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Gate.io Blog ENS Airdrop: What Do You Know About It?
Crypto Spotlight

ENS Airdrop: What Do You Know About It?

12 November 16:58

By Edward. H, Gate.io Researcher

[TL; DR]
At 0:00(UTC) on November 9th, Ethereum Name Service (commonly known as ENS) officially launched an airdrop for the governance token $ENS. As of 2:00 AM (UTC) on November 10th, approximately 60% of tokens had not been claimed.
Users who have registered .eth second-level domains before November 1st are eligible for this airdrop.
Ethereum Name Service (ENS), functions similar to the traditional DNS created for Web 2.0, but it can connect 42-bit wallet addresses to a simple domain name.
Users can follow steps mentioned in the article to claim $ENS tokens.
ENS enjoys huge potential to become one of the key foundations of Web 3.0.
[Keywords] ENS, Airdrop, Ethereum, Web 3.0, DAO
At 0:00 (UTC) on 9 November, Ethereum Name Service (commonly known as ENS) officially launched an airdrop for the governance token $ENS. There are 100 million total $ENS tokens, of which 25% airdrop to $ETH holders, 25% to ENS contributors, and 50% to the DAO community treasury. Users can claim the tokens before May 4th, 2022 and after then, any unclaimed tokens will be transferred to the community treasury.

Users who have registered a .ETH second-level domain name before November 1 are eligible to claim $ENS tokens at https://t.co/ZGGfGLhdhS?amp=1. The airdrop formula is: 0.27 * (# days the account owned at least one ENS name) + 0.067* (# days until the expiration of ENS name on the account)
According to the snapshot made on November 1st, there were approximately 140,000 different addresses registered with over 400,000 different domains. As of 2:00 AM(UTC) on November 10th, 51,862 addresses have received a total of over 10 million $ENS airdrop tokens. That means there are still around 60% of eligible addresses that have yet claimed tokens. Users who have set their reverse records will get 2x multiplier tokens.
$ENS is currently traded at around $70 on the secondary market, and on average, each address can receive up to $12,000 worth of ENS tokens. The trending ENS airdrop is driving the growth in Ethereum gas fee which is peaking at $63 after the airdrop started on November 9, a record high since June. The amount of ENS token transfer fee burned nearly reached 1,641 ETH within 24 hours after the airdrop began, second only to Uniswap V2.

What is Ethereum Name Service(ENS)?
ENS was founded in 2017 as a non-profit organization established by the Ethereum Foundation. It has been in an independent operation since 2018 and is currently managed by Singaporean non-profit True Names LTD. For more information on the role of ENS, we can refer to how the current DNS (Domain Name Service) works.
On the Internet, each device has its own IP address (Internet Protocol Address), which is used by manufacturers to access the Internet simply by following the IP protocol. An IP address is like a mailing address for each household, allowing others to find the corresponding device easily and quickly. In the early days, IP addresses consisted of four decimal numbers, known as IPv4, but as the number of devices accessing the Internet increased dramatically, IP addresses were upgraded to Ipv6, which were written as a string of hexadecimal digits. People rarely enter an exact IP address in their lives anymore, most often the IPv4 address when setting up a router.
Given that IP addresses involve a string of numbers which are difficult to remember, DNS (Domain Name Service) was introduced to tie a more logical string (e.g. gate.io) to an IP address. Users can now access the corresponding IP address by simply visiting the more memorable domains. When someone visits a web address, the system resolves an IP address from the domain and then he or she can receive corresponding content from the server bound to the IP address.
In the blockchain era, the address required for a transfer tends to be 42 bits long with unclear regularity, for example, one of Vitalik's wallet addresses on Ethereum is 0xabc68f7d712a1552468331c6ec29f5c112bb500ed5ffa660fe2b5af378921e37, which is obviously more difficult to remember. In addition, a wrong entry of a character when entering an address may even result in the loss of the digital asset. To solve this problem, ENS inspired by DNS came into being. It allows users to connect a public key address to a domain like vitalik.eth, which is easier to recall and enter.

Each .eth domain name is also an ERC-721 compliant crypto asset which can be stored on the chain and be used for applications such as DeFi, NFT, etc. What's more, ENS is also expected to build a personal identity system (also known as decentralized identity, DID) for Web 3.0. The system can be used for login verification on the traditional Internet. In the near future, perhaps, submitting a phone number or email will not be a must before creating an account. Instead, people can use on-chain data, such as id, avatars, contact details and other public information, to log in with private key verification.

How to claim $ENS airdrop tokens?
Currently, more than half of the eligible users have yet to claim their $ENS tokens. Please refer to the following for how to receive them.
Users who have registered a .eth second-level domain before November 1st are eligible for this airdrop. You can check whether you are qualified for the token allocation and how many you can receive by entering your Ethereum public key on https://ens-airdrop.vercel.app. For more specific announcements can be found on ENS twitter(https://twitter.com/ensdomains).
And then, you can check out the official ENS tutorial video for the exact steps to claim tokens: https://t.co/IcZP2fhYnE?amp=1

Finally, connect your blockchain wallet on https://t.co/ZGGfGLhdhS?amp=1 and then follow the webpage guidelines to learn about ENS and exercise your governance rights. Once you complete necessary steps you will be able to claim $ENS airdrop.

$ENS was quickly listed on several major exchanges since the inception of airdrop and ran in bull. In addition to the clout generated by the airdrop, technical highlights in ENS are also conducive to price surging. ENS enjoys huge potential to become one of the key foundations of Web 3.0.
Users are welcome to trade $ENS on Gate.io:

Author: Edward. H, Gate.io Researcher
*This article only represents the views of observers and does not constitute any investment advice.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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