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The Ethereum Identify Service (ENS) DAO is contemplating a proposal to promote 10,000 ETH for USDC by way of a Gnosis Public sale.The governance proposal submitted on Jan. 18 seeks to diversify the ENS DAO Treasury. At the moment, the DAO holds about 40,746 ETH and $2.46 million USDC.Nonetheless, because of the extended bear market, the DAO could also be in a weak place by being overexposed to a single risky asset. For context, ETH has misplaced roughly 52% of its worth year-over-year.Consequently, the DAO is deliberating on changing about 25% of its ETH holdings into USDC.The sale can be performed by way of a Gnosis public sale, with the minimal bid worth set at $1,300 per ETH. The sale will generate roughly $13 million in USDC, which can be transferred to the DAO’s treasury.The proposal added that the funds realized from the public sale can be used to cowl the DAO’s working prices for the subsequent two years. Journalist at CryptoSlateChristian is a crypto-curious nerd who loves to research how protocols work underneath the hood. Christian is thinking about DeFi protocol analysis, token economics, and on-chain analytics. Join your pockets, commerce with Orion Swap Widget.Immediately from this Widget: the highest CEXs + DEXs aggregated by means of Orion. No account, international entry.Disclaimer: Our writers’ opinions are solely their very own and don’t mirror the opinion of CryptoSlate. Not one of the data you learn on CryptoSlate needs to be taken as funding recommendation, nor does CryptoSlate endorse any challenge which may be talked about or linked to on this article. Shopping for and buying and selling cryptocurrencies needs to be thought of a high-risk exercise. Please do your individual due diligence earlier than taking any motion associated to content material inside this text. Lastly, CryptoSlate takes no accountability do you have to lose cash buying and selling cryptocurrencies.
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