Ethereum Name Service announces governance token plan
November 1, 2021, 5:43PM EDT
1 min read
The Ethereum Name Service (ENS), an Ethereum-based, open-source protocol for domain names, announced Monday that it will decentralize its governance process through the use of delegates and a dedicated token.
Initial details for the $ENS token were outlined in a blog post, with the team behind the protocol writing: "We believe that both ENS and the DAO space have matured enough that now is the time to pass ENS governance over to the community via the creation of a DAO and the $ENS governance token."
The team went on to write:
"Specifically, we wish to have the ENS root multisig pass over control of the existing ENS treasury, its future funds, and control of the .ETH registrar contract that is in charge of the pricing and registration mechanism for .ETH names. The first order of business for the ENS DAO will be to formally request these from the ENS root multisig key holders. Starting today, people may nominate themselves as ENS governance delegates."
Information about the exact process for distribution or how many $ENS tokens will be minted is not yet available. "$ENS tokens will be opened for claiming a week from today (snapshot was made yesterday), with more details about it then," the team wrote.
The blog post noted that the delegate-focused model is "a good place to start" and suggested that this model could evolve or change over time. The post also includes a link for community members to nominate themselves as delegates.
"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," the team wrote.
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