ENS Labs Updates Foundation Proposal, Abandons DAO Wallet Transfer

ChainCatcher report, according to The Defiant, Katherine Wu, Chief Operating Officer of ENS Labs, released an executable draft of the proposal to establish the ENS Foundation on Thursday, abandoning the previous plan to transfer the DAO’s operational wallet to a new entity following weeks of opposition from representatives. According to the disclosure, the draft retains approximately 54.6 million ENS tokens and the operational wallet holding around $16 million in ETH and stablecoins under the control of token holders. The only ENS token transaction proposed is a one-time transfer of 1 million ENS, exclusively for foundation employee compensation with a multi-year vesting schedule. The ENS Foundation board will gain management authority over a donation fund treasury valued at approximately $65 million, but every transaction will be subject to a time lock, with the Security Committee holding veto power. The ENS DAO officially summarized this revision as authorizing the foundation to manage the donation fund, while token holders retain control over the protocol, the remaining ENS tokens held by the DAO, the operational wallet, and the appointment and removal of foundation board members.