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What is Ethereum Name Service (ENS)? Everything you need to know about ENS Token

Publish by Razel at 13 November 2021

Since Ethereum Name Service announced a generous retroactive up to $10,000+ per user and in addition to the ENS token listing on Binance, ENS immediately appeared on the top search of CoinGecko that day. This proves that this protocol has strong community sentiment and has successfully attracted many KOLs involved by using ‘theirname.eth’ on Twitter.

Let’s jump into this topic today and learn more about Ethereum Name Service with Coin98 Insights!

What is Ethereum Name Service?

The Ethereum Name Service (ENS) is a naming system based on the Ethereum blockchain. With the open, distributed, extensible features, ENS’s job is to map human-readable names like ‘john.eth’ to machine-readable identifiers such as Ethereum/cryptocurrency addresses, content hashes, and metadata.

Ethereum Name Service also supports ‘reverse solution’, making it possible to associate metadata such as canonical names or interface descriptions with Ethereum addresses.

Ethereum Name Service website: https://ens.domains/

ENS’s goals are similar to the Internet’s Domain Name Service (DNS), but has significantly different architecture due to capabilities and constraints provided by the Ethereum blockchain.

Like DNS, ENS operates on a system of dot-separated hierarchical names called domains. The domain owner will have full control over subdomains and the ability to configure it for themselves or others.

For instance, if John owns ‘john.eth’, he can create ‘pay.john.eth’ and configure it as he wishes.

Note: Don’t forget to claim your airdropped token before May 4, 2022 if you have registered for a .ETH second-level domain in the past. Navigating to the ENS website for claiming.

How does Ethereum Name Service work?

Top-level domains like ‘.eth’ and ‘.test’ are owned by smart contracts called Registrars. Registrar is simply a smart contract that owns a domain and issues subdomains of that domain to users. Anyone may obtain ownership of a domain for their own use by following the rules imposed by these registrar contracts.

ENS also supports importing in DNS names already owned by the user

ENS Architecture

From the image, it can be seen that ENS has two principal components: the Registry and Resolvers

ENS Architecture

The ENS Registry consists of a single smart contract that maintains a list of all domains and subdomains and stores three pieces of information about each:

  • The domain owner.
  • The domain solver.
  • The caching lifespan for all records under the domain.

The domain owners may be either a user or a smart contract and the role of them in the ENS registry may:

  • Set the resolver and TTL for the domain.
  • Transfer ownership of the domain to another address.
  • Change the ownership of subdomains.

The existence of ENS registry is only to map a name to the resolver responsible for it.

Resolvers are responsible for the actual process of translating names into addresses. Any contract that implements the relevant standards may act as a resolver in ENS. General-purpose resolver implementations are offered for users whose requirements are straightforward, such as serving an infrequently changed address for a name.

This is an example process when resolving a name in ENS.

ENS resovling process

The process combines two steps:

  • First, ask the registry which resolver is responsible for ‘foo.eth’.
  • Second, ask that resolver for the answer to the ‘foo.eth’ query.

The cost to register a ‘.eth’ domain

As from the Ethereum Name Service website, registration costs are set at following prices:

  • 5+ character .eth names: 5$ in ETH per year.
  • 4 character .eth names: $160 in ETH per year.
  • 3 character .eth names: $640 in ETH per year.

3 and 4 character names have higher pricing to reflect the small number of these names available. The .eth names are also tradable as NTFs.

Detailed information about ENS Token

ENS token price today

You can use Coin98 Markets to update ENS token price: https://markets.coin98.com/currencies/ethereum-name-service

Coin98 Markets is a website that helps users get updates of the real-time prices and view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project, or filter the coins/tokens by Market Cap, Trading Volume, etc.

ENS price on Coin98 Markets (updated Nov, 10th 2021)

ENS Token Metrics

  • Ticker: ENS
  • Blockchain: Ethereum
  • Token Standard: ERC20
  • Contract: 0xc18360217d8f7ab5e7c516566761ea12ce7f9d72
  • Token Type: Utility and Governance
  • Total Supply: 10,000,000 ENS
  • Circulating Supply: 9,196,308 ENS

ENS Token Allocation

  • DAO Community Treasury:50%
  • Airdrop to .ETH holders: 25%
  • Contributors: 25%, including:
    1. Core Contributors: 18.96%
    2. Select Integrations: 2.5%
    3. Future Contributors: 1.25%
    4. External Contributors: 1.29%
    5. Launch Advisors: 0.58%
    6. Keyholders: 0.25%
    7. Active Discord Users: 0.125%
    8. Translators: 0.05%
ENS Token Allocation

ENS Release Schedule

  • Community Treasury: 10% of this allocation will be available at launch, with the remaining unlocking over 4 years.
  • Core contributors and launch advisors: Four-years lock-up and vesting schedule.
  • Airdrop: The distribution is based on the total time of an address's past registration and future registration as of October 31st, 2021.

ENS Token Use Case

The ENS token has these use cases:

  • Delegation: Delegate tokens to the DAOs.
  • Governance: govern key components of the ENS protocol like .eth pricing, the price oracle, etc.

How to get ENS Token

Currently, you can claim ENS token on the website if you are early adoptors of Ethereum Name Service protocol.

You also can get ENS Token through these exchanges:

  • DEXs: Coin98 Exchange, Uniswap, SushiSwap,...
  • CEXs: Binance, Gate.io, OKEx, BKEK,...

How to buy ENS Token

Coin98 Exchange is a decentralized exchange (DEX), a Multi-chain liquidity aggregator that offers users a wide variety of DeFi services (swap, stake, lend, borrow,...) through intuitive and simple interfaces.

You can buy ENS through Coin98 Exchange by performing the following steps at: exchange.coin98.com

Step 1: Connect Coin98 Extension Wallet.

Step 2: Select Uniswap.

Step 3: Choose the trading pair:

  • Search ENS.
  • If the result does not come up, you can paste the contract of ENS into the search box: 0xc18360217d8f7ab5e7c516566761ea12ce7f9d72

Step 4: Adjust the amount you want to swap.

Step 5: Adjust the gas fee, then click Approve.

How to buy ENS token on Coin98 Exchange

How to store ENS Token

You can store ENS token on Coin98 Wallet with these simple steps:

Step 1: Open Coin98 Wallet & click Receive on the home screen.

Step 2: Search ENS Token.

Step 3: Click on the correct result, copy the wallet address and send ENS to this address.

How to store ENS token on Coin98 Wallet

Team, Investors, and Partners

Team

  • Nick Johnson: Founder and lead developer of ENS.
  • Brantly Millegan: Director of Operations.
Ethereum Name Service Team

Investors

Ethereum Name Service has no investors, however, this protocol has received financial support from Ethereum Foundation, Binance_X, Chainlink, Ethereum Classic Labs and Protocol Labs.

Ethereum Name Service financial supporters

Partners

Ethereum Name Service has partnered with numerous partners in various fields including Wallets, Browsers and many more Apps.

Ethereum Name Service Partners

Roadmap and Updates

Updating…

Is ENS a good investment?

Currently, the team aims to expand users across the world by supporting native languages of 12 nations. They will integrate more in the future to serve numerous potential customers. We will see its expansion once there are more people approaching crypto with the demand of showcasing their name such as KOLs, celebs,...

Moreover, domain names can be traded as NFTs, leading me to an opinion that the owning (or trading) demands for one's idols, relatives, loved ones or for their own names will not be stopping anytime soon.

A larger number of people are getting familiar with Ethereum Name Service after their generous airdrop to the community. Current price per ENS is now ~$58 and if you still have not claimed your ENS tokens yet, the total value airdropped into your account could reach $25.000.

Additionally, Binance announced the ENS listing event only a few days after Ethereum Name Service had publicized their airdrop campaign. This network effect has outstandingly left the result of the doubled number of registrants on that day.

At present, ENS has 425k names, 318 intergations and 166k owners

Similar Projects

Unstoppable domain: This protocol is similar to Ethereum Name Service, except it has no renewal fees (average cost is $40 for one domain). You can try it now for the potential retroactive.

Note: There are many existing naming services like Namecoin and Handshake, the differences between them is ENS complements and extends the usefulness of DNS with decentralised name resolution for web3 resources such as blockchain addresses and distributed content, while Namecoin and Handshake are making efforts to replace all or part of DNS with a blockchain-based alternative.

Conclusion

Coin98 Insights hopes you have gained all of the important information about ENS including its features and highlights throughout this topic.

If you have any questions about ENS or want to know more about ENS, please feel free to leave a comment below and join Coin98 Community for further discussions about Crypto.

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Razel

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