The owners of the Ethereum Name Service token have approved a proposal to change the project management structure. The participants of the on-chain voting supported the creation of a full-fledged operating organization, the ENS Foundation. The new endowment fund received administrative control over assets worth about sixty-five million dollars. These funds are stored in a special Endowment Safe wallet in ether and stablecoins. The digital assets themselves remained in the same place without physical movement. The control over the basic protocol and the majority of tokens remained with the decentralized organization of the DAO. The community holds more than fifty-four percent of the total supply of management tokens.

The main task of the new fund will be to perform important off-chain functions for the development of the project. The organization will represent the interests of the domain system in international structures for standardization of the Internet. The fund's staff will begin to conduct an official dialogue with government regulators and legislators. The legal entity will receive the rights to manage trademarks and other intellectual property objects. The Foundation will be able to hire specialists for operational activities and grant program management. Each endowment transaction goes through a mandatory nine-day lockdown period. The Special Security Council may cancel any operation during this time. The financial activities of the organization require strict compliance with the approved budget and annual audit.

The first five-member board of directors was headed by Executive Director Alexander Urbelis. The board also includes the founder of the project, Nick Johnson, and three independent directors. Independent participants will serve two-year terms with the possibility of extending their mandate. ENS Labs will remain a separate entity and focus on engineering work. The developers will continue to create the second version of the protocol and the basic network infrastructure. The Fund did not gain control over smart contracts, fees, and registry root keys. The token holders retain the right to update the protocol and appoint the fund's directors. Previously, the development team planned to launch its own Namechain second-tier network. In February of this year, the organization officially stopped developing this separate blockchain.