Ethereum Name Service (ENS) token price increased sharply after the 500 million USD airdrop event

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2021-11-11 20:48:11

One of the oldest identity projects on Ethereum has had a successful token launch event and is working on building a DAO.

Ethereum Name Service (ENS) token price increased sharply after the 500 million USD airdrop event

Ethereum Name Service with a “huge” token airdrop

Ethereum Name Service is an Ethereum domain name protocol, allowing users to register to buy a domain name with the keyword they want, combined with the .eth extension. This domain name can be seen as a unique NFT, attaching the buyer’s identity to it.

As Cointelegraph reported last week, the Ethereum Name Service development team has announced that it will issue ENS tokens to give project management back to the community through a self-governing organization (DAO).

ENS tokens will be airdropped to users who have registered to purchase .eth domains in the past. The total supply of ENS will be 100 million units, of which 50% will be kept for the DAO, 25% for individuals who have contributed to the project, and 25% airdrop directly to the community.

Users can start registering to receive ENS from November 9, 2021 until May 4, 2022.

Since Ethereum Name Service is a long-standing and reputable identity project in the field of cryptocurrencies, the number of users using this service in the past was extremely large, resulting in many people being able to received a “huge” airdrop, up to nearly $20,000.

However, according to CHK’s observations, Ethereum Name Service is little known in Vietnam, leading to the recent airdrop event not receiving much attention.

The allocation mechanism of the ENS . token

Functions of the ENS . token

As mentioned above, the reason Ethereum Name Service decided to issue tokens is to decentralize the project, giving management power to the community. ENS token holders will have the right to participate in voting on further development decisions of the project through the DAO organization.

Even to receive the ENS airdrop, users must also vote on 4 basic provisions contained in the ENS Constitution, with the content ensuring that the DAO will not be allowed to deprive the legal owner of the ENS ownership, the DAO can change subscription price change, allowing the DAO to be integrated with other popular Internet identity protocols such as DNS and allowing the DAO to control sponsorship programs.

Token recipients are also required to authorize voting for representatives (delegate) of ENS, or to lobby others to authorize them to vote for them to become a delegate of the DAO. In addition to individuals, the largest US exchange, Coinbase, also registered as a delegate and is currently the unit that receives the second most authorizations from the Ethereum Name Service community.

The ranking of ENS delegates with the most votes as of the morning of November 10, 2021. Source: Sybil.org

With a transparent token receiving process, a very decentralized and serious governance mechanism from the time of receiving the token, as well as a sharp increase in the price of ENS, many people have considered the ENS airdrop to be a successful token airdrop event. most in history.

Ethereum Name Service’s Director of Operations Brantly Millegan gave an interview to CoinDesk:

“ENS is for everyone. We don’t have an initial investor, the protocol is now completely decentralized, and users are now free to set key parameters for the project. This is the essence of Web3.”

Expectations on ENS . price

According to CoinGecko statistics, at the time of writing, ENS tokens are being traded for up to $43.99 – an increase of 80% compared to 24 hours ago, with a market capitalization of $611 million. Even so, there was a time when ENS peaked at $54.12 on November 9.

ENS token parameters at 09:35 AM on 11/10/2021, according to CoinGecko
ENS price movement in the last 24 hours, according to CoinGecko

ENS is currently traded on CEX exchanges including OKEx, Huobi and Gate.io, as well as available on DEX platforms such as Uniswap and SushiSwap.

Many have faith that the ENS price could reach $119, bringing the coin’s diluted capitalization to $11.9 billion – on par with GoDaddy, the Internet’s leading domain name company. The reason for this argument is that they think that the Ethereum Name Service has the potential to become the identity protocol not only for Ethereum but for the entire Web3.

Therefore, many people who missed the airdrop event are trying to collect ENS at the current price.

“The focus of 9/11 is probably the lowconviction.eth address that spent 593 ETH ($2.83 million) to buy ENS.”

Besides, the reason ENS price maintains upward momentum may be because it has not appeared on major exchanges like Binance, FTX or Coinbase. Another NFT token, AGLD, at the time of the initial airdrop also skyrocketed, only to be sold off sharply after listing the top exchanges.

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