ENS Tokenholders Approve New Foundation to Manage $65M Endowment
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ENS tokenholders approved a major governance overhaul on-chain on August 11 with roughly 70% support, giving the expanded ENS Foundation control of a $65 million endowment and formal responsibility for policy, trademarks, funding and external relationships. The Foundation will hire a full-time executive director, staff and a five-member board, oversee .eth registration revenue and off-chain affairs, receive a 1 million ENS token transfer for employee compensation, while tokenholders retain about 54.6% of supply and the power to appoint or remove directors, signaling positive governance and fundraising progress for crypto adoption.
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Ethereum Name Service tokenholders have approved a major governance overhaul that gives the ENS Foundation control over its $65 million Endowment. The vote passed with roughly 70% support and took effect onchain Tuesday, August 11. Consequently, ENS now has a formal organization to manage policy, trademarks, funding, and external relationships.
Foundation Takes Operational Role
The expanded Foundation will operate with a full-time executive director, dedicated staff, and a five-member board. Additionally, it will oversee revenue generated through .eth name registrations and manage the protocol’s off-chain affairs.
The DAO will transfer 1 million ENS tokens to fund employee compensation. However, tokenholders will retain control over the DAO’s broader ENS holdings, representing about 54.6% of total supply.
Moreover, tokenholders can appoint or remove Foundation di…
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