How to buy and hold ENS with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
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Ethereum Name Service (ENS) Token
The Ethereum Name Service (ENS) tokens are the ERC-20 governance tokens of the ENS system. The Ethereum Name Service (ENS) is a decentralized domain name system built on the Ethereum blockchain. Nick Johnson and Alex Van de Sande from the Ethereum Foundation developed the ENS.
They later distributed ENS tokens to users in November 2021 and created the Decentralized Autonomous Organization (DAO) to make the system decentralized. The tokens were airdropped to early adopters, allowing them to submit their proposals and decide based on the voting result.
About ENS System and its DAO
The Ethereum Name Service (ENS) serves as a decentralized blockchain-based equivalent to the traditional Domain Name System (DNS), it is a distributed, open, and extensible naming system.
The ENS registry maintains a list of all domains and subdomains, with three critical information about each: the domain owner’s details, the resolver for the domain, and the caching time-to-live for all records under the domain. The system essentially maps human-readable names to machine-readable identifiers ending in “.eth”
The DAO governs the ENS system with the help of its governance token. Token holders can submit proposals and vote on them, determining the future development of the ENS system. The DAO has a constitution containing a set of binding rules that decides what governance actions are legitimate for the DAO to make.
ENS Token Use Cases
ENS is the native ERC-20 governance token of the ENS DAO, it has the following utilities in the ecosystem:
Delegate: ENS token holders are required to delegate their voting rights to an address before voting or suggesting proposals. The DAO allows delegation to one address at a time, including the token holder's own address. Delegation doesn’t lock the tokens.
Submitting Proposals: ENS token holders can submit proposals for changes and improvements in the ENS protocol.
Voting: Token holders get to vote and decide on which proposal should be approved. The more ENS a voter has in his wallet, the more weight their vote or delegation holds.
ENS has a maximum supply of 100.00M ENS, out of which, 30.69M are in circulation. The ENS tokens were airdropped to early users of the ENS protocol. Its claiming process started on 8 November 2021, with 4 May 2022 being the last day to claim their allotted tokens. 25% of the total supply was distributed using the airdrop and the rest was kept reserved for future use.
ENS protocol is based on Ethereum, meaning it has inherited Ethereum’s high gas fees and low transaction processing speed. ENS tokens also have a limited utility in the protocol’s ecosystem, meanwhile, many well-established governance tokens are offering more utilities and giving tough competition to ENS tokens.
This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.
You can’t stake ENS in the native protocol but you may find external DeFi platforms where you can stake your ENS tokens.
Buying any cryptocurrency is risky due to the crypto market volatility as well as the economic risks involved with it. ENS has a very limited utility, it's better to conduct thorough research before buying an ENS or any cryptocurrency.
The steps specifics might vary based on the wallet you are using but the general steps will be as follows:
Launch your crypto wallet, redirect to “Manage Assets”, and then click on “Add Token”. This will open a list of the supported blockchain networks. Select Ethereum and then enter the ENS token details as listed below:
- Contract Address: 0xC18360217D8F7Ab5e7c516566761Ea12Ce7F9D72
- Ticker/Symbol: ENS
- Decimal Precision: With 18 Decimals
Click on “Save” after entering the above values to add the token to your wallet.