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.
Feb 7, 2023 at 12:57 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/EXFI2NGVWFGGLPJIGN4XCOZ3VI.jpg)
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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 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.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
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