The Ethereum Name Service has built one of crypto’s most recognizable products. Its DAO, however, is having a less elegant moment.
On June 19, 2026, ENS COO Katherine Wu published a governance proposal that would delegate day-to-day treasury management and operational responsibilities to a restructured ENS Foundation. The catch: the DAO treasury in question holds over $400 million in assets, including ETH and stablecoins, in a protocol whose circulating market cap sits at roughly $169 million to $191 million. That gap, treasury worth more than double the market cap, is the number that makes this debate more than academic.
What the proposal actually says
Wu’s proposal would let the ENS Foundation handle routine treasury operations without requiring a full DAO vote every time. Tokenholders would keep veto power, meaning the community retains a hard stop on anything they find objectionable.
The assets in scope are substantial. The proposal covers the operational wallet, ENS token holdings, and an estimated $350 million in ETH and stablecoins. Moving control of that pool, even partially, is not a procedural footnote.
