Abstract
Following the approval of the [Executable] Collective Working Group Funding Request (Oct 2025), the transactions included in that proposal cannot fully execute due to insufficient USDC in the ENS DAO timelock (wallet.ensdao.eth).
This proposal enables a one-time internal transfer of 2.5M USDC from the ENS Endowment to the ENS DAO timelock (wallet.ensdao.eth) to ensure execution of already approved governance decisions. It is an operational treasury action designed to maintain execution continuity without requiring ETH sales under current market conditions.
Motivation
The Working Group funding proposal was submitted on January 22, 2026, and its execution tests were performed against the block in which it was created (block 24293146). At that time, sufficient USDC was available.
On January 25, 2026, Superfluid wrapped approximately 616K USDC using the AutoWrap functionality to fund SPP streams. When the proposal became ready for execution, it required 959K USDC, while the timelock held approximately 505K USDC.
As a result, the approved proposal cannot execute as intended. This creates immediate operational risk, including:
- SPP streams running out of funds and triggering liquidation on Superfluid
- Labs and service providers being unable to claim approved streams
- Failure of otherwise valid proposals due to insufficient timelock balance
- Increased dependence on additional governance cycles for routine treasury operations
Historically, the DAO has sold ETH to meet USDC-denominated obligations. However, given current market conditions, selling ETH to cover this shortfall is suboptimal. The ENS Endowment holds sufficient USDC reserves to cover near-term obligations. An internal transfer avoids unnecessary market impact and preserves overall treasury flexibility.
This action enables execution of previously approved governance decisions, maintains operational continuity, and provides the Meta-Governance Working Group time to develop improved processes to prevent similar situations in the future. No new budget or funding program is created by this proposal.
Specification
- Transfer 2,500,000 USDC from the ENS Endowment Safe to wallet.ensdao.eth (Timelock).
Addresses
- wallet.ensdao.eth (Timelock):
0xFe89cc7aBB2C4183683ab71653C4cdc9B02D44b7 - ENS Endowment Safe:
0x4F2083f5fBede34C2714aFfb3105539775f7FE64
Acknowledgements: thanks to coltron.eth and the kpk team for the readiness and support to solve this together.
