Ethereum Name Service, or ENS, is the authority on Ethereum domain names, providing users with an easy way to name and own their wallet addresses. As the platform grows in popularity, the team behind it has decided to establish a DAO and initiate governance processes centered around the ENS token. All users who have purchased an ENS domain prior to November 8th are eligible to claim ENS tokens and participate in this governance model.
Claiming your ENS tokens is easy. To start, visit this website, and check if your wallet is eligible for the claim. If there is an .eth NFT domain in it that was purchased before November 8th, you should be able to claim some ENS tokens.
If you’re eligible for the ENS token drop, you will need to allow ENS access to your web3 wallet so that the tokens can be deposited there. Of course, as ENS is an ERC-20 token on the Ethereum blockchain, this transaction will incur gas fees.
Notably, users who claim their ENS tokens between November 8th and November 15th will be able to participate in the first governance vote. The vote centers around the main principles for the ENS DAO, and the results from it will form the ENS Constitution.
If you want a detailed walk through the whole process, check out this handy video:
The token claim will remain open until May 4th, 2022. However, if you want to participate in creating the ENS Constitution, we recommend you do that in the next few days.
What is the Ethereum Name Service?
The Ethereum Name Service, or ENS, is a distributed, open, and extensible naming system built on the Ethereum blockchain. ENS’s job is to map human-readable names like ‘alice.eth’ to machine-readable identifiers. These include Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata.
Essentially, ENS gives you the ability to share your Ethereum wallet address in a much more accessible way. Traditionally, wallet addresses are represented by a long string of letters and numbers. However, this often leads to mistakes when sharing or even interacting with exchanges or dapps.
ENS allows wallet owners to name their wallet and verify their ownership over the name through an Ethereum-based token. This token can then be linked to the wallet and used on various dapps. Additionally, it serves as the name tag for the wallet.
For example, if you want to explore your wallet with DappRadar’s Portfolio Tracker, you can easily type in your ENS name instead of the long string of letters and numbers.
ENS names save a lot of trouble for crypto enthusiasts who interact with numerous dapps daily. Additionally, having an ENS tied to your wallet can save you a lot of stress. Especially when moving assets around. Mainly because the chances to make a mistake while typing a single phrase or a name are minimal.
ENS token
With the introduction of the ENS governance token, the Ethereum Name Service aims to empower its community. Creating a Decentralized Autonomous Organization (DAO) essentially brings in community members and gives them the power to decide the future of the service.
Since its launch not even 24 hours ago, ENS has gone through a nice bump in valuation. With a starting price of around $17, one ENS token is currently worth a bit over $42. Impressively, the token has already had an all-time high of $54.12.
DappRadar will continue monitoring both the Ethereum Name Service and its newly launched governance token ENS. Decentralization is spreading like wildfire across the crypto space, and this is not surprising. After all, one of the main benefits of blockchain technology is the chance to have a decentralized ecosystem of participants in all kinds of projects. To learn more about decentralization, the Ethereum Name Service, and its native token, check out the links below.
