ENS Endowment Tracks Targets as Teardown Reveals Staking Risks

Sentralis analysis: ENS endowment tracks its 60/40 ETH/stablecoin target. June split: 61/39. Largest protocol exposure: StakeWise 25.3%, Stader 24.5%. No breach of 30% cap. Modeled single-protocol incident: $6.5–6.7M loss for top staking venues. Modeled 1-in-20 bad year: −41% to −51%. ETH, ETHx, weETH correlations: 0.89–0.99.