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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.