ENS DAO Approves Proposal to Sell 10,000 Ether To Support ENS Labs
Key Points: The ENS DAO has decided that 10,000 ETH will be sold for USDC to cover running expenses for the next two years.
89% of participants voted for the plan. This plan also seeks to reduce the project’s exposure in the event that the market moves to the negative after the vote.
10,000 ETH will be liquidated on the CoW Swap decentralized exchange aggregator. The decentralized autonomous organization anticipates receiving at most $13 million USDC stablecoin.
The Ethereum Name Service (ENS DAO) delegation decided to sell 10,000 Ether using funds from the DAO to fund the project’s operations over the next 18-24 months. The initial submission of the governance plans was made on January 18. Tally data shows that 89% supported the plan. This plan also seeks to reduce Ether’s exposure in the event of a market shift to the negative. ENS Foundation chair Brantly millegan and founder Nick Johnson were two prominent ENS figures who supported the decision. The project’s entirely ether-backed, spendable treasury will provide the funds. The DAO will be less exposed to ETH if it sells 10,000 ETH. There was some discussion about the best way to do this. The plan called for 10,000 ETH tokens to be exchanged for USDC at once. The USDC delegation argued for dividing the sale into smaller parts. They also suggested that the DAO use a dollar cost averaging strategy to maximize the sale. However, the DAO chose a single swap method in order to get the best results. Johnson stated that the DAO forum recommended this because a staged sale would have required delegates to vote for each step. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: CoW SwapENSENS DAOETHEthereumUSDC