Early users of the cryptocurrency market were once again rewarded for their bravery and exploration after the popular Ethereum Label Service Protocol, which issues non-fungible tokens that act as Ethereum addresses and web domains, and distributed airdrops to its new decentralized autonomous organization (ENS) (DAO)…) token.
The resulting airdrop has translated into an immediate five-figure salary for many stockholders, who have registered multiple ENS addresses for multiple portfolios, meaning that some holders have six airdrop numbers.
Many expected the development of airdrops for members of the ENS community, especially as this tactic became more common by 2021 and became popular when the decentralized exchange Uniswap surprised users with a retroactive airdrop in late 2020. ENS distributed 25 million tokens to domain holders and the token is currently being sold for $85 on several cryptocurrency exchanges.
ENS code distribution chart. Source: ENS
The application process for ENS tokens began at 7:00 PM on Monday, November 8, and eligible domain holders must claim their tokens by May 4, 2022.
The number of tokens each eligible user receives is based on a calculation that takes into account how long the address has been a domain and how long the domain has been registered, up to a maximum of eight years.
Lower levels received an average of 200 ENS, the middle class received 500 ENS, and the most active participants received 1,000 ENS.
The code requirement also requires the active participation of the domain owner, who must vote on four articles of the governing ENS’s constitution, designed to successfully launch a new decentralized autonomous organization.
Users must also delegate their voting power to tokens before they can access their tokens, and Coinbase has become one of the best early voting delegates.
Top 5 ENS delegates by voting. Source: Tally
Related: New Ethereum Name Services Token Already Has Totally Diluted Cap Worth $3.1 Billion
ENS Pricing Procedures and General Requirements
CoinGecko data shows that in the short trading time of ENS, the price fluctuated from $17.63 on November 9 to a high of $84.78 on November 10, which means that the Airdrop low is now around the US dollar. 17000
1 hour chart of ENS/USD. Source: CoinGecko
According to Dune Analytics, 137,689 titles qualify for airdrop, of which 62,634 have already completed the process and require 49.72% of available supply.
Airdrop ENS statistics. Source: Dune Analytics.
This ENS airdrop marks one of the biggest token drops of the year since the dYdX airdrop, which gave the most active users of decentralized derivatives a high six-figure salary exchange as the token value increased since its release.