The Ethena Risk Committee fifth term election closed on 10th August. Kairos Research, OAK Research and K3 recorded the three highest vote totals, with Blockworks receiving the fourth most votes.
Following the completion of the vote, the Ethena Foundation conducted its standard screening of successful applicants for eligibility. As stated prior to the voting process, final confirmation of the incoming Risk Committee members remained subject to the successful completion of this review.
K3 Capital’s application included a conflicts declaration covering its position as an active allocator and its existing risk mandates. The Foundation assessed these disclosures and concluded that the conflicts are structural and ongoing rather than limited to specific transactions. They would require recusal from a substantial proportion of the committee’s core workstreams. On that basis the Foundation determined that K3 Capital is not eligible for appointment to this term.
This decision is not a reflection on K3 Capital’s expertise, conduct or standing, and the Foundation notes the transparency of its declaration.
As a result, the Foundation confirms the appointments of Kairos Research, OAK Research, and Blockworks, who take their seats for the fifth Risk Committee term following signing of the requisite agreements.
Ethena Foundation