ENS Labs updates ENS Foundation proposal, abandoning the transfer of the DAO operating wallet to the foundation

According to The Defiant, ENS Labs Chief Operating Officer Katherine Wu released an executable draft proposal for the establishment of the ENS Foundation on Thursday, abandoning the plan to transfer the DAO operational wallet to a new entity after weeks of opposition from representatives to previous versions.

As disclosed, the draft will keep approximately 54.6 million ENS tokens and an operational wallet holding about 16 million dollars in ETH and stablecoins under the control of token holders. The only ENS token transaction in the proposal is a one-time transfer of 1 million tokens, solely for the compensation of foundation staff with a multi-year vesting period. The foundation's board will gain management rights over an approximately 65 million dollar donation fund treasury, but each transaction must go through a time lock, and the security committee has the right to cancel.

ENS DAO officials summarized this revision as authorizing the foundation to manage the donation fund while token holders retain control over the protocol, the remaining ENS held by the DAO, the operational wallet, and the appointment and dismissal of foundation directors.