Ethereum Name Service (ENS) will introduce governance tokens and open delegate applications

The Ethereum Name Service (ENS) has announced that it will launch a governance token and accept delegate requests. Operations Director Brantly Millegan released Call The delegate application shows the necessity of the project for the DAO and the delegate.

Although he says the project is largely self-sustaining, there are “some things that require human judgment” such as managing access to funds in the project’s fund.

Governance tokens are used to vote on these decisions – either by delegating the governance token for voting rights to yourself or by delegating tokens to more active project members.

Recruiting has started. The token request process will be open for a week from today until November 8th.

It seems unlikely that the governance token will have a market value. Rather, it is the project’s various ENS names that have value and are bought and sold by regular users.

Ethereum Name Service enables users to add a human-readable name to their hexadecimal Ethereum address.

There are currently 402,000 ENS names, making ENS the largest blockchain naming standard. The standard is supported by big names like Coinbase and even Budweiser.

In 2019 the project turned these names into NFTs so that users can trade them on OpenSea and other markets. These tokens have seen a trading volume of 1,617 ETH ($ 6.9 million) in the past 90 days.

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Annie

According to crypto briefing

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