# Shutter Introduces Perpetual Endowment Network (PEN)

*A proposed governance funding model featuring a permanent principal base used to generate yield for a continuous DAO runway. *

By [ETH Daily](https://ethdaily.io) · 2026-04-23

shutter, dao

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Shutter Network [introduced](https://blog.shutter.network/introducing-the-perpetual-endowment-network-pen/) the Perpetual Endowment Network (PEN), a new governance funding model featuring a permanent principal base used to generate yield for a continuous DAO runway. Under the model, the yield generated can be distributed via a quarterly governance vote. Governance membership is represented by non-transferable, non-delegatable one-vote seats purchased via a bonding curve.

The DAO treasury is split into a Principal Vault that holds and grows the core endowment, and a Yield Vault that receives and distributes returns. DAO members can exit at any time for a partial refund on their seat. PEN is currently a conceptual proposal open for community feedback.

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Disclaimer: Content is for informational purposes only, not endorsement or investment advice. The accuracy of information is not guaranteed.

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*Originally published on [ETH Daily](https://ethdaily.io/shutter-introduces-perpetual-endowment-network-pen)*