A governance proposal put forward by a member of the Ethereum Name Service (ENS) DAO, a decentralized autonomous organization, suggests liquidating 10,000 ether (ETH) to cover operating costs over the next two years.
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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