ENS drops treasury wallet transfer from revised Foundation plan
ENS DAO’s latest foundation proposal keeps the operational wallet and most DAO-held ENS under tokenholder control, while granting the new entity administrative control of the endowment and 1 million ENS for employee compensation.
ENS DAO has published a revised proposal to create an ENS Foundation with a five-seat board, but it removes the earlier plan to transfer the DAO’s operational wallet and broader ENS token holdings to the new entity after delegate opposition. Under the draft, tokenholders would retain control over the protocol, the DAO’s roughly 54.6 million ENS, the operational wallet and the appointment and removal of Foundation directors, while the Foundation would administer the roughly $65 million endowment. The proposal includes a one-time allocation of 1 million ENS for Foundation employee compensation, subject to multi-year vesting, and says endowment transactions would be subject to a timelock and a Security Council cancellation right.
- DAO: A tokenholder-governed online organization that makes decisions through onchain voting and related governance processes.
- timelock: A delay mechanism that gives governance participants time to review or stop approved transactions before they are executed.
- Endowment Safe: The wallet structure holding ENS endowment assets that would be administered by the Foundation under the proposal.