Ethereum Name Service price skyrockets overnight after governance token airdrop
- 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
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
