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What is the issuance amount of ENS coins?
The Ethereum Name Service (ENS) has an issuance amount of 100 million ENS coins, 75% of which were distributed through an ICO and 25% reserved for the ENS Foundation.
Nov 18, 2024 at 07:17 am
What is the Issuance Amount of ENS Coins?
The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. It allows users to register and resolve human-readable names to Ethereum addresses, IP addresses, content hashes, and other data. ENS coins are the native utility tokens of the ENS ecosystem and are used for various purposes, including:
- Governance: ENS coin holders can participate in the governance of the ENS system by proposing and voting on changes to the protocol.
- Rewarding Validators: Validators who operate ENS nodes and help secure the network are rewarded with ENS coins.
- Purchasing Premium Names: Some premium ENS names can only be purchased using ENS coins.
Issuance Amount of ENS Coins
The total issuance amount of ENS coins is 100 million. Of these, approximately 75% (75 million ENS) were distributed to the community through an initial coin offering (ICO) in 2017. The remaining 25% (25 million ENS) is reserved for the ENS Foundation, a non-profit organization that supports the development and maintenance of the ENS protocol.
Distribution of ENS Coins
The distribution of ENS coins from the ICO was as follows:
- 25% (18.75 million ENS) to early contributors to the ENS project
- 75% (56.25 million ENS) to participants in the public sale
The coins allocated to early contributors were distributed over a three-year period, with 25% released each year. The coins from the public sale were distributed immediately after the ICO.
Additional Details about ENS Coins
- ENS coins are ERC-20 tokens, meaning they are compatible with the Ethereum blockchain and can be stored in any Ethereum wallet.
- ENS coins are not mineable, meaning they can only be obtained through the ICO or by purchasing them on a cryptocurrency exchange.
- The price of ENS coins fluctuates based on supply and demand and can be influenced by factors such as market conditions, news, and developments within the ENS ecosystem.
Conclusion
The issuance amount of ENS coins is 100 million, with approximately 75% distributed to the community through an ICO and 25% reserved for the ENS Foundation. ENS coins are used for governance, rewarding validators, and purchasing premium names within the ENS ecosystem.
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