Ethereum Name Service DAO Passes Vote to Sell 10,000 Ether
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.
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 DAO 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.