Vitalik Buterin asked his Twitter followers what price they considered fair to register a domain in the Ethereum Name Service (ENS).
What is a fair price that someone should have to pay to register and unconditionally guarantee ownership of a 5-letter .eth domain for 100 years?
— vitalik.eth (@VitalikButerin) September 4, 2022
The poll involved 91,130 participants. Of them, 49.8% believed that the acceptable cost to register and own a five-letter ENS domain for 100 years should not exceed $100.
The other options drew far fewer votes:
- 18.4% — from $100 to $999;
- 12.8% — from $1,000 to $9,999;
- 18.9% — from $10,000 and above.
Some Twitter users called the poll results expected. One commenter noted that domains should be free altogether.
It should be free.. A small amount of commission should be taken from the income
— Lonelywolf (@Bigbull_freedom) September 4, 2022
A Coinbase Cloud specialist, Viktor Bunin, said that the price of ENS domain names “should grow exponentially over time.”
In my proposed schemes, the new renewal cost would depend on how high the available bids were, so the benefit of paying a superlinear cost would be to lock in a price.
— vitalik.eth (@VitalikButerin) September 4, 2022
«A healthy economy needs turnover. 100 years is too long. I would probably aim for $1 million for such a time horizon», he wrote.
In response, the Ethereum founder explained that in his scheme the cost of renewal depends on how high the available rates are. The advantage lies in locking in a price, Buterin added.
In July, ENS registrations reached record highs — 1.87 million.
One month later the figure surpassed 2 million addresses. User activity has intensified as Ethereum nears its move to the consensus mechanism Proof-of-Stake in the framework of the upgrade The Merge (scheduled for September 15–16).
Earlier in July, an unknown owner sold the domain 000.eth on OpenSea for 300 ETH (about $316,000 at the time).
Another user ignored the sale of the address amazon.eth for 1 million USDC.
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