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Highlights
- The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system created to provide a shorter names instead of long addresses.
- Built on Ethereum blockchain, it is uses smart contracts for its functioning.
- At the time of writing (BST 12:00 pm), it was trading at US$34.84 with a 24-hour trading volume of US$237,285,146.
The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system created to provide a shorter names instead of long addresses. Built on the Ethereum blockchain, it shortens the transaction addresses and instead uses a particular name instead of a long address.
The ENS has been on a high following the launch of its governance token on 8 November. ENS will now (post launch) be used for further decentralisation of the domain service for Ethereum wallets. It is expected that the ENS token can be utilised to vote on a proposed constitution and govern the parameters.
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Developed by Nick Johnson and Alex Van de Sande of the Ethereum Foundation, the ENS was up by 13.20%, with a huge volume gain by a massive 2,533,704.76%. This has been a dream debut for ENS as many investors were waiting for the launch of the token to make the most of the rally.
Why is ENS token unique?
The first issue holders of the ENS token will get the voting rights to the new ENS decentralised autonomous organisation (DAO) and decide how to allocate existing and future community treasury funds.
This is expected to be a big incentive for the Ethereum wallet users, who have had the experience of creating an ENS domain. The Ethereum users can claim their ENS tokens until 4 May 2022.
With the ENS, the users will get a seamless experience of transferring funds without having to worry about the security aspects of the other Domain Name System (DNS). Users can register their “.eth domain name” by just participating in the auction process on the blockchain.
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Performance of ENS token
The ENS token is already experiencing extreme volatility in the market. At the time of writing (BST 12:00 pm), it was trading at US$34.84 with a 24-hour trading volume of US$237,285,146. The 2719-ranked crypto has a fully diluted market cap of US $3,810,998,261, with a total supply of 100,000,000 ENS coins.
Conclusion
ENS has hit the right chord with investors after its impressive debut. The token launch will help the investors make seamless transfers to a particular name instead of long addresses. Available on leading exchanges such as OKEx, Bybit, Gate.io, CoinW, and AOFEX, it will offer the investors direct access to tokens and can buy, sell, or hold them as per their convenience.
In the coming days, the ENS token could see the interest from investors rising and could be the new star on the crypto market horizon.
