Ethereum Name Service (ENS)

Absolutely to nobody's surprise Nick used 50% of the voting supply to vote down the onchain proposal to renew the Security council despite having abstained the offchain vote Can't let that sweet ~$500m go to anybody else than him and his company! And with that ENS DAO is dead https://t.co/FOYNblG953

I can't believe ENS, of all things, has turned into another heist and grift. Is nothing sacred? The reasons given--DAOs are dysfunctional, etc.--are all true in general but pretty much irrelevant in this case as DAO simply controls treasury and has funded Labs with whatever it wants. It's just purely a money grab and after this, there will be zero accountability of the team to anyone as that is how lawyers set up these ridiculous "foundations". As I always warned, the "constitutions" sound good but are unenforceable as they don't give any tokenholders or anyone else any right to sue if they are arguably violated. The crypto "space" or "industry" is completely lost and it's really so depressing.

My current understanding is that without a security council, ENS's current VP concentration on @nicksdjohnson would mean his keys can change how my name resolves if its on @ambire or @Uniswap or others implementing ENSv2. We have 25 days to vote a council in, or this is a ticking bomb fiasco. On May 29th (a month ago) @blockful_io posted a proposal on the ENS Forum to upgrade its security council, with a new audit by @Nethermind , the contract will make for a more sustainable and easier to maintain veto system that can change the members of the contract between seasons without needing to redeploy new code. You should check your $ENS to delegate to someone you trust, or vote if you have the time. You can check the proposal, vote and/or delegate at https://t.co/uLGN5kXcc8

I have been called out for saying the DAO gave "peanuts" to everyone else but Labs, saying this is "unproductive hyperbole". I apologize for that. I just happen to have all the data of the DAO downloaded locally and decided to come up with a more precise view. Here it is. https://t.co/bzUmTvlrdM

yes. apps integrated ENS, community members promoted it, etc, for free because it was a community effort. Labs thinking they built it and therefore deserve the treasury (people on the team have told me this privately, and it's born out by their public actions) is a violation and wrong

Leaner DAO or foundation is always good. But when project like @ensdomains spent $16m a year, you wonder what's happening behind the curtains 😂 https://t.co/sooI3b6Fk6

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