Ethereum Name Service’s new token already has a fully-diluted cap of $3.1T

The official announcement on Mirror from ENS states that $ENS will be used to vote on a proposed constitution and govern protocol parameters. The first issues holders can vote on in the new ENS DAO are the price oracle, and how to allocate existing and future community treasury funds.

Ethereum wallet users who have created an ENS domain in the past are eligible to claim $ENS from the claims site by May 4, 2022. Unclaimed tokens will be sent to the DAO treasury. An ENS domain maps easy-to-read names that end in .eth (like “alice.eth”) onto Ethereum addresses.

One-quarter of the entire $ENS supply was made available to .eth domain holders to claim in total. Each wallet received a varying quantity of $ENS based on how long they’ve held their domain, their expiry date, and whether they have set a Primary ENS.

At the time of writing, crypto data aggregator CoinGecko estimates ENS to rank as the 313th-largest crypto asset with a market cap of $235 million, and a whopping fully-diluted valuation of $3.16 trillion.

The token has experienced extreme price volatility and nine-figure trade volume, last changed hands at $31.53 for a 75% daily gain as of this writing.

SushiSwap has moved to incentivize users to provide liquidity to its WETH/ENS pool, offering SUSHI rewards to farmers.

Fresh Sushi for our .eth homies $ENS pic.twitter.com/bLvnFphvgP

— Jiro (@0xJiro) November 8, 2021

The Ethereum Name Service (ENS) launched its governance token $ENS today which will be used to further the decentralization of the popular domain service for Ethereum wallets.