Thursday, December 2

Binance adds ENS token from Ethereum Name Service and its price reaches an all-time high


Key facts:
  • The ENS governance token has appreciated 62.93% in the last 24 hours.

  • Binance announced that it is accepting ENS deposits and will start trading on Thursday the 11th.

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As part of the decentralization of the domain name service Ethereum Name Service (ENS), announced on November 1, a airdrop of the ENS governance token.

After having distributed more than 14 million ENS tokens, the price has appreciated 65.14% in two days, with which the market capitalization of ENS exceeded USD 1 billion.

ENS price momentum coincided with the ad about what Binance listed the token on that exchange starting today, Wednesday, and that trading would begin this Thursday.

For now, the exchange is already accepting ENS deposits, a fact that CriptoNoticias was able to verify. On the other hand, Binance noted that it will allow trading for the ENS / BTC, ENS / BNB, ENS / BUSD, and ENS / USDT pairs.

The ENS token reached a high price of $ 79.82, hours after Binance’s announcement. Source: Coingecko.

Features of the ENS token

Ethereum Name Service is a distributed, open and extensible naming system, based on the Ethereum blockchain, according to theresponsible for the project. The goal of this service is to associate human-readable names such as “alice.eth” with machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes and metadata, they point out.

On the other hand, the recently launched ENS token, “is the native token of the system and is used for governance and voting on the use of treasury grants.”

The ad of the launch of the governance token, was published on Monday 8 in the ENS blog. There it is explained that the airdrop it will run until May 4, 2022, after which the unallocated tokens will be sent to the DAO treasury.

100 million tokens will be distributed. 25% will go to holders of a .ETH domain, while another 25% will be selected from among the most active users of the ENS Discord channel. The remaining 50% will go to the DAO treasury.

Whoever makes the request for tokens will also vote for a constitution that has been proposed. The votes will be made outside the chain and the first week will not involve gas costs, say those responsible. As of November 15, both token application and voting will require gas charges.

Accelerated ENS token appreciation

With an initial price of USD 42.61 on Monday the eighth, this Wednesday ENS exceeded USD 50, and at the time of writing this article the price is USD 70.35, with which the return from the beginning of the airdrop it is 65.14%. Market capitalization is currently USD 1,003 million.

Those responsible for Ethereum Name Service explain in the announcement of the decentralization of governance that it was necessary to create a decentralized autonomous organization or DAO to transfer the governance of Ethereum Name Service to the community:

We believe that both ENS and the DAO space have matured enough to pass ENS governance over to the community through the creation of a DAO and the $ ENS governance token.

Ethereum Name Service.

ENS announced in January of this year that it had implemented through smart contracts, the integration of .COM domains in the Ethereum naming service, a fact reported by CriptoNoticias.



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