Ethereum Name Service to Sell 10,000 $ETH for $USDC to Diversify Its Treasury Asset

Ethereum Name Service (ENS DAO), a decentralized domain name system, recently passed the vote to liquidate 10,000 $ETH for $USDC. The decision to sell $16 million worth of $ETH was made to lessen the project's exposure to $ETH in case of a market downturn and to pay for the running costs of the project for the next two years.

According to data from DeepDao, the ENS DAO's treasury currently holds $2.46 million in $USDC and 41,540 $ETH ($69 million). The DAO has a total treasury asset value of over $1.1 billion. However, over 94% of the treasury assets are in $ENS, the project's native token.

ENS Treasury assets: