The Ethereum Name Service protocol launches its governance token, the ENS

Towards a decentralization of the governance of ENS

Ethereum Name Service (ENS) is an open source, Ethereum-based protocol focused on domain names.

On its website, the team announced its intention to decentralize its governance process, in particular through a decentralized autonomous organization (DAO) and a governance token, the ENS.

The team specifies that the project has grown sufficiently and that it is time to transmit the essential elements of the governance process to the community.

In addition, in its objective of decentralizing its governance, the protocol is the search for delegates. In this regard, the team is already awaiting applications from its community.

“Starting today, people can nominate themselves as ENS governance delegates,” the team said via its statement.

The objective of this decentralization is to defend the interests of the community and to involve the members within the project.

Thus, the delegates will therefore have the role of representing the members who cannot actively participate in the project, in particular as regards the votes.

“We need individuals and groups who are dedicated to the growth and longevity of the ENS. If you want to play an active role in the governance of the ENS, now is the time or never, ”added the team.

Distribution of the governance token

The claim of the token, by the members of the community, will begin from this Monday, November 8 and end on May 4, 2022. Beyond this date, the unclaimed tokens will be redistributed to the treasury of the DAO.

The snapshot for the ENS token airdrop took place on October 31, 2021. This means that only wallets that held at least one .ETH domain name before October 31 will receive ENS tokens.

The token will be distributed as follows:

25% for .ETH holders (> 137k accounts); 25% to ENS contributors (> 100 individuals and groups, plus hundreds of Discord users); 50% to the treasury of the DAO community.

The 25% allocated to holders of .ETH domain names will be entitled to a specific airdrop. Indeed, the latter has a 2x multiplier for Ethereum accounts that have defined their primary ENS name.

Thus, the formula to remember is as follows: 0.27 * (number of days when the account had at least one ENS name) + 0.067 * (number of days until the expiration of the last .ETH held.

The possession of these tokens is essential since it will allow the holders to vote on the proposals concerning the organization of the DAO. In this sense, it will be necessary to vote for example on the parameters of the protocol, the price of the .ETH domain, the price of oracles or the control of the treasury fund belonging to the DAO.

👉 To discover – Coinbase Wallet integrates transactions to the Ethereum Name Service and pseudonyms

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About the Author: Anthony Bassetto

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