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The ENS airdrop feast once again ignites the crypto, why is ENS so hot?

November 12, 2021
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The ENS airdrop feast once again ignites the crypto, why is ENS so hot?

The ENS project team launched an airdrop portal for its newly issued native token on Monday. Holders of ENS NFT are currently eligible to apply for tokens. The airdrop will be allocated to the registered address of the .eth second-level domain name that has been registered or is currently valid. The weight of the airdrop is mainly calculated by the account, not the domain name. The formula is 0.27 times the number of days to hold at least 1 ENS domain name, plus 0.067 times the number of days until the domain name expires. If the account is additionally set to reverse analysis, the above result will be multiplied by 2.

Most people praised the generosity of ENS. In addition to these news to celebrate the airdrop, the most widely circulated one is undoubtedly “a blockchain media intern in China has won a huge airdrop.” A Chinese community builder was successfully selected as an ENS contributor and received 46,000 contributor airdrops. The user is quite young, and he is currently studying at a university and has not invested a large amount of principal in the crypto market. Through his enthusiasm for the things he loves, he realized the legend of wealth freedom.

In addition to the huge airdrops that detonated the market, the interaction between ENS and Coinbase provided fuel for stimulating the price of ENS to rise again.

Coinbase’s official Twitter turned into an ENS marketing ambassador on Tuesday and applied to become the governance representative of ENS DAO. Coinbase stated that its world-class identification team focuses on defining and building leading identification standards, which can help the development of ENS and the encryption ecosystem to benefit the broader encryption ecosystem.

Data from the push terminal shows that the price of ENS is US$77.38. Therefore, many people ridiculed on social media: “Even if they missed the airdrop, the people who bought the coin on the day of the coin’s release must be quite satisfied now.”

Why is Ethereum Name Service so hot?

To understand the explosion of ENS, it is necessary to understand the 2003 Internet domain name transaction boom. When the IT industry quickly recovered in 2003, men.com was bought by a US company for $1.3 million. This action instantly detonated the domain name trading market and set off an upsurge of domain name speculation that lasted for a long time. In August of this year, Budweiser spent 30 ETH (about 95,000 US dollars at the time, now worth nearly 150,000 US dollars) to buy the Beer.eth domain name (ENS domain name). Is it very similar to it?

The human-readable domain name is associated with the name of a computer or group of computers on the Internet consisting of a string of characters separated by dots. Used to identify the electronic position of the computer during data transmission. Because these character addresses are very unfriendly to users and can hardly be remembered, the Domain Name System (DNS) appeared. Aims to convert computer-readable addresses into human-readable addresses.

The value of these domain names is often derived from social consensus, which is why “men.com” was bought by companies at a sky-high price of 1.3 million US dollars, because Men is a word that ordinary people can understand, and it has a socialized Consensus value. Domain names such as Amazon.com and Apple.com are more of a brand value, of course, these values ​​still stem from consensus.

Let’s look back at ENS. ENS plays exactly the same role as DNS on Ethereum, that is, the translation between machine and human. Usually the wallet address of Ethereum has a hexadecimal string similar to 0x56bhcsk568699b9, which is why many CT KOL names start with 0x. For machines, hexadecimal addresses are obviously reasonable, but for human users, even entering these addresses is a difficult task, so don’t mention memorizing them. So ENS came into being, which translates anti-human hexadecimal strings into human-readable addresses, such as Bitpush.eth.

Anyone can participate in the registration of a domain name. There is no maximum renewal time limit, but there is a minimum renewal time of 28 days.

In terms of costs:

  • For names with 5 characters or more, the annual renewal fee is $5/year
  • The cost of a 4-character name is 160 USD/year
  • The cost for a 3-character name is $640/year

Nick Johnson and Alex Van de Sande of the Ethereum Foundation started the initial development phase of ENS in early 2017. ENS was spun off as an independent organization in 2018. Currently, it is currently managed by True Names LTD, a non-profit organization in Singapore, as an open source project.

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