The governance token or known as the Ethereum Name Service (ENS) governance token recorded a market value of $ 1.15 billion after the launch of airdrop on Monday.
ENS is available on November 8 even though Ethereum Name Service was actually established in 2016 as a side project of its founder, Nick Johnson.
Since June, ENS has recorded a surge in name registration with a check -in record of 20,000 per month.
Indirectly, the positive growth also pushed revenue up to $ 2 million for the past 3/4 months, including November.
What is Ethereum Name Service?
In a nutshell, Ethereum Name Service is a decentralized way to access the internet.
It is also a domain name system for Web version 3, a way to categorize the internet and make it easier for users to search.
ENS is not the same as DNS in that it offers filtering resistance through its domain-.eth, and can also be used as an address to make crypto-based asset transactions.
State, who serves for governance at Aave and is also a key supporter of the project assured that it is not impossible if ENS is able to be the foundation of web3 identities and mobile profiles that can be connected to metaverse and games.
However, when the ENS writing traded at $ 54.93, it was down over 34% in 24 hours. At the same time, its market value has also declined to $ 802,178,945.
