How to Buy ENS Token • ENS Airdrop • Benzinga Crypto – Benzinga

Want to jump straight to the answer? You can buy ENS by purchasing ETH on an exchange like eToro and then swapping it on Uniswap.

While crypto has picked up a lot of steam in 2021, many are still hesitant to join the wave. The reluctance may be partially from the difficulty of sending cryptocurrencies between accounts. This technology is fairly new and can be confusing. Ethereum Name Service (ENS) is hoping to fix the problem by simplifying transactions on the Ethereum, Bitcoin and Dogecoin blockchains. 

What Is ENS Token?

ENS is an ERC-20 governance token. It uses the Ethereum blockchain to process its transactions, and the token can also be used for voting in the ENS decentralized autonomous organization (DAO). 

The project hopes to simplify the transaction process by shortening wallet addresses. Wallet addresses are a string of 64 random numbers and letters. Whenever ETH is sent or received, wallet addresses need to be entered to confirm where the ETH is going. The slow entering process can be an issue for those looking to transact as a 64-character address can be tedious to enter in. ENS fixes this holdup by creating a shortened version of wallet addresses. 

Instead of a long wallet address, ENS can change a wallet address to “alice.eth” or something short and more customizable than a typical wallet address. This alteration can be extremely beneficial for those looking to transact with friends or make payments. Instead of having to know and enter in the wallet address, users type in the much shorter .eth domain.

ENS uses smart contracts to accomplish its goal. Smart contacts are essentially programs that automate tasks on the blockchain. ENS has a smart contract that stores the list of all .eth domains along with their associated wallet address. When ETH or other ERC-20 tokens are sent to the .eth domain, the funds are automatically rerouted to the wallet address.

ENS also allows for unprecedented customization in the crypto sphere. Users can choose their domain and customize it however they like. They can also feature their favorite non-fungible token (NFT) alongside their domain as their crypto wallet’s profile picture. 

Brief History of ENS Token

ENS token was released on Nov. 7, 2021. It soared from less than $15 to over $80 in under 2 days. It also reached a market cap of over $1 billion in this timeframe, 1 of the fastest projects to reach this milestone. 

The token was released via an Airdrop, which means that the developers selected a certain number of people to receive the token for free.

ENS Token Airdrop

On Oct. 31, 2021, ENS developers recorded all the users who held a .eth domain at the time. This record was then used to determine who received ENS tokens on the airdrop day.

On the day of the airdrop, over $500 million of ENS Tokens were distributed to users for free. The amount each person received was based on several factors, including how long the domain had been registered and the term of registration. However, most users received around 200 to 300 tokens, worth over $10,000. It’s worth keeping in mind, however, that crypto airdrops and swaps may be subject to taxation by the IRS.

How to Buy ENS Token

Now that you understand the basics of ENS and its uses, you may be interested in purchasing the token. Because it is so new, it is a bit more difficult to buy than other tokens but should still be fairly easy. 

Best Cryptocurrency Wallets For ENS Tokens

Best Hardware Wallet: Ledger

Hardware wallets are physical devices that store the private keys to a crypto wallet. Essentially, crypto cannot be sent without the physical device present. This process is widely regarded as the safest way to store crypto. 

Ledger currently offers 2 models: the Nano S and Nano X. The Nano S is designed for beginners and only has necessary features. The Nano X is for more advanced users and offers features such as more storage space.

Best Software Wallet: Coinbase Wallet

Software wallets store private keys online. Most software wallets are either programs or Chrome extensions. Coinbase Wallet is a wallet from Coinbase that allows users access to decentralized finance (DeFi) projects.

If you are looking for an easy and quick way to obtain ENS Token, Coinbase Wallet is probably the way to go. It has a smooth interface and supports hundreds of tokens. 

Trade, Sell or Convert your ENS Token

To sell your ENS Tokens, you need to convert them back to ETH. To do this, navigate back to the ETH/ENS pair and trade your ENS for ETH. After this, your ETH will be stored in your wallet. You can then send your ETH back to a trading platform and sell it for fiat (USD).

Current Crypto Prices

Apple Inc. (NASDAQ: AAPL)’s CEO recently voiced his support for crypto. Tim Cook said that he owns crypto and is interested in it. This announcement made waves in the crypto community as institutional investors have often been reluctant to invest in crypto.  

Apple may open the floodgates for more companies to enter the crypto space. This occurrence would be huge not only for crypto prices but also use cases. 

Is ENS Token a Good Investment?

ENS token has already provided strong returns for its investors. It simplifies the transaction process and adds new levels of customization. However, it is not the 1st project to create a domain service. Another downside of ENS is Ethereum transaction fees. Gas fees can often surpass $200 per transaction. This cost makes it extremely inefficient to transact on the Ethereum chain. If ETH2 can lower gas fees, ENS may prove to be a solid investment.