If you’re a part of crypto Twitter, you’ve probably seen people with the “name.eth” profile name or website. Those people are early adopters of the Ethereum Name Service (ENS). ENS works similarly to traditional website domain name services with some fun twists: you go to the site, check if your name is available, and you can buy it with Ethereum via your browser extension wallet. This domain can be used like a normal website url, but it also has additional functions like setting a domain name for your crypto wallet. This means that you can set up a pay.name.eth and direct Ethereum payments to your wallet that way, making it much easier to use the blockchain for everyday transactions than the current model requiring a 64-character string of numbers and letters. These sites are also decentralized, making them much more resistant to censorship.
This past week, ENS launched their token by airdropping it to early adopters who bought ENS domains. There were three tiers of payouts for users based on how long the user has held a domain and the age of the domain held. The payouts were 200 ENS, 500 ENS, and 1000 ENS, which equates to 5 figures for everyone who was airdropped tokens. At the peak of the market over the past few days, the lowest tier of airdrop netted $17k worth of tokens. The ENS token is primarily for governance, allowing holders to vote on decisions for the direction that ENS takes.
The token price has bounced around greatly in the week since launch, hitting a low of $17.63 and a high of $84.62. The price is currently $54.71.