What exactly is Ethereum Name Service? The addresses of Ethereum wallets are complicated and not easy to remember by humans. This makes working with them challenging. If you’re sending money to an Ethereum wallet, for example, the long random address must be input correctly and verified numerous times to ensure it’s the proper one. It’s much easy to make errors there. This is where ENS comes in.

The Ethereum Name Service, or ENS, solves this challenge by utilizing smart contracts to bind sophisticated Ethereum addresses to a simple.eth domain. For example, you can bind the address 0xb4b3351918a9bedc7d386c6a686c42e69920b34d to example.eth. It’s now simple to communicate with and collaborate with. Ethereum Name Service also supports ‘reverse resolution,’ which allows metadata like canonical names and interface descriptions to be linked with Ethereum addresses.

The purchase of beer.eth by Budweiser in August sparked a surge in getting .eth domains.

You don’t have to waste time copying and pasting long addresses and hoping everything works well. To begin receiving cryptocurrencies, assets, and NFTs, simply acquire a basic domain with low fees. The ENS domains are ERC-721-compliant NFTs that can be exchanged as well. ENS domains are already intertwined with a major portion of the crypto-ecosystem and are continuing to expand. It currently works with  MetaMask, Coinbase, Trust Rainbow, and other platforms.  Etherscan, The Graph, Uniswap, Tornado Cash, Aavegotchi are the DApps that support the domains. This year, the demand for ENS domains has been continuously increasing. 

Because of the possibilities and limits afforded by the Ethereum blockchain, ENS has a significantly different design than DNS, the Internet’s Domain Name Service. ENS, like DNS, is based on a system of domains (dot-separated hierarchical names), with the domain owner having complete control over subdomains. If you wish to buy, the top exchanges for trading Ethereum Name Service are presently Bybit, Gate.io, OKEx, ZT, and CoinW. 

The ENS Token

On Monday, the Ethereum Name Service announced the creation of its governance token, $ENS, which will be used to further decentralize the prominent domain service for ETH wallets. According to Ethereum Name Service’s public announcement, the $ENS token would be used to vote on a new constitution and determine protocol specifications.

Users with an Ethereum wallet who have previously made an ENS domain can claim ENS tokens through the claims portal till May 4, 2022. Tokens that have not been claimed will be remitted to the DAO‘s treasury. In sum, one-quarter of the $ENS supply was made accessible to .eth domain holders to claim. Each wallet receives a different amount of ENS given how long it has owned the domain when it expires, and if it has a Primary ENS.

ENS Price and Market Stats

(The following stats were noted at the time of writing)

ENS Price – $51.51

Market Cap – $493,113,241

Market Cap Dominance – 0.02%

Trading Volume – $305,963,349

Market Cap Rank – #195

Total Supply – 100,000,000

The token distribution formula

Following factors are taken into consideration when formulating the token distribution:

  • The age of a.ETH address
  • Current registration expiration dates. Longer registrations earn more $ENS.
  • Those who set their Primary ENS receive a 2x multiplier.
  • According to the calculation, a one-year-old.ETH address with two years to expiration would earn around 147 ENS tokens. For people who have set their reverse records, this would increase to 294 tokens.

Delegated Voting

Community members that want to play an active interest in governance will be able to outsource their voting rights to ENS token holders.  The Ethereum Name Service team has taken great care and precautions to guarantee that the airdrop system is not manipulated. This, together with no unethical low-cost selling toward any party, ensures that the system will remain a foundation of the decentralized Web. 

Furthermore, the team distributions have a long vesting duration, the community receives 25% of all tokens airdropped, and 50% is set aside for community treasury. There is no need to rush because you’ll get 6 months to acquire the tokens before they will be returned to the treasury. If your Ethereum wallet address contains one of the multiple.eth domains, you will receive the same allocations.

How To Claim ENS Airdrop

The ENS airdrop will take place on November 8th. The contract will be 0xC18360217D8F7Ab5e7c516566761Ea12Ce7F9D72 and the token ticker will be ENS. The airdrop is huge, and you can find out if you’re qualified for the tokens at ens-airdrop.vercel.app. Simply enter your Ethereum address, and the number of tokens you are qualified to get will be displayed.

  • You’ll be eligible to claim the token from claim.ens.domains. You must connect the wallet that is acceptable for the claim once you have accessed the page. Connect to Wallet by clicking the Connect to Wallet button. After the wallet is loaded, click Get Started.
  • The screen will now show the available tokens for claiming, and the calculation from the previous formula. Now start the claim procedure.
  • The website has been rigorously constructed, and it will now begin to display token info, function, usage, and distribution requirements, as well as the dos and don’ts. After you’ve read and approved everything, you’ll see a Sign button.
  • You must now assign your token-based voting authority to a member who will vote on your behalf. You have the option of selecting from a list or entering their ENS or Ethereum wallet address.
  • You can now look over your claim, see who your delegate is, and then choose Claim. This will open a new window where you may authorize the transactions and collect your tokens.

We mentioned about ENS token in our community when the price was around 37 USD. If you would like to join the facebook community, join here. For telegram, click here.

How to buy ENS token?

ENS tokens can be bought from Gate and now Binance.

For Gate: Click here

For Binance: Click here

$ENS got listed 2 days back and anyone who purchased a domain from ENS gets the tokens for free. If we look at the statistics, it is a good coin to buy now and would do great in the long term.