Ethereum Name Service (ENS)

Ethereum Name Service is currently trading at $12.78, after a price change of 2.08% in the last 24 hours.

Ranked as cryptocurrency #107 by capitalization today, ENS market cap is valued at $258,701,857. ENS trading volume reached $36,011,882 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on ENS coin price prediction page.

What is Ethereum Name Service?

The Ethereum Name Service is a distributed, open naming system that is built on the Ethereum blockchain. The system turns human-readable identifiers into machine-decipherable identifiers like metadata, content hashes, and cryptocurrency addresses.

ENS uses a system of dot-separated hierarchical names known as domains, which gives the owner full control over their subdomains. The top-tier domains like .eth and .test are owned by smart contracts known as registrars. The registrars set the rules that manage the domain, and anyone wishing to obtain ownership must comply with the set rules. ENS benefits from Ethereum’s proof-of-work consensus algorithm, which is set to migrate to the proof-of-stake model. 

ENS is the native token powering the Ethereum Name Service protocol. The token is used in governance where decisions like pricing are made. Token holders can delegate their stake to a DAO to participate in governance. 

There are 20,244,862.09 circulating ENS tokens from a total supply of 100,000,000 and a matching hard cap. Half of the token distribution is set for the DAO Treasury, with 10% at the project debut and linear vesting in four years. 25% was airdropped to .eth holders, while the remaining 25% to the contributors in a four-year liner vesting period. The ENS.eth domain registrations are ERC721-standardized and suited to non-fungible token contracts, allowing the domain registrations to be transferred in the same way as other non-fungible tokens.

ENS spun off from the Ethereum Foundation in 2018, with Nick Johnson as the lead developer.