The Ethereum Name Service (ENS), a popular decentralized naming system, has just released its new governance token to existing name registrants. Twitter buzzes with excitement as name holders reap incredible rewards from the rapidly appreciating value.
The purpose of the ENS Token
Brantley.Eth, director of operations at ENS, announced and explained the recent airdrop on November 1. He stated that the team would “pass ENS governance over the community” using their new governance token, ENS. This was in the spirit of decentralization. Community members can apply to become ENS delegates starting at that point.
The post states that the ENS root multisig would like to be able to transfer control of the existing ENS treasury and its future funds as well as control over the.ETH registrar contracts, which are responsible for the pricing and registration mechanisms for.ETH names.
However, people didn’t have to apply for their ENS airdrop. All who purchased at least one ENS domain were eligible to receive the governance tokens. Brantley encouraged holders who did not intend to vote independently to give their tokens to these delegate. He confirmed via Twitter that the airdrop was open to over 137k accounts, and no “investors”.
ENS upon Launch
On Monday, the token was launched at a $18 valuation, according to CoinGecko. The token began to climb steadily throughout the day, reaching $54. Since then, it has fallen to $47 which is 160% higher than where it began.
The token’s market cap is $627 million. This means that more than half of a billion dollars have been distributed to eligible accounts. Twitter users have been celebrating the tokens received. Tonyherrera.eth, for example, stated that he was eligible to receive 1500+ tokens at launch. This is now worth more than $60 000.
The Ethereum Name Service allows you to attach human-readable names and other machine-readable identifications to your cryptocurrency addresses. ENS is the Web 3.0 equivalent Domain Name Service, (DNS), with different capabilities.
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