ENS Scales Back Treasury Transfer Plan Amid Delegate Opposition

ENS Labs has scaled back its plan to move control of the DAO treasury to a new foundation after weeks of opposition from delegates. The revised proposal, posted by Katherine Wu, chief operating officer of ENS Labs, keeps the DAO's operational wallet and roughly 54.6 million ENS tokens under tokenholder control.

The Foundation will gain administrative control over the Endowment Safe, with every transaction subject to a timelock and cancellation right by the Security Council. The only ENS token transfer in the proposal is 1 million ENS for restricted employee compensation.

ENS co-founder Nick Johnson said the changes responded to 'difficult questions' and community feedback since the original proposal was published on June 19.