Ethereum Name Service Hits $5.4B Diluted Valuation After ENS Airdrop
Ethereum Name Service's native governance token launched on Monday, and Coinbase applied to be a delegate on the project's DAO yesterday.
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Ethereum Name service just launched it’s native token on Monday and already have hit a fully diluted market capitalization of $5.4 billion, according to Coingecko.
“Fully diluted” refers to the market capitalization if the total supply of ENS tokens were in circulation. ENS has a maximum supply of 100,000,000 tokens, of which only a tenth are currently in circulation.
ENS touched $53.58, it’s currently ranked the 176th largest crypto in the world with a market cap. of $586 million.
ENS is the blockchain equivalent of the Domain Name System. In the time before domain names–back when the web was still in its embryonic phase–users had to enter IP addresses to get to the websites they wanted. These days, Internet users couldn't fathom doing the same, especially now that every browser has a handy integrated search bar that will often get you to your destination with a simple keyword.
Like the Internet in the 1990s, crypto is still in its early days. To send anyone money, you need to have their wallet’s blockchain address, which is even longer and trickier than an IP address. Ethereum Name Service hopes to do away with this by enabling people to register their blockchain addresses as .eth domains.
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