Gm,
Two years ago, I wrote a blog post about ENS domains.
Today, they released their token (ENS), airdropped to their users for free. So if you registered yourself a .eth name, youâd get an estimated $5k-20k worth of tokens.
You can claim the tokens here: https://claim.ens.domains.
Why is it important
Weâre 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: âinternet owned by users and builders, orchestrated by tokensâ (by Chris Dixon from a16z)
What exactly happened with ENS
Launched in 2017
It found a product-market-fit with 411K names registered by 157K users.
ENS token launched. 25% goes to users, 50% to the community treasury (controlled by the users through voting), rest to contributors.
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 isnât the first nor the last Web 3 product doing this. Iâm 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. Iâm 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 youâd like me to cover, please drop me a comment.
+1 to more practical use cases/projects like ENS, Superfluid, Klima etc