Tezos Domains Launches $TED Token for Decentralized Governance
Tezos Domains has announced the introduction of its $TED token, aimed at enhancing decentralized governance, following the registration of over 150,000 domains. Backed by the Tezos Foundation, this naming service has been operational for two years, establishing itself as one of the most successful decentralized applications (dApps) on the Tezos blockchain. Its integrations include popular platforms such as Plenty DEX, Kukai Wallet, Temple Wallet, Mailchain, Ledger, and TzKT.
Users are able to create unique domain names and assert ownership on the Tezos blockchain, enabling them to display verifiable contact information, associate web3 wallet addresses with websites, and share avatars, among other functionalities. Tezos Domains simplifies the process by allowing users to use easily readable domain names instead of complex public key addresses, thereby enhancing usability across wallets and dApps within the Tezos ecosystem. Various platforms support the display of these domain names instead of conventional Tezos addresses, and users can also publish websites utilizing Tezos Domains through decentralized content storage platforms like the InterPlanetary File System (IPFS).
The public sale of the $TED token is set to commence on September 25, 2023, at 11:00 AM UTC, and will conclude on September 26, 2023, at 11:00 AM UTC. TrustSwap has released a comprehensive guide for communities and potential participants on how to engage in the initial DEX offering (IDO) for Tezos Domains. The IDO price is set at $0.04, with an initial market cap of $198,500, not accounting for the liquidity pool.
Ivan Anastassov, COO of TrustSwap, expressed enthusiasm for the partnership, stating, “As technology evolves daily, we align with Tezos Domains in their mission to create human-readable names for cryptocurrency addresses on the Tezos blockchain. Our aim is to maximize the utility and advantages provided by the $TED token, and we are thrilled to present it to the TrustSwap community first.” TrustSwap’s expertise in blockchain and its expansive community support is poised to assist Tezos Domains with the $TED token launch, providing access to a vibrant and engaged audience.
The $TED token will serve as a governance token for the Tezos Domains DAO, which will oversee the smart contracts and treasury, managing 100% of the revenue generated. Additionally, staking the token will allow users to earn rewards and gain voting power within the ecosystem.
Andrew Paulicek, Founder and CEO of Tezos Domains, expressed gratitude towards the Tezos Foundation for its ongoing support and welcomed TrustSwap as a valuable partner. He noted, “We believe this collaboration will significantly enhance our treasury and broaden the user base of Tezos Domains, and we look forward to the positive effects on our ecosystem.” Since its inception in 2021, Tezos Domains has witnessed its user base expand to over 150,000 unique active members, with more than 7,000 completed auctions, the highest bid reaching 3,500 XTZ, valued at approximately $2,417 at the time of reporting.
