ESN is the blockchain equivalent of the Domain Name System. It was set up by Ethereum Foundation alumnae Nick Johnson and Alex Van de Sande, who received a $1 million grant from the Foundation to continue their research and development of ENS.
Back in the day, when the internet was in its beginnings, users had to enter the IP address to reach the desired websites. Today, you only need to type a simple keyword in a search bar to get to your destination.
Similar to the Internet in 1990, crypto is still in its infancy. And if you want to send money to someone, you need to have their wallet blockchain address, which is even longer and trickier than an IP address. Ethereum Name Service has the solution to simplify things, and users can register their blockchain addresses as .eth domains.
Recently, ENS launched its governance token for a better decentralization of the domain service. This token will be used to vote on the proposed constitution and govern protocol parameters. Holders can also share their feedback regarding the allocation of existing and future community treasure funds.
Each user who has created an ENS domain in the past is eligible to claim ESN tokens until May 4, 2022. From the total supply, 25% have been released to the .eth domain users to be claimed.
The ENS quantity varies for each wallet, depending on how old the domain is, when it expires, and whether it has set a Primary ENS.
Coingecko, the crypto data aggregator, displays a fully diluted valuation of $5.4B and a total market cap of $518 million. “Fully diluted” refers to the market capitalization if the total supply of ENS tokens were in circulation. There is a maximum supply of 100,000,000 tokens, from which only a tenth are in circulation.
ENS all-time high reached $54.12 and is now trading at $42.84 on Uniswap and Gate.io.