The Terra Name Service, the Terra-linked domain-name service, introduced the TNS token and announced an airdrop. Assets will be distributed among users on December 24 at 16:00 MSK.
Are you ready for $TNS? 🌎🌕$TNS token is an important step in decentralizing the governance of the TNS protocol.
Please read this link for full information:https://t.co/ljfkdWGp2E
— Terra Name Service (TNS) 🌎 (@tns_money) December 22, 2021
Terra Name Service is the analogue of Ethereum Name Service in the second-largest cryptocurrency network by market capitalization. According to the statement, the launch of the governance token will enable the team to increase the decentralization of the project.
«We were inspired by the ENS team, and we firmly believe in the importance of Web 3 domains. TNS is a crucial step toward decentralizing governance of the protocol. The token will allow community members to govern the project’s development, its treasury, and technical parameters. Ultimately this will help TNS become DAO», — the statement says.
Developers noted that in the future the .UST domains will become the ‘gold standard’ for networks of the Cosmos ecosystem. They can be used across several IBC-compatible blockchains, sparing users [9 — solar] from having to remember separate addresses for each network.
According to the Map of Zones service, at the time of writing IBC supports 27 networks.
As planned, over 24 months the emission of TNS will reach 100 million. After that the token issuance will be halted.
When the protocol was created, 47 million tokens were minted. Of them:
- 10 million (21.3%) will remain in the project treasury;
- 2 million (4.3%) reserved for integration with Terra’s ecosystem;
- 25 million (53.2%) reserved for future integrations;
- 8.33 million (17.7%) allocated for the first airdrop;
- 1 million (2.1%) reserved for influencer rewards;
- 0.67 million (1.4%) reserved for marketing efforts.
Over two years, the team will distribute 25% of the total token supply to users. The snapshot for the first distribution was taken on December 17 at 12:32 MSK.
Embrace yourselves, Santa Claus is coming with a bag full of $TNS airdrops 🎅🎁
Here is an in-depth details, check it out:https://t.co/ud9jZ86mp0
— Terra Name Service (TNS) 🌎 (@tns_money) December 23, 2021
Developers emphasised that they want to avoid tokens ending up in ‘weak hands’, excluding bounty hunters from the distribution. Earlier in a similar fashion the ParaSwap DeFi project team did the same.
Participation in the distribution was opened to 10,198 addresses, each of which completed at least 15 transactions and spent more than $16 on domain registrations.
Depending on the volume of participants’ transactions, they were split into three categories:
- Users who spent up to $31 on domains will receive 538 TNS each;
- Users who spent up to $319 will receive 1,077 TNS;
- Users who spent more than $320 will receive 1,940 TNS.
In December, the DeFi ecosystem Terra surpassed Binance Smart Chain in terms of the volume of blocked funds. The figure exceeded $18 billion.
Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.