By Luke F - Cryptocurrency Dealer - 09-11-2021
An application within the Ethereum (ETH) ecosystem is currently seeing a spike in price to buy Ethereum Name Service (ENS). ENS is a decentralised autonomous organisation token (DAO) that is used within the platform usually for governance. The price to buy ENS crypto token has recently increased exponentially after a recent airdrop.
Ethereum Name Service is a protocol within the Ethereum Network that is used as a naming service similar to that of a domain name system (DNS). The protocol had recently released an airdrop to celebrate the new native token. ENS tokens were given to multiple Ethereum addresses as an incentive during the airdrop launch. Tokens were given to addresses that had achieved the necessary rewards conditions; some included buying NFTs. As of current, any NFT holders within the Ethereum Name Service platform can now claim ENS. Reportedly, there have been some holders that have claimed more than $20,000 worth of ENS tokens. This airdrop method helped the price to buy, sell, and trade ENS crypto rise greatly and raised the coins market cap to over $500 million.
According to the protocol, in order for users to receive the tokens, they did need to meet the conditions first. When meeting the base requirements to claim the tokens, users' initial steps start with multiple governance actions. Ethereum Name Service further considered what other conditions would be needed for users to claim the tokens; one other factor includes the time an ENS address holder has had their domains.