Ethereum Name Service (ENS) had hit milestones by the first half of 2022 when it surpassed 1,000,000 registered domain names. Now the ENS has almost more than double the number of domain names, which stand at 2.8 million names with 594K owners.
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Now, the latest governance proposal laid down by a member of the Ethereum Name Service DAO suggests the sale of 10,000 Ethereum via a Gnosis auction. According to the Ethereum price at press time of $1,521, 10,000 ETH is worth around $15.2 million.
Ethereum Name Service DAO’s proposal to cover operating cost
The ENS treasury, which holds over 40,000 Ethereum and $3 million in USDC, is planning to swap 10,000 Ethereum for USDC. These funds will be used to cover the operating costs of the company over the next 24 months, regardless of the market turmoil.
“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.
ENS indeed had a tumultuous year due to falling cryptocurrency prices and other unforeseen events in 2022. The price of the ENS had dropped by 84.2% from its all-time high of $85.69.