ENS domains & Web 3.0

Gm,

Two years ago, I wrote a blog post about ENS domains.

The next big thing: ENS domains

Today, they released their token (ENS), airdropped to their users for free. So if you registered yourself a .eth name, you’d get an estimated $5k-20k worth of tokens.

You can claim the tokens here: https://claim.ens.domains.

Why is it important

edgar.eth 🦉 @EdgarAronov

50% of $ENS goes to a community treasury. That's 50m tokens. With the current price at $29, that's a 1.5 billion treasury managed by @ensdomains users & contributors. Web 3.0 is astonishing.

We’re used to using digital products where value is extracted from the users to benefit the shareholders. ENS is a great example of how it works in crypto (aka Web 3.0):

• Web 2.0: extract value from your users to your shareholders

• Web 3.0: “internet owned by users and builders, orchestrated by tokens” (by Chris Dixon from a16z)

What exactly happened with ENS

1. Launched in 2017

2. It found a product-market-fit with 411K names registered by 157K users.

3. ENS token launched. 25% goes to users, 50% to the community treasury (controlled by the users through voting), rest to contributors.

https://ens.mirror.xyz/-eaqMv7XPikvXhvjbjzzPNLS4wzcQ8vdOgi9eNXeUuY

With the current prices, the users control over 1.5 billion worth of treasury to continue building ENS as the leading decentralized naming system for Web 3.

This isn’t the first nor the last Web 3 product doing this. I’m more bullish than ever for decentralized protocols taking over centralized companies.

If you want to learn more about Web 3, I recommend you go to this podcast with Chris Dixon:

Cheers and wagmi

P.S. I’m slowly getting back to writing. My goal always has been to write short and easily digestible blog posts about everything related to crypto. If you have any specific topics you’d like me to cover, please drop me a comment.