Ethereum Name Service (ENS) 10,000 USDC to cover the DAO’s operating costs over the next two years. Ethereum (ETH) his vote to turn it into cash was accepted.
ENS is a very popular domain name protocol. The market value of ENS, the native token of the protocol, is approximately 316 million dollars.
The voting to sell 10,000 ETH was launched on January 18. Voting turnout was 2.3% among all ENS holders.
A Significant Part of Voting Participants Voted Affirmative to Selling 10,000 Ethereum (ETH)
The vote resulted in 89% of respondents voting in favor of the proposal, which also aims to reduce the project’s exposure to ETH should the market move down.
10,000 ETH will be cashed in the decentralized exchange aggregator CoW Swap. According to his estimates, ENS DAO plans to generate at least $13 million in revenue from 10,000 ETH sales.
The DAO’s treasury currently holds 40,746 ETH ($67 million) and 2.46 million USDC.
The sale will take place in a single transaction as opposed to multiple trading slices, following discussions on the ENS management forum. The decision was left to a single sale, as multiple transactions would require multiple governance votes at each step.
The Ethereum Name Service (ENS) altcoin is trading at $ 15.47 at the time of this writing and has increased by 1.60% in the last 24 hours.
ENS was launched in November 2021 with a highly successful retroactive airdrop, rewarding users who registered their address before the project launched its token.
*Not investment advice.
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