How Caper approaches this kar…oy capital – with vote weight (t·v)/(V·T)that combininges tokens held and an earned, so…moves it to be the same thing.

Tool karpatkey (rebranded kpk…https://kpk.io/about) , 2025) —– non-custodial DAO treasury ma… on-chain treasury management —– the allocation layer that sit…works/zodiac) Roles Modifier —– role-scoped permissions, no c…, no reported losses or hacks —– self-reported. The treasury f…/tooling/dao-tooling-overview)

karpatkey (rebranded kpk (htt… answers a different question —– what should an idle treasury … kpk (https://kpk.io/about) ).

The non-custodial model The w…works/zodiac) Roles Modifier —– an open-source module that gr… setup in exactly those terms —– management runs through “a pr…add liquidity to a named pool —– but cannot transfer funds to …pplied to treasury operations.

Mandates and track record kar…structure/ens-dao) Endaoment —– the endowment ENS created to …d-deploy-the-kpk-token/8115) —– the spin-off proposal karpatk…hored, dated 15 February 2024 —– says it “executed +7000 DeFi …aller than the yield it earns.

From service to protocol: the …asingly, to retail depositors —– including agent-powered vault… into reusable infrastructure.

Where it fits in the stack On…g is itself a costly decision —– the treasury-management (/wi…rather than a managed service.

How Caper approaches this kar…/execution) permissionlessly —– a PAYOUT to fund something or an INVEST to deploy capital —– with vote weight (t·v)/(V·T) …d an earned, soulbound record —– minted one per ballot cast an… no custody boundary to trust —– every treasury move is a gove…moves it to be the same thing.

Mandates and track record kar…tkey-spin-off) , 5 June 2024).Neither is audited, both are s…aller than the yield it earns.

How Caper approaches this kar…and untransferable thereafter.There is no manager address to…moves it to be the same thing.

Mandates and track record kar…/wiki/daos/staking/lido-dao) , Nexus Mutual (/wiki/daos/infrastructure/nexus-mutual) and Safe. The scale figures a…aller than the yield it earns.

How Caper approaches this kar…ed, soulbound record — minted 1one per ballot cast and 0.01 per XRD of gross trade valueby nothing else since the genesis redeploy of 11 September 2026, and untransferable thereafte…moves it to be the same thing.

How Caper approaches this kar…·T) combining tokens held and thean earned, soulbound record of past voting— minted 1 per ballot cast and 0.01 per XRD of gross trade value, and untransferable thereafter. There is no manager address …moves it to be the same thing.

Tool karpatkey (rebranded kpk…sions, no custody Founded 20210, insidto manage the GnosisDAO (/wiki/daos/organizations/networks/gnosisdao) to manage its treasuryreasury ( kpk timeline and co-founder bios (https://kpk.io/about) ); part of GnosisDAO from 2021, formally its sole treasury manager from 2022 Notable mandates ENS (/wiki/daos/organizations/infrastructure/ens-dao) , Balancer (/wiki/daos/organizations/dexs/balancer-dao) , CoW (/wiki/daos/organizations/dexs/cow-dao) , Aave (/wiki/daos/organizations/lending/aave-dao) , Lido (/wiki/daos/organizations/staking/lido-dao) , dYdX, Nexus Mutual, Safe Track record 7,000+ DeFi transactions, $2.6B+ managed, no reported losses or hacks (per GnosisDAO spin-off reporting— self-reported. The treasury figure differs by source: GIP-92 (https://forum.gnosis.io/t/gip-92-should-gnosis-dao-spin-off-karpatkey-dao-and-deploy-the-kpk-token/8115) says “+$900m” (Feb 2024); The Block (https://www.theblock.co/post/298551/gnosisdao-karpatkey-spin-off) says “more than $2.6 billion” (Jun 2024) Governance Spun out of Gnos…/tooling/dao-tooling-overview)

karpatkey (rebranded kpk (htt…er holding the DAO's keys. It grew up insidwas founded in 2020 to serve GnosisDAO (/wiki/daos/organizations/networks/gnosisdao) , which it was founded in 2021 to servebecame part of it in 2021 and its formally approved sole treasury manager in 2022, and became the reference nam… kpk (https://kpk.io/about) ).

Mandates and track record kar…gin at GnosisDAO (/wiki/daos/organizations/networks/gnosisdao) , its best…ndate is the ENS (/wiki/daos/organizations/infrastructure/ens-dao) Endao…include Balancer (/wiki/daos/organizations/dexs/balancer-dao) , CoW Protocol (/wiki/daos/organizations/dexs/cow-dao) , Aave (/wiki/daos/organizations/lending/aave-dao) , Lido (/wiki/daos/organizations/staking/lido-dao) , Nexus Mutual and Safe. By the time GnosisDAO moved to spin it out, karpatkey reported having executed more thanThe scale figures are self-reported, and the two accounts of them do not agree. GIP-92 (https://forum.gnosis.io/t/gip-92-should-gnosis-dao-spin-off-karpatkey-dao-and-deploy-the-kpk-token/8115) — the spin-off proposal karpatkey itself authored, dated 15 February 2024 — says it “executed +7000 DeFi interactions with zero funds lost or hacked and actively protected their treasuries for +$900m.” Reporting on the vote four months later carried the same transaction count against a figure nearly three times larger: “over 7,000 DeFi transactions and, managed over $2.6B in DAO treasuries without a reported loss or hacking more than $2.6 billion in treasuries,” attributed to a statement ( The Block (https://www.theb…gnosisdao-karpatkey-spin-off) ). Those figures are the sell, 5 June 2024). Neither is audited, both are stocks that move, and both should be read as of their dates rather than as a standing figure. GIP-92 is also sharper about the client list than a flat roster suggests: dedicated finance working groups for GnosisDAO, Balancer, dYdX, ENS (/wiki/daos/infrastructure/ens-dao) , CoW (/wiki/daos/dexs/cow-dao) , Lido (/wiki/daos/staking/lido-dao) and Aave (/wiki/daos/lending/aave-dao) , against lighter engagements with Uniswap, Spark/MakerDAO, Safe and Arbitrum (/wiki/daos/networks/arbitrum-dao) built on delegate platforms and paid research. The track record is the sell either way: an active strategy is only w…aller than the yield it earns.

From service to protocol: the kpk spin-off InOver 2024 and 2025 karpatkey stopped being …of one DAO and became its own. Under GIP-92 (https://forum.gnosis…nd-deploy-the-kpk-token/8115) , GnosisDAO voted to was posted on 15 February 2024 and approved that June, spinning karpatkey off as an independent entity and directing it to deploy a governance token with 5% of the airdrop to GnosisDAO; the rebrand to kpk and the l… into reusable infrastructure.

Tool karpatkey (rebranded kpk…t model Proxy Safe (/wiki/daos-governance/tooling/treasury/safe) + Zodiac (/wiki/daos-governance/tooling/frameworks/zodiac) R…Treasury management (/wiki/daos-governance/concepts/treasury/dao-treasur…anagement) · Safe (/wiki/daos-governance/tooling/treasury/safe) · Zodiac (/wiki/daos-governance/tooling/frameworks/zodiac) · DAO tooling stack (/wiki/daos-governance/tooling/dao-tooling-overview)

karpatkey (rebranded kpk (htt…s on top of a Safe (/wiki/daos-governance/tooling/treasury/safe) : it d… kpk (https://kpk.io/about) ).

The non-custodial model The w…xy Management Safe (/wiki/daos-governance/tooling/treasury/safe) paired with the Zodiac (/wiki/daos-governance/tooling/frameworks/zodiac) R…g idea that Zodiac (/wiki/daos-governance/tooling/frameworks/zodiac) b…pplied to treasury operations.

Where it fits in the stack On… DAO tooling stack (/wiki/daos-governance/tooling/dao-tooling-overview) , custody ( Safe (/wiki/daos-governance/tooling/treasury/safe) ) and execution ( Zodiac (/wiki/daos-governance/tooling/frameworks/zodiac) , …treasury-management (/wiki/daos-governance/concepts/treasury/dao-treasur…without handing over the keys. The alternative to hiring that discipline is configuring it: Enzyme (/wiki/dao-governance/tooling/treasury/enzyme) bakes the same non-custodial, policy-bounded allocation into a self-serve vault contract rather than a managed service.

How Caper approaches this kar…treasury is a Safe (/wiki/daos-governance/tooling/treasury/safe) that …gation with Zodiac (/wiki/daos-governance/tooling/frameworks/zodiac) r…rata share on exit (/wiki/daos-governance/concepts/membership/rage-quit…moves it to be the same thing.

Tool karpatkey (rebranded kpk…oxy Safe (/wiki/daos/tooling/treasury/safe) + Zodiac (/wiki/daos/tooling/frameworks/zodiac) Roles Modifier — role…inside GnosisDAO (/wiki/daos/ecosystemorganizations/networks/gnosisdao) to manage its tre…ble mandates ENS (/wiki/daos/ecosystemorganizations/infrastructure/ens-dao) , Balancer (/wiki/daos/ecosystemorganizations/dexs/balancer-dao) , CoW (/wiki/daos/ecosystemorganizations/dexs/cow-dao) , Aave (/wiki/daos/ecosystemorganizations/lending/aave-dao) , Lido (/wiki/daos/ecosystemorganizations/staking/lido-dao) , Nexus Mutual, Saf…nagement (/wiki/daos/concepts/treasury/dao-treasury-management) · Safe (/wiki/daos/tooling/treasury/safe) · Zodiac (/wiki/daos/tooling/frameworks/zodiac) · DAO tooling stack …/tooling/dao-tooling-overview)

karpatkey (rebranded kpk (htt…f a Safe (/wiki/daos/tooling/treasury/safe) : it designs an allocati…inside GnosisDAO (/wiki/daos/ecosystemorganizations/networks/gnosisdao) , which it was fou… kpk (https://kpk.io/about) ).

The non-custodial model The w…ent Safe (/wiki/daos/tooling/treasury/safe) paired with the Zodiac (/wiki/daos/tooling/frameworks/zodiac) Roles Modifier — an o…t Zodiac (/wiki/daos/tooling/frameworks/zodiac) brings to governance …pplied to treasury operations.

Mandates and track record kar…gin at GnosisDAO (/wiki/daos/ecosystemorganizations/networks/gnosisdao) , its best-known m…ndate is the ENS (/wiki/daos/ecosystemorganizations/infrastructure/ens-dao) Endaoment — the end…include Balancer (/wiki/daos/ecosystemorganizations/dexs/balancer-dao) , CoW Protocol (/wiki/daos/ecosystemorganizations/dexs/cow-dao) , Aave (/wiki/daos/ecosystemorganizations/lending/aave-dao) , Lido (/wiki/daos/ecosystemorganizations/staking/lido-dao) , Nexus Mutual and …aller than the yield it earns.

Where it fits in the stack On…dy ( Safe (/wiki/daos/tooling/treasury/safe) ) and execution ( Zodiac (/wiki/daos/tooling/frameworks/zodiac) , on-chain governors) …nagement (/wiki/daos/concepts/treasury/dao-treasury-management) prob…without handing over the keys.

How Caper approaches this kar…s a Safe (/wiki/daos/tooling/treasury/safe) that most DAOs don't ha…h Zodiac (/wiki/daos/tooling/frameworks/zodiac) role permissions. A …on exit (/wiki/daos/concepts/membership/rage-quit-and-exit-rights) . T…moves it to be the same thing.

Tool karpatkey (rebranded kpk (https://kpk.io/about) , 2025) — non-custodial DAO treasury manager Category Active on-chain treasury management — the allocation layer that sits on top of custody Trust model Proxy Safe (/wiki/daos/tooling/safe) + Zodiac (/wiki/daos/tooling/zodiac) Roles Modifier — role-scoped permissions, no custody Founded 2021, inside GnosisDAO (/wiki/daos/ecosystem/gnosisdao) to manage its treasury Notable mandates ENS (/wiki/daos/ecosystem/ens-dao) , Balancer (/wiki/daos/ecosystem/balancer-dao) , CoW (/wiki/daos/ecosystem/cow-dao) , Aave (/wiki/daos/ecosystem/aave-dao) , Lido (/wiki/daos/ecosystem/lido-dao) , Nexus Mutual, Safe Track record 7,000+ DeFi transactions, $2.6B+ managed, no reported losses or hacks (per GnosisDAO spin-off reporting) Governance Spun out of GnosisDAO (GIP-92); KPK token launched May 2025 Related Treasury management (/wiki/daos/concepts/dao-treasury-management) · Safe (/wiki/daos/tooling/safe) · Zodiac (/wiki/daos/tooling/zodiac) · DAO tooling stack (/wiki/daos/tooling/dao-tooling-overview)

karpatkey (rebranded kpk (https://kpk.io/about) in 2025) is a non-custodial, on-chain manager for DAO treasuries. Most DAO tools answer “where does the money sit” (custody) or “how does a vote move it” (execution); karpatkey answers a different question — what should an idle treasury actually do. It is the active-management layer that sits on top of a Safe (/wiki/daos/tooling/safe) : it designs an allocation strategy, deploys treasury assets into vetted DeFi positions, rebalances them, and reports the results, all without ever holding the DAO's keys. It grew up inside GnosisDAO (/wiki/daos/ecosystem/gnosisdao) , which it was founded in 2021 to serve, and became the reference name for “professional treasury management, done on-chain and non-custodially” ( kpk (https://kpk.io/about) ).

The non-custodial model The whole design turns on one constraint: the manager must be able to work the treasury without being able to take it. karpatkey solves this with a proxy Management Safe (/wiki/daos/tooling/safe) paired with the Zodiac (/wiki/daos/tooling/zodiac) Roles Modifier — an open-source module that grants an address a role: permission to call only pre-approved functions on pre-approved contracts, with pre-approved parameters. ENS's own mandate describes the setup in exactly those terms — management runs through “a proxy Management Safe and the Zodiac Roles Modifier” ( CoinDesk (https://www.coindesk.com/tech/2022/11/23/ethereum-name-service-selects-karpatkey-dao-as-endaoment-fund-manager) ). In practice the DAO keeps its assets in its own Safe and hands karpatkey a role that can, say, supply to a specific Aave market or add liquidity to a named pool — but cannot transfer funds to an outside address, cannot touch unapproved protocols, and can be revoked by the DAO at any time. The manager's discretion is bounded by code, not by trust. This is what “non-custodial” means here: the worst a compromised manager can do is move money between whitelisted DeFi positions, never out the door. It is the same permission-scoping idea that Zodiac (/wiki/daos/tooling/zodiac) brings to governance execution, applied to treasury operations.

Mandates and track record karpatkey's credibility rests on the size and prominence of the treasuries it has run. Beyond its origin at GnosisDAO (/wiki/daos/ecosystem/gnosisdao) , its best-known mandate is the ENS (/wiki/daos/ecosystem/ens-dao) Endaoment — the endowment ENS created to fund development independent of registration revenue. In a November 2022 community vote (1.76M votes to 1.3M for “none of the above”), ENS selected karpatkey, working with Steakhouse Financial, to manage an endowment proposed to start near $52M and scale toward $69M, invested through “low-risk, medium-complexity DeFi strategies” over a USDC-and-ETH base ( CoinDesk (https://www.coindesk.com/tech/2022/11/23/ethereum-name-service-selects-karpatkey-dao-as-endaoment-fund-manager) ). Its client roster has since grown to include Balancer (/wiki/daos/ecosystem/balancer-dao) , CoW Protocol (/wiki/daos/ecosystem/cow-dao) , Aave (/wiki/daos/ecosystem/aave-dao) , Lido (/wiki/daos/ecosystem/lido-dao) , Nexus Mutual and Safe. By the time GnosisDAO moved to spin it out, karpatkey reported having executed more than 7,000 DeFi transactions and managed over $2.6B in DAO treasuries without a reported loss or hack ( The Block (https://www.theblock.co/post/298551/gnosisdao-karpatkey-spin-off) ). Those figures are the sell: an active strategy is only worth running if the operational risk it adds stays smaller than the yield it earns.

From service to protocol: the kpk spin-off In 2025 karpatkey stopped being a unit of one DAO and became its own. Under GIP-92 (https://forum.gnosis.io/t/gip-92-should-gnosis-dao-spin-off-karpatkey-dao-and-deploy-the-kpk-token/8115) , GnosisDAO voted to spin karpatkey off as an independent entity and deploy a governance token; the rebrand to kpk and the launch of the KPK token followed on 15 May 2025 ( The Defiant (https://thedefiant.io/news/defi/kpk-launches-kpk-token-and-updated-dao-governance-structure) ). Freed from a single mandate, kpk has generalised its playbook into a product: curated, non-custodial vaults that apply the same role-scoped, policy-bounded automation to DeFi protocols and, increasingly, to retail depositors — including agent-powered vaults launched on Morpho in late 2025 ( kpk (https://kpk.io/articles/) ). The trajectory is a familiar one in DAO tooling: a bespoke service, proven on a flagship treasury, hardens into reusable infrastructure.

Where it fits in the stack On the DAO tooling stack (/wiki/daos/tooling/dao-tooling-overview) , custody ( Safe (/wiki/daos/tooling/safe) ) and execution ( Zodiac (/wiki/daos/tooling/zodiac) , on-chain governors) answer where funds live and how a vote moves them. karpatkey occupies the layer above: once the treasury is safely held and governable, someone still has to decide what to do with it. For a nine-figure endowment sitting in stablecoins, doing nothing is itself a costly decision — the treasury-management (/wiki/daos/concepts/dao-treasury-management) problem of turning a static balance into sustainable runway. karpatkey's contribution is to make that active management delegable without making it custodial, so a DAO can hire professional allocation without handing over the keys.

How Caper approaches this karpatkey exists because the mainstream DAO treasury is a Safe (/wiki/daos/tooling/safe) that most DAOs don't have the mandate or expertise to actively manage, so they delegate that work to an outside manager and bound the delegation with Zodiac (/wiki/daos/tooling/zodiac) role permissions. A caper (/wiki/foundations/what-is-a-caper) removes the seam that delegation spans. The treasury is a protocol-controlled vault inside the contract, not an external Safe with a manager attached: assets move only through an on-chain proposal (/wiki/governance/proposals) that members vote (/wiki/governance/voting) on and that executes (/wiki/governance/execution) permissionlessly — a PAYOUT to fund something or an INVEST to deploy capital — with vote weight (t·v)/(V·T) combining tokens held and the earned, soulbound record of past voting. There is no manager address to grant a role to, and no discretionary allocation between votes; the same weighting also sets a member's pro-rata share on exit (/wiki/daos/concepts/rage-quit-and-exit-rights) . The trade-off is deliberate and honest: a caper forgoes the professional, actively-managed yield karpatkey delivers in exchange for having no external manager and no custody boundary to trust — every treasury move is a governed, on-chain act by definition. For a treasury that wants active DeFi management, karpatkey remains the reference; a caper is the answer for one that wants the treasury and the vote that moves it to be the same thing.

References - kpk, About (https://kpk.io/about) and Articles (https://kpk.io/articles/) . - CoinDesk, Ethereum Name Service Selects Karpatkey DAO to Manage Its Endowment Fund (https://www.coindesk.com/tech/2022/11/23/ethereum-name-service-selects-karpatkey-dao-as-endaoment-fund-manager) (2022). - GnosisDAO, GIP-92: Should Gnosis DAO spin-off karpatkey DAO and deploy the KPK Token? (https://forum.gnosis.io/t/gip-92-should-gnosis-dao-spin-off-karpatkey-dao-and-deploy-the-kpk-token/8115) - The Block, GnosisDAO approves Karpatkey's spin-off to become independent entity with KPK token (https://www.theblock.co/post/298551/gnosisdao-karpatkey-spin-off) . - The Defiant, kpk launches KPK Token and updated DAO governance structure (https://thedefiant.io/news/defi/kpk-launches-kpk-token-and-updated-dao-governance-structure) (2025). - Gnosis Guild, Zodiac Roles Modifier (https://github.com/gnosisguild/zodiac-modifier-roles) .