniswap’s pools cannot be upgraded by anyone, including Uniswap. Everything else can be changed — by a vote in the better cases, by a multisig in the rest. We scored who holds the key.
Stablecoins
Nearly every fiat-backed stablecoin can blacklist your address, and the largest one already has — billions of dollars’ worth. We recorded who can freeze what, and what the reserve report really is.
Cross-chain bridges
The largest thefts in crypto happened here. Ronin was 5-of-9. Polygon’s bridge — which most people think is canonical — is also 5-of-9, per Polygon’s own docs.