# 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. 

**Published by:** [ETH Daily](https://ethdaily.io/)
**Published on:** 2026-04-23
**Categories:** shutter, dao
**URL:** https://ethdaily.io/shutter-introduces-perpetual-endowment-network-pen

## Content

Shutter Network introduced 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.Sponsored byEarnUSD is a stablecoin vault by Lido for earning transparent, onchain USD-denominated rewards. Get started today at stake.lido.fi/earnDisclaimer: Content is for informational purposes only, not endorsement or investment advice. The accuracy of information is not guaranteed.

## Publication Information

- [ETH Daily](https://ethdaily.io/): Publication homepage
- [All Posts](https://ethdaily.io/): More posts from this publication
- [RSS Feed](https://api.paragraph.com/blogs/rss/@ethdaily): Subscribe to updates
- [Twitter](https://twitter.com/intent/follow?screen_name=ethdaily): Follow on Twitter