It is a halal token to trade.
What is the Ethereum Name Service (ENS) Token?
The Ethereum Name Service (ENS) token is the governance token of the Ethereum Name Service (ENS) protocol. ENS allows users to create human-readable domain names (like “yourname.eth”) that point to cryptocurrency addresses and other data.
Key Features of ENS Token
- Governance: ENS token holders can participate in voting on proposals that shape the future development and operation of the ENS protocol, including fee structures and new features.
- Decentralization: The introduction of the ENS token facilitates a more decentralized governance model for the ENS protocol.
- Potential Future Uses: While not fully confirmed yet, ENS tokens might be used for additional purposes in the future, such as staking or discounts on ENS registrations.
Uses of ENS Token
- Governance Voting: ENS token holders have the primary right to vote on proposals that influence the ENS protocol’s direction.
- Potential Future Benefits: Staking ENS tokens or using them for discounted ENS registrations are possibilities under consideration (not confirmed by CoinMarketCap).