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Ethereum Name Service DAO Passes Vote to Sell 10K Ether
The sale will be a single transaction on CoW Swap as opposed to multiple tranches.
The Ethereum Name Service (ENS) DAO has passed a vote to liquidate 10,000 ether (ETH) for USDC to cover operating costs for the next two years.
ENS is a decentralized domain name protocol; its ENS token has a market capitalization of $316 million. The governance proposal was initially submitted on Jan. 18.
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The vote concluded with 89% of participants voting in favor of the proposal, which also aims to reduce the project's exposure to ether in case of a market move to the downside.
The 10,000 ETH will be liquidated on decentralized exchange aggregator CoW Swap with the decentralized autonomous organization expecting to receive at least $13 million in the USDC stablecoin.
The DAO's treasury currently holds 40,746 ETH ($67 million) and $2.46 million of USDC.
The sale will take place in one transaction as opposed to multiple tranches following discussion on the ENS governance forum. The decision swayed to a single sale as multiple transactions would have required numerous governance votes at every step.
The ENS token is currently trading at $15.69 having risen by about 4% over the past 24 hours, according to CoinDesk data.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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