ENS DAO Proposes $13 Million USDC Sale via Gnosis Auction

• The Ethereum Name Service (ENS) DAO is considering a proposal to sell 10,000 ETH for USDC via a Gnosis Auction.
• The funds will be used to cover the DAO’s operating costs for the next two years.
• The minimum bid price set for the auction is $1,300 per ETH, which would generate approximately $13 million in USDC.

The Ethereum Name Service (ENS) DAO has put forward a proposal to raise funds for its operations over the next two years. The proposal seeks to diversify the ENS DAO Treasury by converting 25% of its ETH holdings into USDC. To do this, the DAO will conduct a Gnosis auction, wherein it will sell 10,000 ETH for USDC.

The current treasury of the DAO holds about 40,746 ETH and $2.46 million USDC. This, however, may be a vulnerable position due to the prolonged bear market. ETH has lost 52% of its value year-over-year, and the DAO is thus looking to diversify its portfolio by converting some of its ETH holdings into USDC.

The Gnosis auction will have a minimum bid price of $1,300 per ETH, and the sale is expected to generate approximately $13 million in USDC. These funds will be transferred to the DAO’s treasury, and will be used to cover the operating costs of the DAO for the next two years.

The proposal has been put forward by the ENS DAO and is currently being discussed by the community. It is yet to be seen whether the proposal will be accepted or not, but it is certainly an interesting move on the part of the DAO. If the proposal goes through, it could be a great way to diversify the DAO’s portfolio and better protect it against the bear market. It will also provide the DAO with sufficient funds to cover its operating costs for the next two years.