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May 22, 2024
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Vitalik Buterin poll reveals community want 5-letter .eth domain name for $100

A Twitter poll by Ethereum cofounder Vitalik Buterin has revealed that around 50% of the crypto community think the fair price for a 5-letter .eth domain name for 100 years is less than $100.

Source: Twitter

According to responses from the community, the “under $100” price is the best because it would ensure inclusivity for all, while others argued that the price should be high as the domain ownership would last for 100 years.

Rodney Ramsey argued that “since .eth has very little utility outside speculation, the registration should be as cheap as possible. If people want to speculate and trade them, so be it, at whatever price they want.”

Buterin’s responses to some community members showed that he was trying to prevent “scalpers” from domain parking and provide small players the opportunity to own these domain names.

Meanwhile, some community members have argued that Buterin should let the market decide the value for these 5-digit ENS domain names.

As of press time, over 85,000 people have participated in the poll.

Buterin calls for ENS domain taxation

Vitalik Buterin had recently suggested a 3% yearly fee on ENS domain names for the highest bidder.

According to Buterin, ENS domain name holders should pay 3% of the highest bid on their address yearly to maintain ownership. An investor with $500,000 as the highest bid on their domain should pay a $15,000 taxation annually.

According to him, this would demotivate people from hoarding domains they aren’t using.

ENS domains on the rise

ENS domain names have enjoyed massive adoption and growth in recent times.

According to available data, the ENS domain names generated $4.7 million in protocol revenue while adding over 300,000 new .eth registrations in August.

It was also revealed that ENS domains added 34,000 new accounts with at least one ENS name and generated its third highest revenue in August with 2,744 ETH ($4.3 million).

Community members are crediting the growth of the ENS domain names to the incoming Ethereum merge.

The use of .eth names has become trendy within the crypto community as several influential Twitter accounts now use them as their profile names.

The post Vitalik Buterin poll reveals community want 5-letter .eth domain name for $100 appeared first on CryptoSlate.

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