ENS market capitalization hits $ 1 billion a few days after being dropped
ENS market capitalization hit $ 1 billion just days after the launch of ENS Airdrop and DAO as we read earlier on our Ethereum news. is a Web 3 equivalent of the Domain Name System and has formed a DAO to increase interest in the new protocol and governance token in the market.
Uniswap also surprised users last September with an airdrop in which 400 UNI tokens were awarded. When those 400 tokens became worth thousands of dollars, many new traders joined in because they didn’t want to miss the next best thing. Fast forward this week and we can see Ethereum Name Service launch an airdrop too. ENS issued its own governance token and hit a market capitalization of $ 586 million on the same day.
Yesterday ENS market cap hit $ 1 billion and that’s just a positive metric for the service.
Individual ENS tokens sell for less than $ 60, but the asset is still in the early stages of pricing. The Ethereum Domain Name Service is a web version of the Domain Name System, a method of cataloging the Internet and making it easier for users. In contrast to DNS, ENS is censorship-resistant thanks to its .eth domains, which can be used as crypto addresses for sending and receiving ETH-based assets.
Anyone who has an ENS name before October 31st can receive ENS governance tokens until May 4th, 2022 and also become a member of the DAO. You can then use the tokens to delegate authority to another user who will vote on their behalf on all matters related to pricing, finances, protocols, and more. Chief Operations Officer Brantly Millegan said:
“For the past year or two we’ve seen [an] explode in innovation and experimentation with the DAO. ENS is not a DAO test project, but a name project and we think that DAOs are mature enough to be able to count on a project with key parameters of the ENS protocol. “
Don’t take the ENS market story and become an airdrop farmer
Find products you love and use them
The magic can go on if we don’t turn this into a hunt
– Kinjal Shah ️???? (@_kinjalbshah) November 11, 2021
The token has another purpose to further fund the project. ENS founder Nick Johnson says they have so far survived on grants while building platform and traction. Now that it’s gaining traction, ENS has set a record for new .eth name registrations, with more than double its previous high of 3500. Yesterday it broke the record of 7125 all country tries to get rich quick, but as blockchain capital Kinjal Shah We should find products we love and use them wisely.