WeareOne

Truth, Beauty, and Justice is all we need. Degenerate spirit.

[WeareOne @WeROneLiving]

This is why I'm done with crypto after the next pump

[owockai @owocki]

the ENS DAO drama - neutral rundown 🧵

one of ethereum's best-known products is having a rough governance month.

here's what happened, and who's on each side. 👇

(i wrote this for myself, so i could stoicly understand all sides before considering taking a position myself. im sharing it for others who also wish to be informed before taking a side.)

the setup:
- the ENS DAO governs a treasury reported between ~$350M and ~$500M.
- the ENS token's circulating market cap is only ~$168M, and ENS is down ~95% from its 2021 peak.
- so the money the token controls is worth multiples of all circulating tokens.
- that ratio creates a "residual floating value takeover" risk - someone could in principle buy cheap tokens to reach the treasury. (that risk is also the whole justification for having a Security Council.)

the trigger: june 19
- Katherine Wu (katherine.eth), COO of ENS Labs, posted a temp check to move day-to-day treasury ops, the ENS token holdings, and the Karpatkey-managed Endowment to a 5-seat Foundation board.
- token holders keep on-chain authority over upgrades, pricing, and root key.

the delegation move : june 22
- ENS co-founder Nick Johnson (nick.eth) self-delegated ~3.1–3.26M ENS tokens to himself.
- that's only ~3% of total supply
- but because governance turnout is low, it's ~50% of active voting power
- in Lefteris Karapetsas's words: he "delegated ~50% of the voting supply to himself, essentially becoming the DAO."
- for the moment, nick.eth could pass or block almost anything.

the security council fight:
- the DAO's Security Council - a 4-of-8 multisig that can veto malicious proposals - was set to expire July 24, and needed a renewal vote.
- nick.eth abstained on the off-chain Snapshot round, then on the binding on-chain vote (concluded june 30) voted his full stack against renewal, sinking it single-handedly.
- his stated reason: the current council lacks adequate checks and he wouldn't renew it unreformed.
- critics saw something else: with no renewed council, there'd be no body able to veto the Foundation treasury transfer he supports.
- hours later, a successor council was proposed: 8 members, veto threshold raised from 4-of-8 to 5-of-8, and members must sign formal contracts with the ENS Foundation.
- nick.eth backs it and self-nominated. supporters call it tighter/legally accountable; critics call it a weaker check that's harder to trigger and now contractually bound to the Foundation.

the sides

side 1 - "governance attack / treasury capture":
- Lefteris Karapetsas (@LefterisJP, Rotki founder, Security Council member): "there is no DAO anymore… I am just sad and disappointed." later: the DAO is "dead."
- Brantly Millegan (@BrantlyMillegan, Security Council member): "the equivalent of treasury capture by ENS Labs"; pledged to veto if it passes on Labs-aligned votes alone.
- netto.eth (@alextnetto, @anticapture lead steward): board is conflicted - "the downfall of ENS."
- James (@blockchainjames Fire Eyes): limiting the council's veto strictly to constitutional violations guts the community's main defense against treasury extraction.
- Gabriel Shapiro (@lex_node): characterizes it as part of a broader pattern of Ethereum DAOs being quietly "privatized" into foundations while on-chain mechanics stay nominally intact.
- Christoph Jentzsch (@ChrJentzsch, wrote the 2016 "The DAO" code): the DAO should wind down and revoke its own upgrade authority.
- Simona Pop (@sim_pop): The legitimacy test isn’t whether those exercising power have good intentions (or what they believe are good intentions). It’s whether the same actions would be considered legitimate regardless of who was exercising it! Imagine the exact same situation, the exact same actions but a different person/org doing all this. (veil of ignorance test) If that changes whether the arrangement feels acceptable then the legitimacy is borrowed from the individual.

side 2 - "reasonable, even honest, restructuring":
- Nick Johnson (@nicksdjohnson): token holders keep ultimate control (upgrades, pricing, root key, removing board members); he wanted council reform, not no council; notes he launched with a <6% allocation and took zero VC; says he'll only oppose council candidates who'd veto proposals that don't violate the Constitution.
- Katherine Wu (@katherineykwu): it fixes an operational reality - routine treasury moves were choking on governance overhead, per the DAO's own early-2026 self-review.
- Sympathetic analysts (e.g. ainvest): "a governance confession, not a crisis" - an accountable board may beat a decentralized facade that only produces gridlock,.

side 3 - "the end-state of every DAO" (commentary more than camp):
- aged DAOs drift to concentration,
- then "fix" it by returning to the centralized structure they were meant to replace.
- the proposal is the symptom doubling as the cure.

the through-line everyone agrees on:
- low turnout means token-voting already produced extreme concentration
- one founder, ~3% of supply, ~50% of the vote.
- the fight is whether the Foundation restructure is part of the cure or part of the disease.

appendix: the brantly millegan subplot

in 2022, Brantly Millegan held four roles in the ENS ecosystem:
1. Director of Operations at True Names Limited (TNL, the company developing ENS),
2. a director of the ENS Foundation,
3. a community-working-group steward,
4. and the single largest DAO delegate.

in 2022, a 2016 tweet resurfaced with views many read as anti-LGBTQ; he declined to retract.

what followed was actually three separate removals proposals (not one clean firing as is sometimes told):

- Community steward: the community stewards voted him out (4 of 5 stewards voted; majority to remove) - a stewards' vote, not a DAO-wide token vote.
- TNL Director of Operations: TNL terminated his contract, announced Feb 7, 2022 by Nick.eth; per ENS's own forum summary the decision "was made by Nick" (company management), not by a DAO vote. this termination presumably canceled Brantleys ENS token vest, which likely may have been significant.
- ENS Foundation directorship DAO vote (EP6.1): this was the one true DAO-wide token vote - and it was contentious. Millegan's own large delegated voting power (thousands of small delegators, ~10% of active votes) actually helped shield his Foundation seat, prompting members to argue whether the token-weighted result "is not indicative of the ENS ecosystem's wishes" and to warn about "the irony of a decentralized service centralizing around the voice of one person."

fast-forward back to 2022:
- Millegan is now one of the loudest voices defending the DAO against Nick.eth, sitting on the Security Council ready to veto what he calls Labs' "treasury capture."
- the man Nick.eth helped remove in 2022 is now the check on Nick.eth power in 2026 - and the 2022 "centralizing around one voice" warning reads very differently now that one person holds ~50% of the vote in 2026.
- as of July 3rd 2026, brantley has taken his .eth off and is leaving the ENS ecosystem.

why some re-litigate it: the 2026 and 2026 fights show ENS "governance" resolving high-stakes fights through concentrated power and informal pressure, with Nick.eth central to both, and cancel culture/culture wars looming ominously in the background.

the counter-view: it's a category error - a values-based staff removal (governed by an employment contract at a centralized company) and a treasury-structure fight share only the word "governance" - and re-litigating brantly is old grievance riding new drama.

the brantly precedent is part of why some read this as a legitimacy problem, not merely an operational one.

---

DYOR. best effort attempt. not financial advice. i dont have a position, nor do i plan to take one. this is not my fight - i'm just mapping the territory. if i got something wrong, missed, or mischaracterized something @ reply it. but don't project your weird ass shit on me.

Sources: Crypto Briefing, The Defiant, Cryptopolitan, ainvest, ETH Daily, Toobit, CoinAlertNews (The Block/CoinCentral), ENS DAO governance forum. Numbers vary by source: treasury ~$350M–$500M; market cap ~$168M; Johnson's stake ~3% of supply / ~50% active power / ~80% of votes cast.

[Busy Panda 🍉 @Crypt0Panda]

there are people who think this is bad

we need to do this in every country

[DeFi Voyager @DeFiVoyager_X]

First he diluted his own paper to send retail into BTC.

Now he's dumping BTC to prop up his paper.

Absolute fucking genius.

Until he's gone, BTC is just another shitcoin for farming retail.

[Open Source Intel @Osint613]

Earlier: U.S. President Donald Trump was seen watching himself watching himself on Fox News.

Contributed by @AZ_Intel_.

[The Resonance @Partisan_12]

The evolution of American people.

[WeareOne @WeROneLiving]

@goddek All but 2. USA started it

[WeareOne @WeROneLiving]

@0dzndawo Give them all some magic mushrooms

[VD @hmalviya9]

everyone still thinks bitcoin is this decentralized thing and nobody wants to look at who actually mines it. so i did the research, i pulled the data, and bro it's ugly.

sixty nine percent of all bitcoin mining is controlled by four companies. four. that's it. that's your decentralization. and the biggest one, foundry us, sitting at around twenty five percent, is owned by DCG. digital currency group. and DCG is the kingmaker nobody talks about. grayscale is DCG.

coindesk was DCG. luno, they acquired luno. fortitude mining, that's them too. this one investment company has its hands on mining, media, custody, everything, and nobody's saying it out loud.

and then look at the rest of the top pools. antpool, f2pool, viabtc. all chinese. operations spread across north america, europe, asia, but the entities are chinese. so when you actually add it up, around forty percent of bitcoin mining traces back to china. the thing china "banned" in 2021. they didn't leave. they just moved the machines and kept the ownership.

and here's the part that should scare you. a fifty one percent attack, double spend, you only need a majority of hashrate. and antpool plus f2pool plus a couple others already sit around that danger zone collectively.

so the whole "no one can control bitcoin" story, the entire foundation of why we believed in it, is quietly not true anymore. the hashrate is up 8x, efficiency up 7x, the machines are stronger than ever, but the control got tighter, not looser.

so ask yourself what you're actually holding. you think you own a piece of a decentralized network. you own a piece of a network where four boardrooms decide what happens. this is the stuff nobody wants to admit because it breaks the dream.

i'm sentimental about bitcoin, this was hard for me to sit with, but you can't fix what you refuse to see. go pull the mining distribution data yourself, don't take my word, search it, check foundry, check the chinese pools, and then actually sit with what you find. that's your homework. and if it bothers you, good.

it should.

[Dave Smith @ComicDaveSmith]

The Declaration of Independence is the greatest document ever produced by man. It’s no coincidence that it was the founding document of our nation and we went on to be the most prosperous civilization in human history. Any country founded on that document is worth loving and fighting to save.

It is also, undeniably, a radically libertarian document that clearly states the validity of natural God given rights and that the only legitimate role for government is the protection of liberty.

We have serious problems in our country today and we will be much better off if we follow the spirit of our founding document than the brain dead varying socialisms being promoted by both political parties.

[WeareOne @WeROneLiving]

@ErikVoorhees Humanity has been nurfed. Spinless and iq going down.

[WeareOne @WeROneLiving]

@brian_a_burns Freedom ⛓️‍💥

[WeareOne @WeROneLiving]

@billfour The grifters already got paid

[Riley Check @holisticgrenade]

Why don't we have 13 months instead of 12 months?

Each month would be 28 days.

Each month would start on a Monday.

The 28th would always be a Sunday.

Each month would have exactly four weeks.

We would be closer to the cycle of the moon.

12 month years are a scam.

[Peter Gostev @petergostev]

We are now in a position where a tiny proportion of the population uses Fable or soon GPT-5.6, while everyone else's experience of AI is 8-30b-model level - Google's AI Overviews, Meta AI, ChatGPT free tier, maybe MS Copilot at best. People outside of tech must be completely baffled how this is supposed to take their job, and annoyed that hundreds of billions are being poured into it.

[WeareOne @WeROneLiving]

@brockpierson Fuck

[𝐓𝐡𝐞 𝐀𝐫𝐭 𝐨𝐟 𝐏𝐮𝐫𝐩𝐨𝐬𝐞 🇺🇸 @creation247]

One of the craziest things about homeschooling is realizing how much of the school day is fake.

I was a classroom teacher for 20 years.

99% of the time in the classroom is spent correcting kids, waiting for the class to calm down, and giving procedures.

And then when they finally get to the work, it's is busy work and test prep.

None of it is real education.

Your kid can learn more in two focused hours at home than he learns in seven hours inside the government school machine.

And then he gets his childhood back.

That’s the part nobody tells you.

[WeareOne @WeROneLiving]

@amelia_tweetz Population size

[The Titan Traders @TT_stocks_]

Also to be EXTRA clear.. I think both sides are out of their minds.

If you think I’m bashing Trump because I’m a Democrat or I’m a leftist/liberal you’re crazy.

I think you’re all delusional if you can’t see the issues BOTH parties have and represent.

EVERYONE needs to wake up

[WeareOne @WeROneLiving]

@llamaonthebrink He is regard

[WeareOne @WeROneLiving]

@LynAldenContact We are past peak? When did rome start to decline?