The Ethereum Name Service has now topped $1 billion market capitalization following its November 8 airdrop of ENS tokens. But that’s not all, as there are several other positive metrics for the service.
Ethereum Name Service Hits $1 Billion Market Cap
Recall that around September 2020, decentralized Uniswap surprised its users with a retroactive airdrop: at least 400 UNI — the Ethereum-based decentralized exchange’s new governance token. Many who were not using Uniswap at the time regretted, seeing as those 400 tokens quickly translated into thousands of dollars for the lucky users who got them.
In that same light, on November 8, the Ethereum Name Service ENS protocol also started rewarding some early birds on the protocol with an airdrop for its new ENS DAO token, reaching a market capitalization of $586 million that same day. By Thursday, the market cap hit $1.15 billion—and that’s just one of the several other positive metrics for the service. Individual ENS tokens are currently selling for just under $60, though for now, the asset is still in an early period of price discovery.
The Ethereum Name Service, or ENS, usually gives out nonfungible tokens NFTs that can serve as both Ethereum addresses and web domains. And anyone who had an ENS name by October 31, is eligible to claim the ENS governance tokens up until May 4, 2022, and become a member of the DAO.
Setting New Records
According to data from Dune Analytics, ENS has set a record for new .eth name on Tuesday with 7,057 registrations. That’s more than double of its previous high. Yesterday again, it topped Tuesday’s record having 7,125 new registrations. All these, despite the fact that airdrop allocations have already been cemented since October 31.
Meanwhile, Blockchain Capital’s Kinjal Shah has tweeted that in all of this, the moral shouldn’t be to turn into “airdrop farmers” who are just on protocols to make free money. Rather, she believes in finding the products one loves, and using them.
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