ENS, the Ethereum naming service, runs its DAO on roughly $16 million a year — ENS Labs' budget alone climbed to $9.7M USDC — yet its revenue from domain registrations keeps falling quarter after quarter.

Q1 registration revenue fell ~19% YoY to ~$2.8M, leaving the DAO leaning on its ~$100M endowment.

The squeeze lands amid a governance fight: a proposal to move the treasury under an expanded ENS Foundation board was branded a 'governance attack' by delegates.