Twitter is buzzing after Ethereum Name Service dropped its DAO token, which has made some individuals tens of hundreds of dollars in a single day.
Ethereum Name Service (ENS) – a popular system for decentralized naming – has simply airdropped its new governance token on existing name registrants. Twitter is bustling with excitement as some name holders rake in incredible gains from its fast appreciating value.
The Purpose of ENS Token
On November 1st, Brantley.Eth – director of operations at ENS – announced and explained the current airdrop. Within the title of decentralization, he stated the workforce could be “passing ENS governance over to the group” by means of their new governance token, ENS. Beginning then, group members might begin making use of to be ENS delegates.
“Particularly, we want to have the ENS root multisig cross over management of the existing ENS treasury, its future funds, and management of the .ETH registrar contract that’s in charge of the pricing and registration mechanism for .ETH names,” reads the publish.
People didn’t want to use to receive their ENS airdrop, however. The governance tokens have been airdropped to those that had bought at least one ENS domain. Brantley inspired holders that had no intention of voting independently to offer their tokens to those delegates. Over Twitter, he confirmed later that over 137k accounts were eligible for the airdrop, with no “investors” to take any cut of them.
ENS Upon Launch
The token then launched a week later, on Monday, starting at an $18 valuation in line with CoinGecko. It then started a gradual climb all through the day, peaking at $54. It has since drifted again to $47, which remains to be 160% up from the place it began.
So far, the token has a market cap of $627 million, which means more than half a billion dollars has been awarded to eligible accounts. Users all over Twitter have been celebrating the worth of the tokens they’ve acquired. For example, Tonyherrera.eth said he was eligible for 1500+ tokens upon launch, now equal to over $60 000.
Ethereum Name Service is designed to connect human-readable names to cryptocurrency addresses and different machine-readable identifiers. ENS is supposed to be the Web 3.0 equal Domain Name Service (DNS), however with completely different capabilities.