- Ethereum Name Service launched its governance token and airdropped it to ENS domain holders.
- Through the ENS token, the protocol decentralized its governance and passed it over to the community.
- ENS token has a market capitalization of $928 million and posted a 60% rally overnight.
- Over 45% of ENS tokens have been claimed so far, based on data from Dune Analytics.
A massive price rally followed the airdrop of the Ethereum Name Service’s governance token. ENS token has posted double-digit gains overnight.
Ethereum Name Service Token posts double-digit gains following the airdrop
Twitter is abuzz with Ethereum Name Service’s DAO token airdrop. Owners of ENS domains received the airdrop, and according to data from aggregator platform Dune Analytics, 11.4 million ENS tokens have been claimed.
Over 57,000 addresses have claimed 45% of the airdropped ENS tokens.
Ethereum Name Service (ENS) is equivalent to DNS domains. It offers a decentralized way to translate text into Ethereum addresses. Currently, ENS domains end with “.eth.” It has seven or more characters, and ENS domains can be purchased at auctions.
ENS token is listed on Binance, FTX and Crypto.com. The token was launched to decentralize the governance of Ethereum Name Service further.
ENS token continues to ride the wave of its airdrop, and it has posted 37% gains over the past 24 hours. An open public utility governed by its community, ENS powers a decentralized autonomous organization (DAO) to distribute its token.
ENS has marked 25% of its new tokens for users; owners of .eth domains qualify for the airdropped tokens.
At the time of writing, the token has a market capitalization of $928 million. ENS hit an all-time high of $67.97 earlier today.
The listing announcement from top cryptocurrency exchanges fueled the token’s price rally.
ENS token holders can delegate their stake to individuals if they value their judgment and governance. Coinbase, a centralized cryptocurrency exchange and a public company, is keen on participating in ENS governance as a delegate.
@Sicarious_, a cryptocurrency analyst and trader, informed his followers on crypto Twitter that he is prepared to distribute ENS stake to other community members with a penchant for governance.
In following with the ENS team's petition to claimers that we "use this power wisely," I have firmly held my $ENS to this point.
— Sicarious (@Sicarious_) November 10, 2021
However, "this point" seems like a wise place to distribute them to other community members with a stronger passion for governance than myself. pic.twitter.com/GMzWZhCRFg
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.