Ethereum Name Service (ENS)

The founder of ENS is about to vote himself control of a half billion dollar treasury

ENS has a governance emergency and is voting to move the DAO treasury into the FOUNDATION

The foundation is controlled by ENSLabs. Nick Johnson’s company

The problem is NICK.ETH holds 3.3m voting power and there is no group on that board that can outvote him

So when the vote comes, it passes. Not because the community agreed but because most of it left

Five years ago Nick said ENS was Ethereum infrastructure and too important to sit with a single entity. That’s why it became a DAO

Now the DAO is voting to undo that in public for half a billion dollars

The craziest part is that it’s being signed this week and the vote has ONLY 20k views and 12 replies

You probably know me as the guy who is bearish on DAOs.

But I want to set the record straight regarding the ENS DAO.

ENS Labs is trying to create the narrative that the ENS Protocol is failing because of the DAO and its politics.

Yet it's labs that has been developing and doing protocol BD the last 4 years and all numbers are indeed down because of them.

The DAO has in fact created a huge community of people and companies that built around and supported ENS to help it grow to where it is today. Without a doubt, if it was not for the DAO the ENS protocol would not be where it is today.

But Labs is failing in the way they develop and market ENS to new blood. And with the market being down, they probably see the writing on the wall so they thought they should just create a narrative for DAO bad -> we good that will allow them to steal the DAO's treasury so they can continue to operate despite their incompetence safely for decades into the future.

The DAO was decentralized 5 years ago but as ENS Labs token

You probably know me as the guy who is bearish on DAOs.

But I want to set the record straight regarding the ENS DAO.

ENS Labs is trying to create the narrative that the ENS Protocol is failing because of the DAO and its politics.

Yet it's labs that has been developing and doing protocol BD the last 4 years and all numbers are indeed down because of them.

The DAO has in fact created a huge community of people and companies that built around and supported ENS to help it grow to where it is today. Without a doubt, if it was not for the DAO the ENS protocol would not be where it is today.

But Labs is failing in the way they develop and market ENS to new blood. And with the market being down, they probably see the writing on the wall so they thought they should just create a narrative for DAO bad -> we good that will allow them to steal the DAO's treasury so they can continue to operate despite their incompetence safely for decades into the future.

The DAO was decentralized 5 years ago but as ENS Labs token