I’ve been reading previous post and this post, just want to add another point on liquid unvested ENS token distribution. Here I attach heat map of tokens performing YTD VS Bitcoin. What this tells us is that there are very few tokens which outperformed the major duo of BTC and Eth.
Historically all governance tokens be it Uniswap or something else were the worst performers ever. What this means is that if you are truly rational market agent, then it makes sense to sell all unvested ENS tokens the moment you receive them, otherwise that’s like bleeding money everyday on this allocation in your portfolio, there is just no point.
In theory of corporate finance, there is notion of “premium for control”. In other words there is certain delta on top “fair valuation” attributable strictly to the very fact that instrument offers you control over some entity. However I don’t think any of that is priced into ENS token right now, and maybe will not be priced into the medium term even.
So I just don’t see how ENS unvested distribution can ever be for “voting purposes”.