Introducing the Perpetual Endowment Network (PEN)

The article introduces the Perpetual Endowment Network (PEN), a conceptual model for a permissionless, member-governed on-chain endowment that preserves its principal indefinitely and distributes only the yield through governance. Members buy non-transferable, non-delegatable seats that give one vote each, and votes occur once per quarter on funding slates, with ranked-choice voting that includes reinvesting the yield as a default option. The treasury is split into a Principal Vault that is never spent and a Yield Vault that receives its income. The article presents PEN as an unfinished model meant to invite community feedback.