Home
News
- Newly airdropped Ethereum’s Name service governance is the talk of the ETH Town.
- The ENS are governance tokens used to make the chain more decentralised.
- ENS soared by more than 200% as soon as it was launched.
On monday, the much awaited Ethereum’s name service (ENS) governance tokens were launched on the blockchain. At the time of writing, the token is currently trading at $41.71 while it was launched at $33.7. The ENS governance token witnessed more than 200% in rally witnessing an all time high of more than $54.00. The tokens max out at ENS 100M and have a circulation supply of 11% of their maximum tokens.
The Ethereum Name service launched their ENS governance token to delegate & decentralize the mechanisms by embracing Decentralized Autonomous Organisations (DAO’s) the token holders will be able to participate & take key decisions in regards to the future of the protocol.
The ETH users are eligible to redeem their ENS tokens from the claim site till May 4, 2022.
Reportedly a quarter ENS tokens are exclusively reserved for “.eth” domain holders. The ENS tokens, failed to collect will be transferred to the DAO’s Treasury to purchase henceforth.
It also allows users to pick their own usernames & ENS addresses that end with .”eth”. For eg the co creator of Ethereum Vitalik Buterin has the ownership of the domain “vitalik.eth”
As per the official site, more than 410,000 names have been assigned to more than 157,000 users. While most names can be bought for $5 for a year, the most used wordings could cost more than 30ETH per year.
The Ethereum name service is one of the most awaited & beloved projects of the community. The launch of tokens addresses the concerns of whether ETH was moderately centralised. Such mechanisms, like ENS tokens have also been visioned to solve moderation problems when a decentralised social media arrives. The founder of the project welcomed the tokens & thanked the community & colleagues that helped in making the blockchain successful
While the ENS official handle was found stating that it was just the beginning of ENS
Clearly, the ENS tokens are taken well & celebrated by the markets. As true decentralisation grips the protocol’s momentum, ETH was also found skying & testing 4700 levels. It is also assumed that more apps will be built on the blockchain moving forward. .
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
