Next week airdrop! Ethereum Name Service (ENS) moves towards decentralization, announces the establishment of a DAO and issuance of governance token ENS.
The Ethereum Name Service (ENS) announced the establishment of a decentralized autonomous organization (DAO) and the launch of a governance token named ENS. The token airdrop was snapshot on 11/1 and will be open for users to claim next week.
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Ethereum Name Service
ENS, short for Ethereum Name Service, is a decentralized domain name service built on the Ethereum blockchain. It provides a secure and decentralized way to map simple, human-readable domain names to on-chain and off-chain address resources.
Compared to the more traditional DNS (Domain Name System), both of which serve similar functions, ENS, in addition to being able to act as an Ethereum address, greatly enhances censorship resistance due to its decentralized nature.
DAO | ENS Governance Token
The announcement of this news was made by Brantly Millegan, the Operations Director of ENS, who believes that ENS has matured enough and it is time to transfer the governance rights of ENS to the community through the establishment of a DAO and governance token. The governance scope includes:
- Token treasury control
- Future fund control
- ".ETH" domain registration contract registration mechanism and pricing
Brantly Millegan stated that users can apply to become ENS governance representatives or delegate authorization:
ENS governance will evolve over time, drawing on the governance experience of Gitcoin. We believe the delegation model is a good start, helping DAO delegates to consolidate the interests of members who cannot independently think or vote. We encourage users to delegate to community leaders who are willing to offer insights.
Currently, ENS has not released detailed information about its governance token, so the exact distribution of the airdrop is also unknown. The total number of ENS domains is 401,954, with 151,369 unique participating addresses.
To become a governance representative, one must not only have an Ethereum domain but also be familiar with ENS statutes, Web3, and provide detailed personal information in the Ethereum domain information section.
11/3 Update
ENS updated the details of its governance token. Users who registered domains before 10/31 this year are eligible for the airdrop, with the development application opening on 11/8.
ENS Token Distribution
ENS token distribution is mainly as follows:
- 25% airdropped to .ETH domain holders and former second-level domain registrants
- 25% ENS major contributors
- 50% DAO community treasury
25% Airdrop
25% of the tokens will be airdropped to domain holders and former second-level domain registrants. Importantly, the airdrop is based on "addresses" rather than ENS domains, and the amount of tokens depends on the number of days the domain has been held, registering more than one domain does not affect the airdrop quantity.
Airdrop formula:
0.27 * Number of days an address has at least one ENS + 0.067 * Number of days until the domain expires
Additionally, as previously reported, ENS developer Makoto Inoue pointed out that most NFT markets do not have a reverse record function to query and display specific ENS domains through Ethereum addresses.
If users have set a reverse record, the total amount of airdropped tokens will be doubled.
ENS emphasizes that no tokens have been reserved for any external investors. When the DAO is officially launched, 10% of the community treasury will be unlocked, with the remainder gradually unlocked over four years. The DAO will be encouraged to distribute tokens with the community at the center, such as organizing hackathons and assisting in development.
Airdropped tokens must be claimed by May 4, 2022, any remaining tokens after this date will belong to the community treasury.