The Ethereum Identify Service (ENS) DAO is contemplating a proposal to promote 10,000 ETH for USDC by way of a Gnosis Public sale.
The governance proposal submitted on Jan. 18 seeks to diversify the ENS DAO Treasury. Presently, the DAO holds about 40,746 ETH and $2.46 million USDC.
Nevertheless, as a result of extended bear market, the DAO could also be in a susceptible place by being overexposed to a single risky asset. For context, ETH has misplaced roughly 52% of its worth year-over-year.
In consequence, the DAO is deliberating on changing about 25% of its ETH holdings into USDC.
The sale can be performed by way of a Gnosis public sale, with the minimal bid worth set at $1,300 per ETH. The sale will generate roughly $13 million in USDC, which can be transferred to the DAO’s treasury.
The proposal added that the funds realized from the public sale can be used to cowl the DAO’s working prices for the subsequent two years.
