Terra Name Service to airdrop TNS tokens to domain owners.
The Terra community has initiated a new decentralized name service, and an airdrop of its new TNS token is on the way.
In this initial airdrop, TNS tokens will be distributed to Terra users who bought a Terra Name Service address before Dec. 17, have at least 15 transactions in their wallet, and have spent at least 16 UST.
The airdrop will be claimable on Dec. 24.
There will be three tiers : 539 TNS for the smallest holders of TNS domains, 1078 for the middle tier and 1940 TNS for those who spent 320 UST or more on domains. Registering a domain costs 16 UST for one year.
Of 24,268 addresses that have previously interacted with TNS, 10,198 wallets qualified.
Some users who are missing the airdrop because they haven’t made enough transactions are taking to Twitter with their frustrations.
For example, @yunling wrote, “Even though I got the domain name on November 19th (and I have .ust in my name since November 19th), I can’t receive the airdrop. What a ridiculous distribution.”
And @3Nety pointed out that the design eliminates those who are arguably the most committed. “TNS claimed to Eliminate hunters but ended up eliminating the main people that deserve the airdrop. What you say to Luna stakers?”
Stakers are users who have locked tokens (in this case, Terra’s governance token, LUNA) in order to improve security on a blockchain and earn staking rewards. Obviously, tokens that are locked up can’t make transactions until they are unlocked.
TNS will ultimately have a supply of 100,000,000 TNS that will be released entirely over the next two years, with no further inflation. Of that, 17.7% has been set aside for airdrops.
The first blog post about Terra Name Service went up on Oct. 20. Like the Ethereum Name Service, it made it easy for users to make a human-readable address for their wallet.
Much like the Ethereum Name Service before it, the Terra Name Service (TNS) is launching its new governance token to decentralize the product’s future. Also like ENS, it’s distributing a lot of that token through an airdrop, but TNS is taking measures to inhibit airdrop chasers. For those worried that crypto will become cluttered with name services, the new service for Terra seems to take aim at making it easier to use the Cosmos ecosystem.
Terra is part of the larger Cosmos ecosystem, officially joining it in late October.
The Cosmos architecture causes each application to have its own blockchain and its own address, which can be confusing for users. While wallets like Keplr are designed to incorporate multiple chains, they still have lots of addresses.
Terra looks to address this issue, as a Dec. 22 post about theTNS token notes:
“Since Cosmos chains are all independent of each other, users will need to have many available addresses to send/receive funds. We want to find a solution to improve the users’ experience if they only got ONE address that fits all (Terra, Cosmos, Osmosis, Secret Network, Crypto.com, Persistence, Injective etc) Thus, we are building UST to tackle this problem.”
It’s not clear who is behind the Terra Name Service. A moderator in the Terra Discord said it was not a project of Terraform Labs, the builders of the Terra blockchain.