ENS Labs updates ENS Foundation proposal, abandoning transfer of DAO operational wallet to the foundation According to The Defiant, Katherine Wu, Chief Operating Officer of ENS Labs, released an executable draft of the ENS Foundation proposal on Thursday, abandoning the plan to transfer the DAO’s operational wallet to the new entity following weeks of opposition from representatives. The draft retains control of the DAO’s approximately 54.6 million ENS tokens and its operational wallet, holding around $16 million in ETH and stablecoins, under token holder governance. The only ENS token transaction proposed is a one-time transfer of 1 million ENS, exclusively for foundation staff compensation with a multi-year vesting schedule. The foundation’s board will gain management authority over a $65 million endowment fund, 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 endowment fund, while token holders retain control over the protocol, remaining DAO-held ENS tokens, the operational wallet, and the appointment or removal of foundation board members. https://t.co/gxUwVonQV7