Ethereum Name Service Market Cap Hits $1 Billion—Just Days After ENS Airdrop
The Ethereum Name Service airdropped ENS tokens and kickstarted its DAO on November 8.
Ethereum Name Service—a decentralized way of accessing the internet. ENS airdropped its own governance token to users on Monday, reaching a market capitalization of $586 million that same day. Yesterday, it hit $1 billion—and that's just one of several positive metrics for the service. Individual ENS tokens are currently selling for just under $60, though the fledgling asset is still in an early period of price discovery.
The Ethereum Name Service, or ENS, is the Web 3 version of the domain name system, a method for cataloging the internet and making it easily searchable for users. Unlike DNS, ENS boasts censorship resistance through its .eth domains, which can also be used as crypto addresses for sending and receiving Ethereum-based assets.
Anyone who had an ENS name by October 31 can receive the ENS governance tokens at any point until May 4, 2022, and become a member of the DAO. They then use their tokens to delegate power to another user, who will vote on their behalf on issues related to pricing, protocols, and treasury usage. In short, it's like a representative democracy.