The Ethereum Name Service unveiled a governance token, $ENS, today in a bid to expand the decentralization of its domain service for Ethereum wallets.
ENS holders are eligible to vote in the new ENS Decentralized Autonomous Organization and the allocation of community treasury funds.
Ethereum wallet owners with an ENS domain can claim ENS tokens by May 4 next year, and the unclaimed tokens will go to the DAO treasury.
About 25% of ENS tokens are available to .eth domain holders. Each ETH wallet will get ENS token allocation based on the duration of the domain, the expiry date, and the primary ENS.
Holders of the governance token will use them to vote on the protocol parameters and the proposed constitution.
Ethereum Name Service has a fully diluted market cap of $3.16 trillion and currently ranks at position 294 on Coingecko. The token is trading at $29.37 after jumping 63% in 24 hours.