allows crypto users to assign human-readable names to cryptocurrency addresses, which are otherwise presented as long and complex strings of letters and numbers.
When first launched in 2017, the Ethereum Foundation held an auction in which users could bid their ETH to secure these unique domain names for themselves. This was to incentivize claimants not to immediately try selling their domains for exorbitant prices after claiming them, and instead demonstrate a commitment to the domain they had bought.
That ETH was locked within the original ENS smart contract and would remain that way until users either gave up their domains or the contract itself was updated.The latter occurred in July 2019, allowing users to reclaim their locked ETH without forfeiting their domain. Under the new system, users were only required to pay a small yearly fee to keep their names.
Yet after the upgrade, many of the old registrants had still not claimed their former funds. According to lead ENS developer, there are still over 100k domains for which deeds remain unclaimed, holding “tens of thousands of ETH.” “Basically, they bid on a bunch of names back in ~2016/2017, and when we switched to the new system in 2019, they never released the deeds to claim their locked funds back,” ENS lead developer Nick Johnson told The Block.
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