ENS DAO considers proposal to auction 10,000 ETH for USDC ENS DAO considers proposal to auction 10,000 ETH for USDC
ENS DAO is considering a proposal to raise about $13 million from selling 10,000 ETH. The funds will be used to fund the DAO's operation over the next two years.
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Updated: Jun. 23, 2023 at 10:43 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Ethereum Name Service (ENS) DAO is considering a proposal to sell 10,000 ETH for USDC via a Gnosis Auction.
The governance proposal submitted on Jan. 18 seeks to diversify the ENS DAO Treasury. Currently, the DAO holds about 40,746 ETH and $2.46 million USDC.
However, due to the prolonged bear market, the DAO may be in a vulnerable position by being overexposed to a single volatile asset. For context, ETH has lost roughly 52% of its value year-over-year.
As a result, the DAO is deliberating on converting about 25% of its ETH holdings into USDC.
The sale will be conducted via a Gnosis auction, with the minimum bid price set at $1,300 per ETH. The sale will generate approximately $13 million in USDC, which will be transferred to the DAO’s treasury.
The proposal added that the funds realized from the auction will be used to cover the DAO’s operating costs for the next two years.
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Author 
Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Ethereum Name Service
$36.1374
The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain.