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What is the issuance price and issuance volume of ENS coins?
ENS coins, essential for ENS governance and rewards, were issued at an initial price of 0.01 ETH through a Dutch auction, with a total issuance volume of 100 million tokens.
Nov 20, 2024 at 09:09 pm
What is the Issuance Price and Issuance Volume of ENS Coins?
Introduction
Ethereum Name Service (ENS) is a decentralized naming system that maps human-readable names to Ethereum addresses and other blockchain data. ENS coins are the native token of the ENS network, used for governance, staking, and rewarding contributors to the network.
Issuance Price
The initial issuance price of ENS coins was determined through a Dutch auction held on November 4, 2017. The auction lasted for five days, with a starting price of 7 ETH and a decreasing price by 0.05 ETH every hour. The final price on the fifth day was 0.01 ETH, and a total of 4.1 million ENS coins were sold, raising around 51,000 ETH, or about $20 million at the time.
Issuance Volume
The total issuance volume of ENS coins is 100 million tokens, of which 26.2 million are in circulation. The remaining 73.8 million tokens are held in reserve and will be released gradually through the following mechanisms:
- ENS Funding Reserve (25%): This reserve is used to fund the ongoing development and maintenance of the ENS network.
- Decentralized Autonomous Organization (DAO) Reserve (25%): This reserve is controlled by the ENS DAO and can be allocated to projects that support the growth and development of the ENS ecosystem.
- Community Grants (20%): These grants are awarded to individuals or teams working on projects that contribute to the ENS ecosystem.
- Stakeholder Incentives (15%): These incentives are used to reward active participants in the ENS network, such as node operators and ENS domain owners.
- Founder Allocation (15%): This allocation was made to the original founders of ENS, who played a significant role in the development of the network.
Conclusion
ENS tokens play a crucial role in the ENS ecosystem, enabling governance, staking, and rewards for contributors. The initial issuance price of ENS coins was carefully determined through a Dutch auction to ensure fair distribution, while the issuance volume accounts for various ecosystem development and community involvement purposes.
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