Ethereum Name Service (ENS) DAO delegates have voted to sell 10,000 ETH ($16.5 million) from the DAO’s treasury

The Ethereum Name Service (ENS) DAO has approved a proposal to sell 10,000 ETH in order for the project to have more money to operate in the near future.

Ethereum Name Service (ENS) community agrees to sell $16.5 million ETH

The community of the Ethereum Name Service (ENS) domain project has voted on a proposal to sell 10,000 ETH, worth $16.5 million at the moment, to fund its operations in the next 18-24 months.

The vote ended with the result that 89% supported the option to liquidate a quarter of the ETH in the fund of Ethereum Name Services. Previously, the project said that there were about 40,746 ETH (67 million USD) and 2.46 million USDC in the reserve fund.

Next, ENS will conduct a 10,000 ETH swap to get USDC through CoW Swap, the new DEX exchange became the subject of the attack on February 7. Ethereum Name Service hopes to raise at least $13 million from this sale.

The proceeds will be used to cover operating costs for ENS Labs, the developer behind the project. Under the agreement, ENS Labs will be paid $8.4 million over the next two years.

In addition, the Ethereum Name Service community is discussing funding for the project’s dedicated teams, which could cost an additional $6 million to operate over the next 48 months.

In its most recent report, Ethereum Name Service said it recorded 56,000 new .eth domain name registrations in January 2023, bringing the total number of domains to 2.8 million. The project also received $ 1.8 million in fees, all of which will be transferred to the ENS DAO.

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