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Ethereum Name Service's Governance Proposal Outlines Intention to Sell 10,000 ETH
The DAO's treasury currently holds 40,746 ETH and 2.46 million USDC.
Updated May 9, 2023, 4:06 a.m. Published Jan 19, 2023, 10:55 a.m.
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A governance proposal put forward by a member of the DAO, a decentralized autonomous organization, suggests liquidating 10,000 ether (ETH) to cover operating costs over the next two years.
ENS is a decentralized domain name protocol that recorded over 2.8 million domain registrations in 2022. The draft proposal, which was submitted on Jan. 18, is now being discussed among the ENS community.
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The DAO's treasury currently holds 40,746 ETH and 2.46 million USDC. The sale of 10,000 ETH would generate a minimum of $13 million in the USDC stablecoin via a Gnosis auction.
Since the launch of ENS in November 2021, the price of ether has slumped by 68.6% from $4,850 to $1,526.
"While ENS generates protocol revenue in ETH, having so much exposure to a single volatile asset places the DAO in a vulnerable position," the proposal stated.
The value of the ENS token has seen a resurgence since the turn of the year, rising from $10.73 to $13.68.
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