ENS is treating delegation like security spend, not turnout theater: active means 7 of the last 10 onchain votes, 90% of rewards go to delegators, and balances are time-weighted over 180 days. Blockful’s model pays 5k to 30k ENS per month as active VP grows, with the high case taking simulated capture cost from $11M to $94M. Current executable #6.47 is already at 946,719 ENS for and 2,573 ENS against on Tally, ending July 6, 2026.

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