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ENS Foundation plan adds Security Council veto on Endowment moves

The revised proposal keeps the DAO in control of its operational wallet and most ENS tokens, while limiting Foundation token grants to 1 million ENS with vesting.

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ENS Labs on Thursday posted an executable proposal to set up an ENS Foundation, scaling back an earlier plan to move DAO treasury control after delegates pushed back, according to The Defiant. The updated draft keeps the DAO holding roughly 54.6 million ENS tokens and its operational wallet, which is reported to hold about $16 million in ETH and stablecoins, under tokenholder control.

Under the proposal, the ENS Foundation Board would take administrative control of the roughly $65 million Endowment Safe, but every Endowment transaction would face added safeguards. The draft requires Endowment transactions to go through a timelock by default, and it adds a Security Council cancellation right that can stop transactions before execution.

The only ENS token transaction included is a one-time transfer of 1 million ENS restricted to Foundation employee compensation with multi-year vesting. The draft also narrows what the Foundation can administer, authorizing it to manage the Endowment while tokenholders retain control over the protocol, remaining DAO-held ENS, the operational wallet, and the appointment and removal of Foundation directors.

The Defiant says the changes follow an earlier June 19 proposal that would have expanded Foundation authority over the DAO operational wallet, ENS token holdings, and the Karpatkey-managed Endowment. ENS traded at $4.34, up 4.2% over 24 hours, according to CoinGecko, while The Defiant reports ENS generated $216,369 in fees over the past 30 days, citing DefiLlama.

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