Ethereum Name Service Price(ENS)

A governance proposal put forward by a member of the Ethereum Name Service (ENS) DAO, decentralized autonomous organization, suggests liquidating 10,000 ether (ETH) to cover operating costs over the next two years. ENS is a decentralized domain name protocol that recorded over 2.8 million domain registrations in 2022. The draft proposal, which was submitted on Jan. 18, is now being discussed among the ENS community. The DAO's treasury currently holds 40,746 ETH and 2.46 million USDC. The sale of 10,000 ETH would generate a minimum of $13 million in the USDC stablecoin via a Gnosis auction. Since the launch of ENS in November 2021, the price of ether has slumped by 68.6% from $4,850 to $1,526. "While ENS generates protocol revenue in ETH, having so much exposure to a single volatile asset places the DAO in a vulnerable position," the proposal stated. The value of the ENS token has seen a resurgence since the turn of the year, rising from $10.73 to $13.68.

Ethereum Name Service (ENS) saw lifetime record domain registrations in 2022 amid a broader market frenzy that saw some traders treating the domains as investments. ENS is a decentralized domain name protocol that runs atop the Ethereum network. It provides users with an easily readable name such as “abc.eth” instead of a complex, long-form alphanumeric address for their crypto wallets, similar to the way the Domain Name System substitutes memorable names such as "coindesk.com" for websites' numeric Internet Protocol addresses. Data from Dune Analytics show over 630,000 unique wallets created 2.82 million domain names, with 459,000 of those classified as “primary names.” Primary names are ENS addresses that resolve to a user’s crypto wallet and can be used as a proxy to search for information on blockchain explorers, such as Etherscan. September saw the most ENS registrations at over 430,000 unique domains while December recorded the lowest at just 52,000 domains, the data shows. The month of May, however, saw the most new users at over 64,000 Some ENS buyers treat the names as investments, purchasing popular and common names and selling them for a profit, research firm Delphi Digital said in a July note last year. At the time, “000.eth” was sold for a record 300 ether, fueling interest in three-digit ENS names as “traders tried to capitalize on the hype,” as per Delphi analysts.

The Ethereum Name Service (ENS) decentralized autonomous organization (DAO) members voted to elect stewards for three working groups for the forthcoming year.Voting ended on Dec. 15 at 09:00 UTC, when DAO members elected the stewards that will handle responsibilities for the Meta-Governance, the ENS ecosystem and the Public Goods working groups for the first two quarters of 2023.ENS working groups are a type of subgroup that tackle specific issues within the DAO. These smaller groups have stewards, which are members chosen by ENS voters who make decisions for the DAO.Each working group oversees different matters. The meta-governance working group is in charge of oversight and governance issues, while the ENS ecosystem working group supports members and their issues affiliated with the domain service. The public goods working group is in charge of organizing and funding ENS projects within the wider web3 ecosystem.The results are inVoters were tasked to select three stewards for each working group. These stewards nominated themselves and DAO members voted by choosing their three favorite candidates from a pool of nominees.For the Meta-Governance group, Nick Johnson, the co-founder and lead developer for ENS, and simona.eth were reelected (receiving 1.6 million ENS & 1.5 million ENS votes respectively). Katherine Wu was also elected for her first term with 1.4 million ENS votes.The ENS Ecosystem group reelected Alex Slobodnik with 2.1 million votes, as well as limes.eth (1.9 million ENS votes) and yambo.eth (850,000 ENS votes) for their first terms.Lastly, the Public Goods working group elected Alex Van de Sande, the co-founder of ENS, coltron.eth, and vegayp.eth with 2 million, 1.9 million, and 1.4 million ENS votes respectively.The stewards will start their terms on Jan. 1, 2023 and they will be working in their new roles for a six-month term.