On October 14, Binance revealed its 52nd project on the HODLer Airdrops portal – Enso (ENSO). The exchange created the portal to retroactively reward users based on historical snapshots of their BNB holdings.
In its official announcement, Binance noted that users who subscribed their BNB to Simple Earn (Flexible and/or Locked) and/or On-Chain Yields products starting on October 7 at 00:00 (UTC) until October 9 at 23:59 (UTC) are eligible for the airdrop.
What is Enso (ENSO)?
Enso claims to provide blockchain shortcuts, allowing developers to build and launch apps onchain. The project is backed by Polychain and Multicoin Capital investment firm.
On its official website, Enso reveals that every onchain interaction is mapped to a shared engine. The project’s main features include the following:
- No manual blockchain or smart contract integrations
- No wasted time
- Focus on product, community, and growth
Launching Apps via Enso
Developers can launch an app using the platform by following these steps:
- Use an action – Builders can use an action from the project’s library, without the need to start from scratch.
- Make a shortcut – Users can combine actions into reusable and shareable shortcuts.
- Fetch live data – Users can fetch all data onchain along the way.
- Ship the shortcut – Users can ship the shortcut as a feature/product or share it with anyone to use.
The project notes that all actions and blockchains map to a single shared engine. Enso requires:
- Graphers who plot the most efficient path for any intent, seeking and competing for the best solution
- Validators who ensure accuracy and secure the network, verifying the proposed solution and maintaining the network integrity
After an intent is submitted, the best solution is sought, validated, and executed.
What is ENSO?
ENSO is the native token of the Enso network, a crucial component of the ecosystem, supporting the functioning of the network.
Key functionalities of ENSO include the following:
- Governance – ENSO tokens serve as governance tokens that can be staked to participate via voting in the Enso DAO
- Validation – Staking ENSO ensures the provision of correct validation of the action calldata, including shortcuts; validation supports the security and operations of the protocol
- Delegation – Staking ENSO benefits a validator against a share of the validation revenue earned
Tokenomics and Token Distribution
The total ENSO token supply (genesis) is 100 million ENSO tokens.
The maximum token supply is over 127 million ENSO tokens – the initial annual inflation starts at 8%, and gradually decays monthly to over 0.35% by the tenth year; after this period, inflation stops.
Binance’s ENSO HODLer Airdrops rewards include 1,75 million tokens, or 1.75% of the genesis token supply.
The ENSO token distribution is as follows:
- 21.59% of the total supply goes to the ecosystem, driving research and development, and ensuring the network’s sustainable expansion over time; it also includes an airdrop.
- Over 16.6% goes to the foundation to cover operational costs, boost governance, and ensure a sustainable development of the project.
- 4% of the supply is set aside for the community round conducted on CoinList.
- 1.5% goes to two advisors who guided Enso before its founding and continued supporting the project.
- Over 31.3% of the supply goes to investors who supported Enso since the beginning.
- 25% goes to the team, rewarding the ongoing alignment and long-term contributors of both current and future team members.
Unlock Schedule
ENSO will be distributed among different groups, including the ecosystem, advisors, community round participants, investors, team, and the Enso Foundation:
- Investors, team, and advisors – 1-year lockup (cliff)
- At one year, tokens will be released linearly, block by block, over two years
ENSO will launch on October 14 on multiple exchanges, including Binance, Gate.io, Bitget, Bybit, and others.
Binance’s ENSO Listing Details
In its official announcement, Binance revealed that it will list ENSO on October 14, at 09:00 (UTC) and will open trading for the following pairs:
- ENSO/USDC
- ENSO/USDT
- ENSO/FDUSD
- ENSO/TRY
- ENSO/BNB
ENSO will be listed with the Seed Tag applied, signaling potential volatilty. The exchange will first list the token on Binance Alpha, the platform created for showcasing early-stage projects with growth potential in Web3.
Users can already start depositing ENSO on the exchange.
