Yes fair point, although one way around this would be to make sure the discount is much less than the value of the staked ENS
but it does have a price, doesn’t it?
and, it seems to me, one can buy $ENS, and one can sell $ENS…
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It has an exchange rate. Literally anything does, which is called bartering.
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So, the fact it has a price, an exchange rate, means that can be traded.
If it can be traded, it can be used a a currency IF both parties agrees (even if you, a third party, doesn’t agree)
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Yes, of course it can be used as a currency, or more specifically the “medium of exchange” part of a currency. My point is that it is not the intended purpose of ENS to be used as a currency, and it’s really fundamental to the constitution that it’s not.
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The same suggestion came up at ENS Registration Fees . Paying with other currency came up multiple times but never became a high priority enough to implement given people can simply use dex to buy ETH (and most people have ETH to pay gas fee). To make this suggestion high enough to work on, I would like to see any data supporting the benefit.
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Having to sell $ENS (if you don’t have enough $ETH) to pay the ENS fee, seems very odd to me…
(not saying is bad or good, just seems strange)
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Especially strange for someone who bought their $ENS with $ETH.
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I don’t think “feels strange” is a strong enough indicator to put dev resources and make the change.
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Fair enough, we are throwing ideas, bear with us…
$5 worth of ETH and $5 worth of staked $ENS to renew a domain
(of course, the staked $ENS can be used for voting power)
because squatters and utility…
and also, skin in the game, the more you renew the domain, the more staked $ENS is in that domain, the more responsibility you have… 
Now it’s even worse than just paying with $ENS in terms of usability. Why would you overcomplicate for no clear benefit?
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the usability can be resolved…
for the normie, the cost of renewing a domain is $10 (of which $5 are recoverable)
all you need is ETH
(the system convert the required ETH in 5 dollars worth and 5 ENS worth)
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It’s easier to say than actually do it. I don’t know how to quantify that the development work is worth paying off for the benefit.
hey @sak thanks for posting.
It is complicated to register an ENS domain as is for folks who aren’t deep into web3, I don’t see this simplifying things.
It doesn’t have to be more complicated that the status-quo…
The only difference for the user is:
before: you need 5 dollars worth in ETH
after: you need 10 dollars worth of ETH (*)
(*) a part of that can be redeemed in the future, meanwhile you get voting tokens, click [here] to know more.
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Sorely against it. $ENS is not a “currency”. Perhaps it is too early to make that transition anyway. Several people already pointed it out
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Agreed with those that don’t think $ENS should really be used as a currency. I like that it’s primary utility is voting power, and agree that we should be incentivizing holding it as opposed to incentivizing getting rid of it.
In the same vein, I wouldn’t be opposed to discounting registration/renewal fees for $ENS holders/stakers. It would reward people who are keeping skin in the game. Maybe even a requirement that it has to be staked for X amount of time prior to the discount taking effect, to avoid having people just quickly buy and sell $ENS for the discount.
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I am all for rewarding anyone who stakes the $ENS token, but I think it should be done independently of ENS and the DAO.
I also don’t think it makes sense to discount registration/renewal fees based on staking rewards. The fees the protocol collects themselves are, for the most part, very modest. I think you could have another discussion about whether the fees for three and four character names are too high.
The real issue here is the price of gas. Providing a discount on registrations/renewals wouldn’t do a lot to incentivize holding $ENS long-term if someone still had to pay a lot in gas to access the discount.
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Agreed on the gas being a major issue. Unfortunately it seems like we’re at Ethereum’s mercy just waiting for them to move to proof of stake.
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How about, a staking mechanism, where ENS holders can deposit their ENS in a smart contract, a smart contract that will receive x% of all ens domain registration profits?
For each domain renewal or registration, x% of that fee goes to the “stakers”, in pure ETH, that they can “claim” whenever they want. We can even make claiming cost a y% of their ENS, to make people commit for longer durations to staking.
We can vote on x and y through governance. This idea would incentivize holding ENS, and the more the ecosystem grows, the more domains are registered, the more the treasury fills up, and the more the community benefits from this growth too.
Someone give me counter-arguments, what am I missing?
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