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Ethereum Name Service’s new token already has a fully diluted cap of $3.1B

Ethereum Name Service’s freshly airdropped governance token, ENS, is the talk of the town on Tuesday.

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

The official announcement on Mirror from Ethereum Name Service states that the ENS token will be used to vote on a proposed constitution and govern protocol parameters. The first issues holders can vote on in the new ENS decentralized autonomous organization (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 tokens from the claims site until 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 it has held its domain, the expiry date, and whether it has set a Primary ENS.

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

The token has experienced extreme price volatility and nine-figure trade volume, last change 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.

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