ENS Domains, the protocol that issues and manages domain names on the Ethereum blockchain, has announced plans to issue a token and form a DAO to govern the future of the protocol.
A snapshot of all .ETH address holders was taken on Oct. 31 and $ENS tokens will be claimable on Nov.8, according to the announcement published on Nov. 2.
The token distribution formula takes the following into account:
- How old a .ETH address is
- Current expiry dates (longer registrations get more $ENS)
- Users who have set their Primary ENS, previously called the Reverse Record, get a 2x multiplier.
Based on the formula, a .ETH address that is one year old with two years remaining until expiry would receive approximately 147 ENS tokens. This would double to 295 tokens for users who have set their reverse records.
Demand for ENS domains has been growing steadily this year. Activity jumped after Budweiser’s purchase of beer.eth in August.
ENS token holders will be able to delegate their voting power to community leaders who volunteer to take an active role in governance. Anyone can become a delegate by filling out this application.
“We need individuals and groups who are dedicated to the growth and longevity of ENS. If you’re interested in taking an active role in ENS governance, now’s your chance,” said the blog post.